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Prorated Rent Calculator

Prorated Rent Calculator

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An online prorated rent calculator is specifically designed for homeowners and renters to calculate the exact amount of the rent against the certain days a renter lives in a month. Yes, while giving a property on rent, homeowners often charge for a full month rent even when the renter does not stay for the full cycle. No doubt this is not a fair practice. That is why we have designed this prorate calculator so that you can calculate your stay period charges if it is less than a month.

Anyways, let us come to the point. Before you start calculating prorated rent, you must know what exactly this term means. Scroll down to get proper knowledge about it!

What Is Prorated Rent?

“A particular amount of the rent that you pay for the certain days during a single month is called prorate rent”

Benefits of The Prorate Rent:

Here we will be enlisting a couple of benefits of the prorated rent for both reenter and the owner:

Prorated Rent Benefits For The Landlords:

Below are the prorated rent benefits for the home owners:

Fills Vacancies Faster:
Many of the renters move into a house either during the center or end of the month. In this condition, if they are asked to pay the rent only for the days they will be staying in the month (and not the full month rent), it will attract them for sure. This will allow more renters to approach your offer and live in your house.

Better Relations With The Renters:
No doubt prorating the rent will actually build up good relationships among the owner and the renters. It allows the renters to share any difficult condition due to which rent may get late. This is because if the owner refuses to charge extra, it means that he/she has an understanding nature and paying rent late will not affect him/her.

Prorated Rent Benefits For The Renters:

As we know that prorated rent will actually cause payment loss for the landlord. But on the other hand, that loss is a great benefit for the renter. Following are the couple of benefits of the prorate rent for the renter.

Save of The Money:
Well, paying a portion of the rent except the full rent is something that suits the ears of every renter. Who would wish to pay the full rent even if he/she lives for a few days or a quarter or half of the month? No one exactly! That is why our free prorated rent calculator helps the renters to calculate the exact rent corresponding to their stay in the property. It will save them a lot of money.

Help To Know The Owner’s Nature:
What would happen when a house owner charges for the whole month instead of prorated rent? It would definitely affect the financials of the renters and create difficulty in managing the expenses. On the other hand, when a landlord is lenient with the renter, it makes the renter maintain a good relationship with him/her. Also, it allows the renters to think positively about the owner whether he/she will be cooperating with them or just keep on squeezing money.

Prorated Rent Formula:

Prorate rent varies depending upon the duration of the stay of the renter within a specific period of the month. If you are willing to calculate your dues of the stay, you can follow either of the following methods:

Days In A Year Method:

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

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

Days In A Specific Month Method:

As the number of the days from month to month, so we have:

$$ \text{Prorated Rent} = \frac{\text{Total Rent}}{\text{Number of Days In The Month}} * \text{Number of Days a Renter Stays in the property} $$

Days In An Average Month Method:

First we 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:

$$ \text{Prorated Rent} = \frac{\text{Total Rent}}{30.42} * \text{Number of Days a Renter Stays in the property} $$

Banker’s Month Method:

Banks have their own rules and regulations defined for the calculations of the prorated rent. Whatever the number of days are in each month, banks simply use a whole number 30 to represent the banker’s month. So if you and your house owner decide to calculate prorated rent using this method, ten both of you need to follow the formula below:

$$ \text{Prorated Rent} = \frac{\text{Total Rent}}{30} * \text{Number of Days a Renter Stays in the property} $$

The Legality of The Prorated Rent:

Let’s talk about any legal laws for prorated rent charging. Every state has its own laws defined for the rent agreements. But not any laws bound any of the landlords to charge prorated rent. It’s totally upon the owner whether he/she charges for the whole month or just the days of the month the renter is going to occupy the property.

For Example:
For prorating rent calculations in California, Banker’s Month Method is used. While in Texas, days in a specific month method is used for this purpose.

Length of The Month:

Length of the month plays an important role in the calculation of the prorated rent. If you move in or move out on any random day in a month having 31 days, then the prorated rent amount would be less than when compared to the month having 30 days. Especially in the case of February, this amount gets maximum due to less number of the days that are 28. If you do not know that what are the exact number of days in a single month, give a look to the table below:

Month

Number of days Month

Number of days

January

31 July

31

February

28 (29 in leap years) August

31

March

31 September

30

April

30 October

31

May

31 November

30

June

30 December

31

With the help of this table, you can easily note down how many days are there in the month in which you want to prorate rent. Just enter the value in the formula and calculate prorated rent. For instance, use our best prorated rent calculator for immediate results to save your precious time.

Gregorian Calendar:

This calendar is based on the solar calendar and is in use throughout the world. This calendar has exactly 30.436875 days. So if we multiply this number by the total months in a single year, then it will yield 365.2425 days. Due to this reason, we have leap years in which there are 366 days. You may get confused here but do not worry. Let us explain!

Just take the number of days in the Gregorian Calendar that are 365.2425. Now if you multiply 0.2425 by 4, it will result in 0.97 which is approximately considered 1. This is why leap year repeats itself every 4 years in which one day is added as per calculations.

Note: In the leap year, February will contain 29 days instead of 28. So if you want to calculate prorated rent in the month of February during the leap year, then you will have to pay less than the same month present other than leap year. For fast calculations without getting confused, start using our online prorated rent calculator.

Factors To Know When Prorating Rent:

When you are willing to calculate prorated amount, you have to consider the following factors:

  • Your billing date in every month
  • Number of days in the month
  • Remembering whether it is a leap year or not
  • Number of billing days in the first month
  • Number of billing days in the second month
  • Starting and ending date of the lease agreement
  • Number of billing days in the first month
  • Number of boiling days in second month

With all the above factors known, you can immediately determine the prorated rent in fraction of seconds by using the best pro rata calculator.

How To Prorate Rent?

Let us resolve a couple of examples to better understand the concept of the prorated rent calculations. Keep reading!

Example # 01:
Jack wants to move into a new house. He meets the owner of the house and informs him about his departure by 12 of the month. If the total monthly rent is about $500, then how to calculate prorated rent that is due on the renter? (By keeping in mind the banker’s method)

Solution:

As we know that:

$$ \text{Prorated Rent} = \frac{\text{Total Rent}}{30} * \text{Number of Days a Renter Stays in the property} $$
$$ \text{Prorated Rent} = \frac{500}{30} * 12 $$
$$ \text{Prorated Rent} = 16.6 * 12 $$
$$ \text{Prorated Rent} = $199.2 $$

For a better approximation, you can use our free prorated rent calculator.

Example # 02:

Henna (a Texas native) is living in a house for two months and paying rent $1450. Now she has decided to move into a new house in the month of 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, day in a specific month method is used to calculate the prorated rent. So we have:

$$ \text{Prorated Rent for Present Landlord} = \frac{1450}{31} * 13 $$
$$ \text{Prorated Rent for Present Landlord} = 46.774 * 13 $$
$$ \text{Prorated Rent for Present Landlord} = $608.062 $$

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

$$ \text{Prorated Rent for Next Landlord} = \frac{1200}{31} * 18 $$
$$ \text{Prorated Rent for Next Landlord} = 38.709 * 18 $$
$$ \text{Prorated Rent for Next Landlord} = $696.762 $$

How Prorated Rent Calculator Works?

Make use of our free prorate rent calculator to determine exactly how much rent you are asked to pay to your landlord for your stay in his property. Let us see how it actually works!

Input:

  • Select the date of your shifting from the calender given or write it on your own
  • After doing so, enter the rent amount you pay every month
  • Now select the date upto which you will stay in the property
  • Tap the calculate button

Output:

The free prorated calculator determines and displays:

  • Prorated rent
  • Prorated rent range in date
  • Total days in the month
  • Rent per single day in that month (depending upon the total rent)
  • Billable days (days of your stay in the house)

FAQ’s:

Is prorated rent good or bad?

Prorated rent is good when you shift in a rental during the month, but the start or the end of the month. Also, if your landlord agrees with this type of contract, it will surely save you a lot of money.

Should first month rent be prorated?

Well, as you know that no state defines laws that enforce landlords to prorate rent. But it is upto the landlord whatever he wants to do with it. And in case your owner agrees with it, get it written in the contract. When you have to leave, simply use a free prorated rent calculator to estimate what is the exact amount due and pay it to the owner.

How do you prorate rent based on the size of the room?

To know how much rent you should pay for a room, simply determine the square footage of that room, divide it by the square footage area of the total apartment, and calculate the prorated rent with a free proration calculator.

How is roommate rent calculated?

Below are the three steps that you need to follow up while determining the rent for more than 1 person in a apartment:

  • Take sum of all private spaces just like bedroom, balcony, closets, bathrooms, and corridors etc
  • After you do that, just divide the individual person’s space with this sum value
  • Now multiply the total rent amount with the roommates’ percentage, individually

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 each and every thing like initial security deposit, renter’s insurance etc. In case when it comes to the prorated rent, make use of the prorated rent calculator for the exact calculation of the rent that you need to pay your home owner.

What is the 50 30 20 budget rule exactly?

This basic rule is the expense management scheme that you can adopt to maintain a balance in your expenses. Here the number values corresponds to:

50% income should be spent on the essentials
30% income should be spent on other expenditures
20% income should be saved

What is the 70 20 10 rule?

According to this rule:

  • 70% of your income must be spent on the utility bills and other expenses that are important
  • 20% goes for saving
  • 10% is for the donation that you do in case if you want

Conclusion:

Using a prorated rent calculator is no doubt a very helpful way to determine the charges of your stay in any house, apartment, or hotel. No doubt what your owner demands, follow the state laws and use this free pro rate calculator to pay the right amount.

References:

From the source of Wikipedia: Pro rata, Investment laws, Insurance, Worker’s pay and benefits, Bankruptcy law
From the source of legaldictionary.com: prorated rent in law