Is There a Maximum Late Fee in New York?
New York caps late fees at a specific amount—either $50 or 5% of your monthly rent, whichever is less.
The laws in New York are pretty cut and dry about how much your landlord can charge you for paying rent behind schedule. Late fees can’t be more than $50 or 5% of your monthly rent, whichever is less. (You really only need to calculate what 5% would be if your rent is under $1,000 per month—otherwise, your late fees are always capped at $50.) These laws apply anywhere in the state, from New York City to Albany.
But none of this matters if your lease doesn’t explicitly mention a late fee. Your landlord can only charge a fee for late rent if it’s spelled out in a written lease agreement that was signed by both of you. Otherwise, it’s illegal under New York law.
One more thing: at minimum, landlords in New York have to give you a five-day grace period before charging a late fee. It could be longer, depending on what your lease says.
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