The StrawStickStone Late Fee Calculator for Chicago Apartments
This is not difficult, people.
...It just isn't well publicized. This comes up over and over again when working with new landlords and with agents who don't do a lot of rentals. Chicago puts a limit on the late fees that can be charged to tenants who don't pay rent when its due. (Oh, and for the record there is no state mandated grace period in Illinois. If rent's due on the first, it's late on the 2nd unless your lease says otherwise. End of story.)
So if your apartment is covered by the CRLTO the maximum you can charge is:
No rental agreement may provide that the landlord or tenant ... agrees that a tenant shall pay a charge, fee or penalty in excess 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 in monthly rent for the late payment of rent;
How to calculate the maximum Chicago apartment late fee for CRLTO rentals.1. If the rent is $500 or less, the maximum late fee is $10. End of story.
2. If the rent is over $500...
- Subtract $500 from the rent.
- Take 5% of the difference. (In other words, multiply by 0.05!)
- Add $10, and voila!
So I don't want to see any of you Chicago landlords charging $50 on $1000 rent again, and I don't want to see any of you Chicago tenants paying it, because the maximum is $35.
Oh, and if you want to use this calculator on your own site please contact me and we'll work something out.