Property Management News

State and local laws can seriously hamper a landlord’s ability to use late fees as a tool to enforce on-time rent payments. In Massachusetts, landlords can’t charge tenants a fee for late rent payments until the rent is more than 30 days past due. California law does not require landlords to provide tenants with long grace periods before charging late fees; however, it does require that late fee provisions be in writing, and that the amount be based on the landlord’s actual out-of-pocket loss. In Chicago, late fees must follow a formula — capped at $10 per month for the first $500.00 in monthly rent plus five percent per month for any amount in excess of $500.00. A... Read more

A Paterson, New Jersey landlord was sentenced to 18 months probation this week, following an electrical fire that claimed the lives of four tenants. According to a news report, the woman, age 63, was granted some leniency based on her age, poor health, and an apparent lack of knowledge of the extent of the risk of injury. However, prosecutors were quick to point out that under different circumstances, the punishment for a property owner would be more severe. The landlord faced up to 40 years for manslaughter charges, but was allowed to plead guilty to a lesser offense. The charges arouse from the claim that the landlord failed to repair faulty electrical wiring at a multifamily building she... Read more