Many of the landlords we talk to are not always sure about what to do when rent is late. Today, we have some Las Vegas landlord advice, and we’re also talking to residents so they understand what happens when rent is late.
Rent is Due on the First
Las Vegas landlords are required to give a resident a 5-day grace period when it comes to rent collection. To clear up any confusion for residents: your rent is due on the first of every month. It is considered late any day thereafter. There is a 5-day grace period in which no late fee can be changed. The rent is technically late, but late fees can’t be applied until after the 5th day or the month. What that means is, if you haven’t paid your rent on the 5th of the month, your landlord has the legal right to serve you with a Seven Day Notice to Pay or Quit as early as the 6th of the month.
Assessing Late Fees
At PURE Property Management, if you are a resident of ours and you pay your rent by the fifth of the month, we will not charge you any late fees. But, if you have not paid the rent after the fifth of the month, late charges will apply, and the cost of any eviction service will be added to the amount that you owe. So, on the sixth day of the month if I don’t have your rent, we will add a 5% late fee to your account, and that balance will be due immediately. Additionally, you won’t have the opportunity to pay the rent online. Instead, you will have to bring the payment to our office and give it to us directly.
Hopefully, this clears up any questions for landlords and residents about rent collection. If you have additional questions about rent collection or anything pertaining to Las Vegas property management, contact us at PURE Property Management.