Chicago Late Rent Payment Calculator

Chicago Late Fee Formula:

\[ \text{Late Fee} = \begin{cases} \text{Rent Amount} \times 0.05 + \$10 & \text{if Rent Amount} > \$500 \\ \text{Rent Amount} \times 0.05 & \text{if Rent Amount} \leq \$500 \end{cases} \]

Late Fee (USD):

Unit Converter ▲

Unit Converter ▼

From:	To:

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 amounts over $500, the late fee is 5% of the rent plus $10. For rent amounts $500 or less, the late fee is just 5% of the rent.

2. How Does the Calculator Work?

The calculator uses the Chicago RLTO formula:

\[ \text{Late Fee} = \begin{cases} \text{Rent Amount} \times 0.05 + \$10 & \text{if Rent Amount} > \$500 \\ \text{Rent Amount} \times 0.05 & \text{if Rent Amount} \leq \$500 \end{cases} \]

Where:

Rent Amount — The monthly rent payment in USD
0.05 — The 5% late fee percentage
$10 — Additional flat fee for rents over $500

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: Accurate late fee calculation ensures compliance with Chicago law and helps both landlords and tenants understand their rights and obligations regarding late rent payments.

4. Using the Calculator

Tips: Enter the monthly rent amount in USD. The calculator will automatically determine whether the additional $10 fee applies based on the rent amount.

5. Frequently Asked Questions (FAQ)

Q1: Is this late fee structure mandatory?
A: No, landlords can choose to charge less, but they cannot charge more than these amounts under Chicago law.

Q2: When can a landlord charge a late fee?
A: Landlords must give tenants at least 5 days grace period before charging a late fee under the RLTO.

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

Q4: Can the late fee be charged multiple times?
A: The fee is typically charged once per late payment, not per day. Check your lease for specific terms.

Q5: What if my lease has a different late fee structure?
A: Any lease terms that violate the RLTO (by charging more than allowed) are unenforceable in Chicago.