Landlords, what happens if a tenant fails to pay their rent on time?

If the property is in Chicago, the Chicago Residential Landlord Tenant Ordinance mandates that you may charge a late fee of $10.00 per month for the first $500.00 in monthly rent plus five percent per month for any amount in excess of $500.00. Nothing more!

For example for a $450.00 monthly rent, the late fee is $10.00. For a $700.00 monthly rent, the late fee is $10.00 plus 5% of $200.00, $10.00 for a total of $20.00.

The City of Chicago has very tenant-friendly laws so landlords should always be friendly to their tenants and be responsive to their needs.  Think of them as business partners and always consult the ordinance before acting. Bradford Miller Law is a landlord based firm that can help you with any tenant issues you may encounter. Give us a call so we can assist you with your legal matters.

Posted by Bradford Miller Law, P.C.

134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
312-238-9298

http://www.bradfordmillerlaw.com 

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