What is a Grace Period for Rent?

Renting a home is a very similar to purchasing one. One noticeable difference is that no deed to the property is presented after a 10, 15 or 30-year time period. Someone who is in the market to rent a home in Florida or another state could encounter rental grace periods. Not knowing what is a grace period for rent won’t hurt you although the inclusion of one in an agreement can benefit you.

 

Grace Period for Monthly Rent

If you’re familiar with a credit card, the chances are high that you’ve experienced a grace period. Some rental agreements that are prepared on behalf of landlords or property managers clearly spell out grace period details.

A grace period in the rental industry can give leeway during the monthly rent collection. Some companies provide as many as five days in between the due date and what is considered a late payment. A person who pays a few days after the agreed upon due date could take advantage of a rental grace period.

Not every property manager or landlord uses the grace period for rent collection. It is often understood by all parties and sometimes put into agreements about rent collection days. Rent checks that are supposed to be in hand by property owners on a holiday could have a one-day grace period until the next business day.

 

Average Late Fees for Missed Rent

Some states in the U.S. have imposed legislation that regulates the amount of fees that can be applied by landlords and property owners. The state of Florida is not a state currently intervening in the late fee debate. The national average is somewhere between 5 and 10 percent of the missed rent payment. The fees could be higher or lower depending on how many days have passed after the rent payment was missed. Some states allow collection of a certain dollar amount for each day rent is late.

 

Late Rent Fees and Termination of Rental Agreements

Most rental applications will supply information about what the consequences are for late rent payments. Many agreements will have a termination clause that specifies when a landlord is able to evict a tenant based on not paying rent on time. If you’re hoping to find a grace period in a rental agreement, the state where you plan to rent could regulate the period of time.

 

Affordable Jacksonville Houses for Rent

Homes are listed on this resource and are available for rent. A simple search feature allows properties to be found instantly. Full price of monthly rent, exact street address and other essential details are provided with each home for rent on this website. More information about walk-throughs and rental agreements can be acquired using the request form here.