Prorated Rent Calculator
How do you prorate rent?
Prorating rent is a breeze with our prorated rent calculator. Whether you are moving in or out, all you need is your rent amount, the month of move-in or move-out, and additional move-in costs, if applicable. Input the correct numbers in the calculator below and discover the correct prorated rent amount. For more details on how it works and what each input means read below.
Move-In Rent Calculator
Move-Out Rent Calculator
What does prorated mean?
Vocabulary.com defines prorated as “to divide something in a proportional way, based on time.” When a charge is prorated, it means you’re only being charged for a portion of the overall bill, adjusted for time. In the world of rental business, landlords typically prorate a charge to only cover the days that a tenant was actually living in the rental unit.
What is prorated rent?
Prorated rent is the amount a landlord will charge a tenant when they are only occupying a property for part of the agreed-upon term. For example, a tenant might move in or move out during the middle of the month depending on when the lease agreement starts or ends. Instead of tenants paying for the whole month, which would include days they were not present in the rental, landlords will often prorate the rent to the appropriate amount based on the number of days the tenant will actually be in the rental.
Why You Should Prorate Rent
Prorating rent is the logical and fair way for landlords to charge rent to someone who is moving in during the middle of the month. Prorating rent is a win-win for both landlords and tenants as it maintains a good relationship between both parties, and the tenant does not have to overpay rent for days they were not living in the rental.
What the Calculator Inputs Mean
Our prorated rent calculator has the correct calculations for both tenants moving in and tenants moving out. The move-in calculator has a few more inputs as there are typically more costs incurred at the start of a lease, such as a security deposit and pet fees.
The monthly rent is the agreed-upon amount of rent that the tenant will pay every month. Wondering how much you should charge for rent? Get a free rent estimate report here.
Move-In Month and Day of Month
The move-in month is as simple as it sounds – it is the month they are moving into the rental property. The move-in day of the month is the day the tenant is planning to move in such as the 4th or the 16th.
The security deposit is the amount of money landlords collect from tenants to ensure they intend to move in and take care of the apartment. If there are damages at the end of the lease, landlords can use the security deposit towards those damages.
Other Move-In Costs
Other move-in costs that might need to be factored in are parking, pet deposits, and more. Regardless of what the other costs may be, it’s important to include them in the move-in costs so landlords and tenants know exactly how much should be paid at the start of the lease.
Example Using the Prorated Rent Calculator
If a tenant moves into a rental on December 17th, the rent due would be a little less than half of the month’s typical rent amount. If the monthly rent is $1,000, to calculate the prorated rent amount, you would enter $1,000 for the monthly rent, December as the move-in month, and the 17th for the move-in day of month. Plus, if there was a $200 security deposit and a $50 parking fee, you’d enter those in the additional move-in costs section. After inputting correct numbers, the prorated rent without additional costs would be $483.87 and with additional costs would be $733.87. Jump to the calculator.
Collect Rent Payments Online
Looking for a way to automate rent payments? Set up rent payments in your TurboTenant account so monthly rent and other charges, like prorated rent, can be directly deposited into your bank account. It’s completely free, secure, and convenient!
Prorated Rent Calculator FAQs
Prorated rent is the amount a landlord will charge a tenant when they are only occupying a property for part of the agreed-upon term.
Prorated rent is calculated by dividing the total number of days in the month to get the daily rent amount. Once that is calculated, you can use that amount to calculate prorated rent for a move-in or move-out.
Renters can ask for prorated rent any time they are moving in on a day other than the 1st of the month or moving out before the last day of the month. A lease may specify when prorated rent for move-in and move-out may be applicable. There are also local and state laws that pertain to prorated rent, so if any issues arise, check with your local housing authority to see your area’s specific laws.
We recommend you include the prorated rent amount in the lease agreement if you have a tenant moving in or out in the middle of the month. Once signed, the lease agreement is legally binding and there is no room for negotiation. To easily customize your lease and prorated rent amount, use our online and state-specific lease agreements.
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