If you don't occupy a rented apartment for the entire month, this prorated rent calculator will surely come in handy. With its help, you can easily determine the rent you need to pay if you're moving in at any date other than the first of the month.
Read on to learn how to prorate rent, or, if you're a real estate agent, jump to the rental commission calculator to determine your fee!
What is prorated rent?
Imagine that you are moving into a new apartment. You have already talked to the landlord and agreed to move in on 15th September. Typically, rent is charged on a monthly basis; it seems unfair, though, to demand from you a full month's rent for September.
This is why, for the month of September, you will be charged with prorated rent - a certain percentage of the total rent, proportional to the number of days you'll be staying in the apartment.
If you're a landlord, remember that this tool calculates the rent from the point of view of the tenant. Take a look at the net effective rent calculator for a different tool dedicated just for you!
How to calculate prorated rent?
Don't worry - it's easier than you think! Follow the steps below to learn how to prorate rent.
Pick your move-in date. For the sake of this example, we will stick with 15th September.
Check how many days are there in the month of your move-in. September has 30 days, so note this number down.
Count the number of days in this month when you will occupy the apartment. In this case, you count 15th September as day 1, 16th September as day 2, and so on. In total, you will occupy this apartment for 16 days.
Ask your landlord about the monthly rent. Let's assume it's $600.
Divide the monthly rent by the total number of days in the month (in this case, 30):
$600 / 30 = $20 per day
- Finally, multiply this value by the number of days when you will be occupying the apartment (in this case, 16):
$20 * 16 = $320
Your prorated rent for the month of September is $320.
- Of course, you don't need to perform all of these calculations by hand! Type your move-in date and monthly rent in this prorated rent calculator instead. You'll be amazed by how fast it works!