Keep the amount of deposit it requires for you to find a new tenant and refund the rest.This is business you are running not a charity.

I am not a charity.

Making your tenant a charity case is the easy and lazy way to exercise charity.

You think he's running a charity?

Someone on BP actually recognized me at a charity event a couple years ago.

Potter who only cared about the numbers, not the people, and would always ask George "Are you running a business or a charity George?"

I am always amazed at how investor justify not increasing the rent.1) afraid the tenant will move and they will have a vacancy / it will cost money to make ready -tenant doesn't ever move because it cost money to move and the new place will cost more anyway.2) they feel sorry for the poor tenant - this isn't a charity. it is a business3) they don't know the market rate - that is their bad for not being a good investor / manager4) they have a lazy manager - the world is full of lazy managers

And if it is, they'd most likely raise their acquisition fee to the deal to cover it (unless they are running a charity!). 

And as a Private Note Owner, you can pass these payments onto your surviving spouse or your kids.Or a Charity, like your church or synagogue!

Please advise.Thank U  Waiving late fees in circumstances that you feel may merit it doesn't mean you are a charity.