Renew tenant lease after missed payment?

[Akyl-Lateef Hewitt]

This is the first year my tenant has been in my property. Unfortunately they missed a single payment in the middle of the year. They have not missed any other payment and even paid a little extra to try and catch up. Should I renew or terminate their lease? I'm leaning toward renewing.

[Jeff Copeland]

It sounds like they had one late payment, not one missed payment, correct? 11 out of 12 is a 91.66% on time payment history. 

But it depends on a lot of factors:

How late were they?

Why were they late? Has this issue been resolved?

Did they communicate with you and get it paid asap?

Are they taking care of the property otherwise? (Have you inspected it to confirm?)

Someone who lets their landlord know, "Hey I started a new job and there will be a gap in my paydays, so I'll be a little late for June, but it will be paid by the 10th", and then pays as agreed, does not raise a major red flag for me. This is life, it happens. 

Someone who fails to pay on time with no communication is another story altogether.