Effective November 1, 2017, all new rental agreements or renewals will have to be sure to have late fees of no more than 8%.
In the past, many companies may have used 10% or even a flat amount as a late fee.
So if you are managing your own unit, or if you are a professional and have not been paying attention to the new bills that are coming out - please be aware that this is new and taking into effect as of November 1st of this year (2017).
Amanda Frazier, R, RMP (RB-21435)
Property Manager and Chief Operating Officer