How much to charge for rent late fee?

[Lee Carrell]

I just got nailed by the Judge for, as he called it, "egregious late fees"! I only charge one amount for late fees, $50. I use it as a deterrent to lead the tenant to paying on time. The rent is $600 and the late fee is a one-time $50.

I have seen late fees of $5 per day by some Landlords! Missouri doesn't have a law regulating late fees. How much do you think is reasonable and what do you charge?

[Dawn Anastasi]

I charge $10 per day and cap it at $50. I don't want my tenants to be buried in late fees, but I do want there to be consequences for non-payment.