Calculating Prorated Rent
There are multiple reasons a landlord may be required to calculate prorated rent for their property and for their tenants..
You could possibly have a tenant moving into your property a few days early and may want to charge for the early access. You may have a tenant moving out of a property early in which case you may be considering reducing their total rent for the month. Or you may have a tenant staying a few days after the lease ends and need to find out how much you should be charging.
All of these require figuring out how much to charge for a certain amount of days in the month versus the full month which is called prorating rent.
It’s actually a fairly simple formula:
(Rent/Days in the month)*Days to Prorate
Prorated Rent Calculation
But I’ve made it even easier by creating a Prorated Rent Calculator to help you out.
Prorated Rent Calculator
To use this prorated rent calculator you simply plug in the rent you’re charging per month. The number of days in the month you’re charging for (28, 29, 30 or 31) and then the number of days you need to prorate.
I’ve set up several default values you can change on your own, but as you can see based on a $900 monthly rent for a month with 30 days if a tenant moves in ten days early (or they are staying an additional ten days into the month) they would owe $300.
Feel free to plug in your own numbers and play with the Prorated Rent calculator yourself. If you’re interested in simply determining a daily rate for prorated rent all you need to do is change the number of days to prorate to 1.
If you have any feedback or questions please leave a comment below.
Prorated Rent Calculator Additional Tips
Months with 31 Days – January, March, May, July, August, October and December
Months with 30 days – April, June, September, November
Odd Month Out with 28/29 days – February
Prorating Tips – I don’t always prorate rent for new tenants or for good tenants. Sometimes I use a couple free days as an incentive to help them out, or sometimes just to help me out.
If the 1st falls on a Sunday and I have plans will it really hurt me to meet the tenant, sign all the paperwork and provide them early access on Friday? In cases like this the $60 or $70 I miss out on are worth the convenience and the gratitude it earns from the tenant.
Having said that, if they plan on moving in mid month it’s an entirely different scenario. Maybe I’d cover utilities, but they will get charged for the 15+ days of rent and I can use the above prorated rent calculator to get the number I need.