Arkansas late fees?

[Susan H.]

As I understand AR state law, there's a 5-day grace period for rent payments but beyond that I can set due dates and late fees as I like. What's new for me is the idea that landlords can choose to assess a one-time late fee (and is that a fee or "additional rent" as I've heard some call it?) AND they can add a per-day fee on top of that. I was even more surprised that some leases include a late fee that's a percentage of the total rent. 5% might not sound like much until I consider the rent amount involved. Market rates for rentals like mine are $1300-$2,000.

What do you consider reasonable? I have a few weeks left to update my lease before I market the property again.

[Jacob White]

Susan, be aware that Arkansas law considers fees as interest.  The usury limit is 17%.