Late fees: do you do % or flat fee?

[Angela Tanudjaja]

Hello everyone,

For those who rent out their apartments, do you charge a late fee based on rent percentage or a flat fee?

If so, do you set a daily rate?

I'm asking because I'm working with a property management software, and we're trying to find out what is the most popular way of setting late fee.

Thanks.

Angela

[James Wise]

$35 on day 2. & $10/day after that.

No grace period. The grace period just ends up being the "new" due date.