Rental Due Date vs. Grace Period
February 21, 2014
Recently, a person viewing one of our rental homes asked what our grace period is. When it was shared that we do not have a grace period, the person was shocked and seemed offended. Let’s look at what a “grace period” is as defined by Wikipedia: “A grace period is a time past the deadline for an obligation during which a late penalty that would have been imposed is waived.” That being said, let’s examine what the person is truly asking; “Can I pay late without being charged?” At Austin Fleck Property Management the answer is “No!”
As Property Managers one of our most crucial responsibilities is to collect the rent for the owner who is our client. The owner’s money is not ours to give or lend as charity. Allowing a grace period can delay an owner from receiving their funds or delay possession in the event of default. For this reason, we require the tenant pay rent on time; if not paid on time – we begin eviction proceedings and charge the tenant accordingly. This is fully disclosed up front in our lease and tenants sign stating they have read, understand and agree to comply.
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