Prorated Rent Formula:
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Prorated rent is a calculated amount that tenants pay when they move in or out of a rental property partway through a month. It ensures tenants only pay for the days they actually occupy the unit.
The standard formula for prorated rent is:
Where:
Example: If rent is $1200/month, moving in on the 15th of a 30-day month, the prorated rent would be ($1200/30) × 16 = $640 (including the 15th as a full day).
Common scenarios:
Tips:
Q1: Is prorated rent required by law?
A: Laws vary by location, but most jurisdictions require landlords to charge only for occupied days.
Q2: How are partial days counted?
A: Typically, move-in day counts as a full day regardless of move-in time.
Q3: What if my lease specifies a different calculation method?
A: Lease terms generally override standard practices if properly disclosed.
Q4: Does this work for security deposits too?
A: No, security deposits are typically fixed amounts regardless of move-in date.
Q5: How is February handled in non-leap years?
A: Use 28 days for February unless it's a leap year (29 days).