Prorated Rent Calculator
Calculate the prorated amount of rent for a partial rental period using our online calculator. By inputting the total monthly rent and the start and end dates of the partial rental period, you can calculate the prorated rent amount.
What is Prorated Rent?
In some situations, a tenant may move into an apartment on a day other than the first day of the month or the day on which the billing cycle commences. In these cases, the tenant will pay prorated rent as opposed to the full month's rent. The amount of prorated rent should accurately reflect the amount of time that the tenant is using the property.
Manually Calculating Prorated Rent
While it is much easier to use a prorated rent calculator, you can use some basic math equations to manually determine prorated rent.
The most basic method by which you can calculate prorated rent is to determine the rental costs per day. Once you have done this, you can use the daily rate to verify the amount provided by an online calculator.
To determine the daily rental, divide the total monthly rent by the number of days in a month and then multiply this by the total number of days that the tenant will be in the property.
For example, let's say the monthly rental is $700 and there are 30 days in the month.
700 divided by 30 = $23.33
As such, the daily rate is $23.33
If the tenant will not move into the property until the 16th of the month, he or she will only be required to pay 15 days' rental.
30 – 15 (days that the tenant will not be required to pay for) = 15
As such, the tenant's prorated rent for that month would be as follows:
$23.33 x 15 = $349.95
Prorated Rent Calculator Example
Certainly! Here's an example of using a prorated rent calculator with a table to calculate the prorated rent amount:
Assume the following information for a monthly rent:
- Monthly rent: $1,200
- Move-in date: August 15th (mid-month)
- Total days in the month: 31
To calculate the prorated rent amount, we can use the table:
|Month||Days in Month||Prorated Rent|
Calculate the daily rent amount: Daily Rent = Monthly Rent / Days in Month = $1,200 / 31 (for August) = $38.71 (rounded to two decimal places)
Calculate the number of days from the move-in date to the end of the month: Days for Proration = Days in Month - Move-in Date + 1 = 31 - 15 + 1 (for August) = 17
Calculate the prorated rent amount for August: Prorated Rent = Daily Rent * Days for Proration = $38.71 * 17 = $657.07 (rounded to two decimal places)
Calculate the prorated rent amount for September: Prorated Rent = Daily Rent * Days in Month = $38.71 * 30 = $1,161.30 (rounded to two decimal places)
Therefore, the prorated rent amounts for August and September would be $657.07 and $1,161.30, respectively.
Using a table helps in organizing and calculating the prorated rent amounts for different months. It provides a clear breakdown of the days in each month and the corresponding prorated rent, allowing for easy reference and calculation.