Your decision to prorate rent can depend on a number of circumstances, but setting some rules ahead of time can be helpful for navigating more challenging requests, such as when a tenant needs to break a lease or is dealing with financial hardship. Then multiply the daily rent by the number of days the tenant owes rent for the month. Take the monthly rent and divide it by the number of days in the month to determine the daily rent. To calculate prorated rent when a tenant is moving out, you can use the same formula for calculating prorated rent when moving in. How do I prorate rent when my tenant is moving out? You can also prorate rent when a tenant is moving out on a day other than the last day of the month. Prorate rent when a tenant moves in on a day other than the first of the month to reflect the actual number of days the tenant will be occupying the rental for the month. In other words, if a tenant is ready to move into your apartment halfway through the month, prorated rent might offer financial incentive for your tenant to do so, and you don’t have to deal with a two-week vacancy. However, it is a common practice to prorate rent to provide more flexibility for a tenant’s moving date, and it means you might be able to reduce the amount of time your rental is vacant. Landlords are not required to prorate rent unless it is stated in the lease. Most billing cycles start on the first of the month, so if your renter wants to move in a few days before or after the first, or they are planning to move out before their month’s billing cycle is over, you may want to consider prorating your rent. Prorated rent is the amount a landlord charges a tenant when they are occupying the rental for only part of the month.
Once you’ve determined your prorated rent, you can start collecting rent payments and managing tenants online with Zillow Rental Manager. Multiply the daily rent amount by the number of days the tenant will be occupying the rental for the month to calculate the prorated monthly rent. Take the total monthly rent and divide it by the total number of days in the month to get the daily rent amount. In order to prorate rent, you need to first calculate the amount your tenant is paying in rent per day for the month in question. According to the Zillow Consumer Housing Trends Report 2020, 35% of renters want to be able to move easily as life changes, and with this in mind, it pays to be prepared to handle prorated rent requests. Having a flexible and fair prorated rent policy can also help boost your rapport with your tenant, leading to referrals. Prorating rent encourages renters to move in sooner, thereby helping you to fill vacancies faster and earn more income on your investment.
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If this applies to you, understanding how to prorate rent can be beneficial for you and your tenant. But there may come a time when your tenant needs to move in or out of your rental outside of this typical cycle. In a perfect world, renters start their lease - and make their rent payment - on the first day of the month and move out on the last day of the month.
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