Delinquent Tenants – When is a Tenant Delinquent?

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A tenant’s rent should be due on the 1st of the month, and it is then considered late on the 2nd of the month.  This is stated in our company’s lease agreement; therefore, it is very clear to the tenant.  We do  give our tenant’s a five day grace period, so if they pay by midnight on the 5th of the month, they are not charged a late fee.

If they pay after the 5th of the month, they are charged an amount which is equal To 15% percent of their monthly rent.  If the tenant has not paid rent by the 6th of the month, the eviction process begins. The tenant is served a 3-day notice on the 6th of the month.  Once this notice is served, we cannot accept their rent unless they pay the full amount owed.

If they do not pay within the 3 day notice period, the eviction process continues.  It will not be long before the tenant is moved out by the sheriff. We hope our tenants will pay their rent promptly.  Basically, we have a great group of tenants and most of them pay very promptly!

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