Sloane Realty Blog

When Is My Rent Really Due?

Sarah Turocy - Thursday, May 9, 2019
Property Management Blog

We get asked all the time in the office what day the rent is due. The answer is a simple one: rent is due on the 1st of every month. Once we tell people that, the next question they usually ask is “but I don't have to pay until the 5th, right?”.  The answer to this question gets blurry for some people, so I want to take the opportunity to really identify how this works. The answer walks the line between what is right and at what point tenants are financially penalized for being late, which leads to some confusion about the due date of the rent. I will try to be as clear as possible. 

Your rent is due by the 1st of every month. 

End of story.  

The source of the confusion is that there is a four day grace period, so no late fees will be assessed until after the 5th of the month.  If you pay consistently on the 4th of every month, that does not mean that your rent is actually paid on time.  You have paid late every month; we just did not assess a penalty for it. This policy can perplex people, and we want to make sure everybody understands that even though you are not penalized for payments made between the first and the fifth, you have not paid your rent on time.  This will no generally impact your daily existence, but when you are asking us to waive a late fee because you “always have paid on time” or requesting a rental reference, the question of whether or not you ever paid late is going to be based on the date that you paid rather than the number of late fees you incurred.  Unfortunately, many of our tenants who are paying late are not really even aware of it. So we invite you to come by the office on or before the 1st (M-F 9:00-5:30), grab a coffee or soda, and avoid the drama!