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Prorated Rent Formula:
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Prorated rent is a calculation that determines the fair amount of rent to charge when a tenant occupies a property for only part of a rental period (typically a month). It's commonly used when tenants move in or out mid-month in Canada.
The calculator uses the prorated rent formula:
Where:
Explanation: The formula calculates the daily rent rate and multiplies it by the number of days the tenant actually occupies the property.
Details: Accurate prorated rent calculation ensures fairness for both landlords and tenants when occupancy doesn't align with standard rental periods. It's especially important for move-in/move-out situations and is recognized under Canadian tenancy laws.
Tips: Enter the full monthly rent in CAD, the number of days the tenant will occupy the property (1-31), and the total days in the month (typically 30 or 31). All values must be positive numbers.
Q1: Is prorated rent required by law in Canada?
A: While not always legally required, it's considered standard practice and is often expected in Canadian rental markets.
Q2: How are partial days handled in prorated rent?
A: Typically, any day the tenant has possession counts as a full day, regardless of move-in/move-out time.
Q3: What if the month has 31 days but I use 30?
A: Using 30 days will slightly overcharge the tenant. For accuracy, use the exact number of days in the specific month.
Q4: Can this calculator be used for commercial leases?
A: Yes, the same formula applies, but check your lease agreement as commercial leases may have different terms.
Q5: How is prorated rent handled at move-out?
A: The same calculation applies - you pay only for the days you occupy the unit in the final month.