Incentives for Tenants to Pay on Time
Situation: Have a single Property in Ontario, Canada. Ontario does not allow late fees to tenants. So previous guests have been paying 2 to 3 months late (i.e. unilaterally deciding to pay the whole quarter at a time!). This provides difficulty as bills come in monthly. Now a new guest will move in...
Solution: Some articles have mentioned "tenant incentives" to pay on time. If you have used this technique, what incentive (Grocery gift cards, cash, Gas cards) and what % of rent? Please advise.
Most Popular Reply
Can you offer a steep discount if they pay by the first? It's not a late fee, it's an incentive to pay early. As an example, we're looking to rent out a house, and the lease will be for $1,000, but if the tenant pays by the first, it will only be $925.