People tend to rent a lot more than before, as opposed to buying a property of their own. In fact, the biggest demographic of renters are millennials, who are weary of buying their own properties, especially after the home ownership busts during the 2000’s.
Therefore, rent collection may become a serious issue at times. This is why you should make sure to have someone to handle it for you, with the right professional and legal tools.
Missouri Rental Laws state that the maximum-security deposit should be equal to two months’ rent. You may use it to compensate for the costs you might have if the tenants are not acting in accordance to the lease agreement.
On the other hand, these laws also say that when the rent is not paid when due, the landlord has the right to provide an immediate unconditional quit notice. The terms and conditions concerning the due date and late fees are defined by the lease agreements.