Prorated Rent Formula:
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Prorated rent is a calculated amount of rent that a tenant pays for occupying a property for only part of a rental period (typically a month). It's based on the actual number of days the tenant occupies the unit rather than the full month's rent.
The calculator uses the prorated rent formula:
Where:
Explanation: The formula calculates the daily rent rate first, then multiplies it by the number of days the tenant will actually be in the property.
Common scenarios: When a tenant moves in or moves out mid-month, during lease transitions, or for short-term rentals that don't cover a full month.
Tips: Enter the full monthly rent amount, the total days in the specific month (28, 29, 30, or 31), and the number of days the tenant will occupy the unit. All values must be positive numbers.
Q1: Is prorated rent required by law?
A: Laws vary by location, but many jurisdictions require landlords to prorate rent when tenants move in or out mid-month.
Q2: How are partial days calculated?
A: Typically, any day the tenant has access to the property counts as a full day, even if they move in late or move out early.
Q3: 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.
Q4: Can prorated rent be applied to security deposits?
A: No, security deposits are typically a fixed amount, though some landlords may agree to prorate them.
Q5: How is prorated rent shown on a lease?
A: It should be clearly stated in the lease agreement, often with the calculation method specified.