How many grace period days do you give tenants after the first?

[Dontrea Riser]

Open to replies/opinions from ANY market. Should tenants get a grace period? Should they be charged late fees? Share your experiences with collecting rents and making grace periods/late fees work in your favor. I have heard a lot of different answers from people in my market but all generally the same. Looking forward to see what you guys have to say about this topic.

[Wesley W.]

NY State law says a mandatory minimum 5 day grace period.

I am so glad my government can make my business decisions for me.  What would I do without them?