Prorating Apartment Rent

Apartment rent, house rent, Apartment realtor

An apartment you are about to rent may be available before the first of the month. In such a case, you may concur with your landlord to start the lease period earlier. In such a situation, "prorated rent" payment is called for, since the new apartment is in your tenancy only for a portion of the first month.

Calculating prorated rent is assuredly not a difficult task and will take up only a few minutes of your time. In fact, some of you may already be able to perform this little calculation, or make a good guess at what the steps might be. For the others, just check out the following simplified steps to get there.

1) Ascertain the total number of days there are in your first month of tenancy. For example, if the lease period is agreed to begin on June, the number of days in the month will be 30, irrespective of the actual date of your tenancy. Ensure you get the right number of days for February in a leap year and a non leap year.

2) Next, divide the monthly rent to be paid by you in a regular month by the number of days of that first month. As an example, let us consider the first month to be June and regular rent to be $600. You will now divide 600 by 30, getting the result 20. This value, i.e. $20, will be the amount of rent that you have to pay for each day of your tenancy in June.

3) Find out the actual number of days you'll have the apartment for, in the first month. Let us assume the date of tenancy begins on June 26. You will therefore have the apartment from June 26 to June 30 including, this is important to note, the 26th and 30th. So the number of days is actually 5, and not 4, as some might make a mistake in. Also, remember to count every single day of the month including holidays.

4) Its time now to perform the final calculation. Simply multiply the number of days in the first month that the apartment will be in your tenancy (from 3) by the rent payable per day (from 2). So the result in this example shall be 5 multiplied by $20 which is $100. So, the amount you owe your landlord for June alone shall be $100. For the subsequent months starting from July, you will naturally have to pay the regular rent of $600.

To speed up the process of calculation, it would be a good idea to:
* refer to a calendar pertaining to the first month.
* use a calculator and/or pen/pencil and paper - it’s really simple as you would have noticed and you may wish to perform all the calculations in your own mind if you're sure of yourself.
* keep in mind that every single day of the month, i.e. weekdays, weekends and any holidays etc., must be counted and included in your calculations.
* remember, in case your first month is February, that a leap year has an extra day added to the 28 days of February, making it 29.

And now, you're all set to go!