Prorated Rent Formula:
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The Prorated Rent Calculator helps determine the fair amount of rent to charge when a tenant moves in partway through a month. It calculates rent based on the actual number of days the tenant will occupy the property.
The calculator uses the prorated rent formula:
Where:
Explanation: The formula fairly divides the monthly rent based on the portion of the month the tenant will actually occupy the property.
Details: Prorated rent ensures both landlords and tenants are treated fairly when a lease begins mid-month. It prevents overcharging tenants for days they didn't occupy the property.
Tips: Enter the full monthly rent amount, the number of days the tenant will occupy the unit (from move-in date to end of month), and the total days in the month (usually 30 or 31).
Q1: When is prorated rent typically used?
A: Prorated rent is used when tenants move in or out mid-month, ensuring they only pay for the days they actually occupy the property.
Q2: How are partial days calculated?
A: Most landlords count move-in day as a full day, regardless of move-in time. Check your lease agreement for specific policies.
Q3: What if the month has 31 days but I use 30?
A: Some landlords standardize on 30 days for simplicity. This slightly benefits the tenant in 31-day months and slightly benefits the landlord in shorter months.
Q4: Is prorated rent required by law?
A: Laws vary by location, but most jurisdictions require fair rent calculation for partial-month occupancy.
Q5: Can this calculator be used for move-out proration?
A: Yes, the same formula applies when calculating refunds or charges for move-outs before month end.