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 what is prorated rent, why to prorate rent and how to calculate prorated rent. In the text below you can also find out when you can request prorated rent.
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 20th September. Typically, rent is charged every month; it seems unfair, though, to demand from you a full month's rent for September. In fair solution you should 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.
When prorated rent is applied, and you move into an apartment on 20th of September (which has 30 days), your payment for this month would be one third (
10 / 30), i.e. about 30% of the full rental rate. Similarly, the prorated rent could be used to calculate the amount of the rent due if your landlord asks you to move out before the end of the month, or if you want to stay an extra couple of days at the beginning of the next month.
Summing up, formally, we say that prorated rent is a portion of the rental rate that corresponds to whatever part of the month the tenant lives in (or have access to) the property. Or in other words, the prorated rent is the amount of money a landlord charges a tenant for occupying the rented property for the part of the base rental period (usually a month).
If you're a landlord, remember that the prorated rent calculator computes the rent from the tenant point of view. Take a look at the net effective rent calculator for a different tool dedicated just for you!
Why to prorate rent?
The easiest, and also the best explanation, is that it is the only way to be fair. More specifically, this fairness refers to the relations between the landlord and tenant. It is because rent proration is a mechanism that is used to calculate the rent amount due for a month, during which the rented property is not fully occupied. Thanks to prorating, the landlord receives the right due amount of rent, and the tenant pays only for the actual period of staying at the property.
How to calculate prorated rent?
To calculate the prorated rent amount, firstly you should determine a daily rent amount. To do so, you have to divide the total rent amount by the number of days in a month. Then you should multiply the obtained daily rent amount by the number of days you will be occupying the property in certain month. The result of this operation is the prorated rent amount for the partial month of renting.
To compute the prorated rent amount, it is easier to use our prorated rent calculator for sure. However, if you want to know how the calculations are done, you should study the following steps. A practical example of prorated rent calculations is provided in the next section. Don't worry - it's easier than you think!
- Pick your move-in date.
- Check how many days are there in the month of your move-in (if you are not sure, you can find necessary information in the section called the months' length). Note this number down.
- Count the number of days in the month that you will occupy the apartment.
- Check the monthly amount of rent in your rental agreement or ask your potential landlord about its value.
- Divide the monthly rent by the total number of days in the month.
- Finally, multiply this value by the number of days you plan to occupy the apartment.
- That's it. The result of the last operation is the exact amount of your prorated rent.
Remember that you don't need to perform all of these calculations by hand! Type your move-in date and monthly rent in appropriate fields of our prorated rent calculator instead. You'll be amazed by how fast it works!
Example of prorated rent calculation
For the sake of the example, let’s make two following assumptions: you move into a rented flat on 15th September, and the monthly rent is $650.
Below you can see one by one each step that is necessary to calculate the prorated rent:
- Move in date: 15th September
- Days in September: 30
- Number of days of property occupancy: 16
- Monthly amount of rent: $650
- Daily rent amount (monthly rent amount divided by the number of days in a month): $650 / 30 = $21.6667
- Prorated rent: $21.6667 * 16 = $346.67
Remember to be very careful with the calculation of the number of days in a month that you will occupy the apartment. In our example, you count 15th September as first day, 16th September as second day, and so on. In total, you will occupy this apartment for 16 days.
Note here, that despite it is a monetary value, we round daily rent amount to four digits, It is to guarantee the accurate value of the final value of the prorated rent.
Finally, your prorated rent in September is $346.67. If you fill the appropriate fields of our prorated rent calculator, you will receive the same value.
The months’ length
As you have seen calculating prorated rent is generally a piece of cake. All you need to know is the amount of monthly rent and the number of days in the month. The former is included in the rental agreement. The latter is a little bit more complicated as not every month has the same number of days. However, this number is the same every year (except February in leap years), so if you are not sure the correct values, you can check it in the table below.
|Month||Number of days||Month||Number of days|
|February||28 (29 in leap years)||August||31|
Did you know that the mean month length of the Gregorian calendar is 30.436875 days? If you multiply this number by 12, it gives 365.2425. That is why we have leap years (or intercalary years) when February has an additional one day. The reason for including this additional day is to keep the calendar year synchronized with the astronomical or seasonal year. In Gregorian calendar, extra days occur in years which are multiples of four, except for centennial years not divisible by 400 (e.g., the years 1900 and 2100). Another curiosity regarding calendar is that any five consecutive months (not including February) contain 153 days.
If you want to remember the length of each month, you can use a traditional verse mnemonic which states:
April, June, and November.
All the rest have thirty-one
Excepting February alone.
Which only has but 28 days clear
And 29 in each leap year.
To easily memorize the length of the month, you can also use another popular mnemonic which uses your hands. To do so, you have to make fists and join them together. Now the knuckles of the four fingers and the spaces between them can be used to remember the lengths of the months. Imagine that each month is listed on your knuckles and spaces between them as you proceed across the hand. All months landing on a knuckle have 31 days. The months that land between them have not.
Did you know that the pattern of month lengths is also reflected on the musical keyboard? If you assume the F is January, then the black and white keys that lay on the right represents the length of the rest of the months (with the note F correlating to January).
And one more remark regarding calendar - despite February has fewer days than other months, you shouldn't expect to receive any "regular prorated rent" because of it. You should treat February as an ordinary month. In the end, monthly rent is a monthly rent.
When can you request prorated rent?
There is no federal or state law regarding prorated rent and only in some places prorated rent is required by law. Usually, most of the landlords will agree to prorate rent if you move in during the month. However, don't be surprised if they deny prorating rent when you suddenly decide to move out. It is advisable always to check the possibility of prorating with your landlord. Also, try to include it in the rental contract.
Other financial calculators
Now that you know how to calculate prorated rent, it's high time to find other tools which could help you make smart decisions regarding real estate and finance.
- If you want to estimate how much money you will earn on a deposit (e.g., when you deposit money saved thanks to prorating your rent), try our compound interest calculator .
- If you want to precisely measure the area of your flat, use our square footage calculator.
- An interesting real estate calculator is also our cap rate calculator which determines the rate of return on your real estate property purchase.
- If you want to find out how long it would take for something to increase by x%, you can use our rule of 72 calculator. This tool enables you to check how much time you need to double your investment.