How to Calculate Prorated Rent

By eHow Careers & Work Editor

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Calculate the proper proration to move in. After searching several apartments or homes, you have found the perfect apartment or house for your family and it's available to move into immediately. You would rather take occupancy now instead of waiting until the first of next month. In speaking with the leasing agent, it is determined that you will need one month's deposit and the prorated rent in order to move in.

Instructions

Difficulty: Easy

Step1

Determine how many days there are in the month that you are moving in. Is this a 30 day month or is it a 31 day month? If you are moving into the new place in February, then obviously you would count 28 days. Don't forget about leap years.

Step2

Ask what your monthly payment will be. Divide your monthly payment by the number of days in the month.

Step3

Multiply that figure by the date you will move in on and this will give you the prorated amount. For example, if the rent is $1600 a month and you are planning to move in on March 12. Since March has 31 days you will divide 1600 by 31 which will give you 133.33. Multiply 133.33 by 12 (for March 12th) and that will give you $619.35.

Step4

Prorate that amount. In other terms, you will subtract the $619.35 from the full monthly amount. So in keeping with the example we used, take $619.35 from the full amount of $1600 and that is the amount with the deposit that you will pay to move in.

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Comments

MILLIONAIRE said

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on 10/10/2008 Move in date March 12, with monthly rent of $1600.00

THE 12TH IS THE START DATE - WICH MEANS 20 DAYS YOUR PAYING TO LIVE IN THE UNIT FOR THAT MONTH
1600 DIVIDE (31 DAYS)=(51.61290322580645161290322580645 RATE PER DAY) X (20 DAYS LEFT YOU ARE PAYING FOR ! FROM THE START DAY)=$1032.25

THE 20TH START DATE - WICH MEANS 12 DAYS YOUR PAYING TO LIVE IN THE UNIT FOR THAT MONTH
1600 DIVIDE (31 DAYS)=(51.61290322580645161290322580645 RATE PER DAY) X (12 DAYS LEFT YOU ARE PAYING FOR! FROM THE START DAY)=$619.35

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NOTE: TENANT STARTING AT THE BEGINNING MONTH TO MOVE IN, THERE IS A HIGHER PAYMENT TO THE LANDLORD.

EX: Starting March 4, monthly rent of $1600.00
The Tenant pays $1445.16
FOR (28 DAYS) LEFT IN THE MONTH OF MARCH

EX 2: Starting March 28 monthly rent of $1600.00
The Tenant pays $206.45
FOR (4 DAYS) LEFT IN THE MONTH OF MARCH

miahurr said

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on 4/14/2008 1600 divided by 31 is not 133.33 ..it's 51.61 ..and if you're required to include the move in date that foruma is slightly off. I'll use your example. 1600 divided by 31 is 51.61 ..multiply that by how many days you're paying for; 31 minus 12 is 19, but again, if you're required to pay for the day you move in, you would multiply 51.61 by 20 ..which gives you 1032.20 ..subtract that from the monthly rent, which is 567.80

triplex24owner said

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on 3/15/2008 From a landlord's perspective it is not a good idea to prorate the first month's rent unless the tenant has extremely good credit and references. It is best to receive a full month's rent and deposit upon move in and then prorate the second month's rent. There is a higher likelihood that a tenant can afford monthly rent when they have the full amount up front. Considering the eviction process can take 90 days from the time of delinquency, it would be a nightmare for a tenant to move in on the 20th and pay only 10 days only to never pay rent again. Many landlords learn this the hard way. As a renter in the past I've only once had a landlord allow me to pay a prorated rent in the first month but at the time my credit was immaculate and the landlord had never rented anything out before.