Prorated Rent Calculator
Use our prorated rent calculator to calculate rent for a partial month or when the move-in or move-out date is not on the first of the month.
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How to Calculate Prorated Rent
Prorated rent is the amount of rent due for a partial month of tenancy. It is usually necessary to prorate rent when a tenant moves into a rental property after the first of the month or moves out of the property before the end of the month.
In these cases, the landlord will calculate the prorated rent to ensure that the tenant is only charged for the number of days they occupied the property.
You can calculate prorated rent in a few easy steps.
Step One: Identify the Monthly Rent
The first step in calculating prorated rent is to identify the monthly rent. This is the amount of rent that the tenant would normally pay for a full month.
Step Two: Determine the Total Days in the Month
Next, determine the total number of days there are in the month that rent is due. You can do this by counting the number of days in the calendar month or by using a calendar.
Step Three: Determine the Days of Occupancy
The next step is to determine the number of days the tenant will occupy the property.
For a partial month on move-in, you can find this by subtracting the move-in date from the number of days in the month. Then, add one to this to account for move-in day.
For a partial month on move-out, the move-out day of the month is the number of days the tenant will occupy the property.
You can also use our day counter to calculate the number of days for this step.
Step Four: Calculate the Prorated Rent
To calculate the prorated rent, divide the number of days the tenant will occupy the property by the total number of days in the month to find the percentage of the rent due. Then, multiply this percentage by the monthly rent.
For example, let’s calculate the prorated rent for a move-in day on July 15th, when the normal monthly rent is $1,000.
Let’s start by determining the total number of days in the month. There are 31 days in July.
Now, let’s determine the number of days in July that the tenant will occupy the property.
occupancy = (31 – 15) + 1 = 17 days
And finally, let’s calculate the prorated rent by finding the percentage of time the tenant occupied the property.
prorated rent = 17/31 × $1,000 = $548.39
So, in this example, the prorated rent for the move-in month is $548.39.
If you’re thinking about buying a home, you can use our mortgage payoff calculator to evaluate a loan.
Prorated rent is a little different from net effective rent since prorated rent is the rent for a partial month, and net effective rent is an average monthly rent after being granted incentives, which may include discounted months rent.
It’s important to note that different states and rental agreements may have specific rules or formulas for calculating prorated rent. Be sure to consult with your landlord or property management company to ensure you are following the appropriate guidelines and using the formulas as required.