You don’t always get your preferred move-in date, and you’ll probably won’t live in your new place the entire first month. Question is, do you have to pay a full month’s rent even though your move-in date does not align with the 1st of the month? No, your landlord most likely will charge you an adjusted amount based on the number of days you are going to occupy the space. This is known as a Prorated Rent. Here’s what you should know:
What it is?
Prorated rent is an adjusted amount based on your move-in date. Is a fair and common practice made by the landlord when the tenant is moving in mid-month. Do know that in most cases there’s no legal obligation for this adjustment. Therefore, it’s important that you clarify with the property manager before signing any lease agreement.
How to calculate it?
Calculating a prorated rent is simple. The most common way is using the days in a month. First, divide your monthly rent payment by the number of days in the month. This will give you the daily rate. Then, multiply your daily rate by the number of days that you’ll be occupying the property to get the prorated rent price. Is that simple!
Use this formula:
(Monthly rent payment/Number of days in the month) x (Number of days that you’ll be living that month) = prorated rent
Here’s an example:
Your move-in date is April 18th, and your monthly rent cost is $1,400
$1400 / 30 x 13 days = $606.66