A: Rent is payable as written into the individual lease which is usually the 1st of the month unless a later date is written into the agreement by special arrangement between the parties - there is no common law or other 7-day grace period. Given that a lease is a legal agreement all terms are binding, and also as regulated by the Rental Housing Act the tenant is obliged to make prompt and regular payment of the rental and any other charges in terms of the lease.