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Prorated Rent Formula:
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Prorated rent is a calculated amount that a tenant pays for occupying a rental property for only part of a rental period (typically a month). It's commonly used when moving in or out mid-month.
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 occupied the property.
Details: Accurate prorated rent calculation ensures fairness for both landlords and tenants when leases don't align with calendar months. It prevents overcharging tenants and ensures landlords receive appropriate compensation.
Tips: Enter the full monthly rent amount, number of days in the specific month (28, 29, 30, or 31), and the number of days the tenant will occupy the property. All values must be positive numbers.
Q1: What if the month has 31 days but February has 28?
A: Always use the actual number of days in the specific month you're calculating for - 28 for February (29 in leap years), 30 for April, June, September, November, and 31 for the rest.
Q2: Should prorated rent include utilities?
A: This depends on your lease agreement. If utilities are included in rent, they should be prorated along with the base rent.
Q3: Is prorated rent required by law?
A: Laws vary by location, but most jurisdictions require fair proration when tenants don't occupy for full rental periods.
Q4: How do I handle move-out day?
A: Typically, if the tenant returns keys by noon, that day isn't charged. After noon, a full day's rent may be charged.
Q5: Can landlords charge different daily rates?
A: The standard method divides monthly rent by days in month, but some landlords use 30-day months for simplicity (always 1/30 of rent per day).