Prorated Rent Calculator

Prorated rent calculator calculates the adjusted rent based on your partial stay in a rental unit, as per the lease agreement clause. With that, you may also know your daily fare to occupy the property along with the other rental metrics. Determine the fair share of the amount that you and the landlord agree on.

Calculator Usage:

• Choose the moving date
• Enter the payment
• Add the date for
• Click Calculate and the prorated rent calculator gives you the “Prorated Rent” and other related rental metrics

What Is Prorated Rent?

“In a lease agreement, prorated rent is a clause that tells you the amount a tenant has to pay the landlord for each day they occupy the residential unit”

Prorated rent depends upon the monthly rent of the property. It means whatever the percentage of the month a renter stays, the exact percentage of monthly rent will be due to him.

How To Calculate Prorated Rent?

To calculate the prorate rent, follow these steps:

• Divide the monthly rent by the number of days in the month to know the daily rent
• After that, multiply the daily rent by the number of days the tenant lived in the property
• That’s it, this is what you need to pay to the owner

Mathematically:

Prorated Rent = Monthly Rent/Number of Days In Month * Prorate days

Example:

Henna (a Texas native) has been living in a house for two months and paying rent of $1450.

Now she has decided to move into a new house in July but there is a problem. It's 14 when she wants to shift and the rent of the next house is about $1200.

How do you figure out prorated rent for both present and next landlord?

Solution:

As we know in Texas, the day-in-a-specific-month method is used to calculate the prorated rent. So we have:

\(\text{Prorated Rent for Present Landlord} = \frac{1450}{31} * 13\)

\(\text{Prorated Rent for Present Landlord} = 46.774 * 13\)

\(\text{Prorated Amount for Present Landlord} = 608.062\)

Now we have the prorated rent for the next owner as follows:

\(\text{Prorated Rent for Next Landlord} = \frac{1200}{31} * 18\)

\(\text{Prorated Rent for Next Landlord} = 38.709 * 18\)

\(\text{Prorated Amount for Next Landlord} = 696.762\)

Alternative Formulas:

Days In A Year Method:

As the single year has 365 days in total, we have:

\(\text{Prorated Rent} = \frac{\text{Monthly Rent} * \text{Total Months In A Year}}{365}\)

Days In An Average Month Method:

First, you have to calculate the average days in a month which are calculated as follows:

\(\text{Average Days in a Month} = \frac{\text{Sum of Days In Each Month}}{\text{Total Number of Months In a Year}}\)

\(\text{Average Days in a Month} = \frac{31+29+31+30+30+30+31+31+30+31+30+31}{12}\)

\(\text{Average Days in a Month} = \frac{365}{12}\)

\(\text{Average Days in a Month} = 30.42 Days\)

Now we will calculate prorate rent using the formula below:

\(\text{Prorated Rent} = \frac{\text{Total Rent}}{30.42}\)

Number of Days a Renter Stays in the property

Banker’s Month Method:

Banks have their own rules and regulations defined for the calculations of the prorated rent. Whatever the number of days in each month, banks

Simply use the whole number 30 to represent the banker’s month.

So if you and your house owner decide to calculate prorated amount using this method, then both of you need to follow the formula below:

\(\text{Prorated Rent} = \frac{\text{Total Rent}}{30}\)

Number of Days a Renter Stays in the property

Should First Month Rent Be Prorated?

It depends upon the agreement policy and the nature of the landlord. If the tenant and owner agree to prorate monthly rent against the specified days of stay, then the situation holds good for the tenant. Otherwise, no law binds property owners to prorate rent.

How Much Should You Spend on The Monthly Rent?

Roughly, 30% of your monthly income is what you need to pay as rent. You should take into consideration everything like the initial security deposit, renter’s insurance, etc.

Why Should I Prorate Rent?

You should prorate rent if either you are moving in or moving out of the property rather than the month's start or end. It lets you pay partially for your stay against the days you stay for rather than the lease agreement.

Number of Days In Months:

The prorated rent calculator accommodates different lengths of the months that are mentioned below. It means your rent calculations are dependent exactly on the actual number of days in a running month.

Disclaimer:

There is no law that binds landlords to prorate rent. This is why the information provided by the prorated rent calculator is only based on the data the user provides and not the lease agreement. It's preferred to use the tool after you officially confirm the prorated rent with your landlord and the property agent.