Prorated Rent Formula:
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Definition: This calculator determines the rent amount owed when occupying a property for only part of a month.
Purpose: It helps landlords and tenants fairly calculate partial-month rent payments for move-ins, move-outs, or mid-month lease changes.
The calculator uses the formula:
Where:
Explanation: The formula calculates a daily rate by dividing the monthly rent by days in month, then multiplies by days occupied.
Details: Ensures fair payment for partial-month occupancy, prevents disputes between landlords and tenants, and maintains accurate financial records.
Tips: Enter the full monthly rent, number of days occupied (must be ≤ days in month), and days in month (default 30). All values must be > 0.
Q1: When is prorated rent typically used?
A: Most commonly for mid-month move-ins/move-outs, lease terminations, or changes in rental agreements.
Q2: What's the standard days-in-month value?
A: Many landlords use 30 days for simplicity, but actual month length (28-31) is more accurate.
Q3: How do I count partial days?
A: Typically, move-in day counts as a full day if keys are handed over by noon.
Q4: Is prorated rent required by law?
A: Laws vary by location, but it's considered standard practice in most rental markets.
Q5: Can this calculator be used for commercial leases?
A: Yes, though some commercial leases may use different proration methods specified in the lease.