1. What is the Chicago Late Rent Fee?

The Chicago Residential Landlord and Tenant Ordinance (RLTO) specifies maximum late fees landlords can charge. For rent over $500, the fee is 5% of rent plus $10. For rent $500 or less, it's just 5% of rent.

2. How Does the Calculator Work?

The calculator uses the Chicago RLTO formula:

Explanation: The ordinance aims to prevent excessive late fees while allowing landlords to recover costs associated with late payments.

3. Importance of Late Fee Calculation

Details: Proper calculation ensures compliance with Chicago law and prevents disputes between landlords and tenants. Charging excessive fees can lead to legal penalties.

4. Using the Calculator

Tips: Enter the monthly rent amount in USD. The calculator will automatically apply the correct formula based on whether the rent exceeds $500.

5. Frequently Asked Questions (FAQ)

Q1: Is this the maximum allowed late fee in Chicago?
A: Yes, this is the maximum allowed under the RLTO. Landlords can charge less but not more.

Q2: When can the late fee be charged?
A: Typically after 5 days past the due date, unless the lease specifies a different grace period.

Q3: Does this apply to all Chicago rentals?
A: Most residential rentals are covered, but there are exceptions (owner-occupied buildings with 6 or fewer units, etc.).

Q4: Can landlords charge daily late fees?
A: No, Chicago only permits a one-time late fee per late payment.

Q5: What if my lease has a different late fee?
A: Any lease terms that exceed the RLTO limits are unenforceable, even if you signed the lease.