As a property owner, I am aware that with each passing day that my house remains on the market, I'm losing money. If a tent is moving into the property at an earlier date, you don't need to wait till the first of the month to sign a rental agreement. You can charge prorate rent instead of one month’s rent. The same can be done if a tenant is moving out before the month is over. I will share with you how to calculate prorated rent when moving out.
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What is prorated rent?It is the rent amount charged according to the number of days occupied by a tenant instead of monthly rent. If the tenant moves out on the 7th, they will need to pay prorated rent for 7 days.
How to prorate rent when moving out?You can use the formula given below to calculate prorate rent when moving in as well.
You will need to decide your move-in or move-out date.
Count the number of days in the month that you will occupy the apartment.
Check the monthly rent amount in your rental lease.
Divide the monthly rent by the total number of days in the month.
Finally, multiply this value by the number of days you plan to occupy the apartment.
To summarise, you will need to take your monthly rent amount and divide it by the number of days in a month. You multiply this amount by the number of days the tenant will occupy the unit.
Prorated rent = (monthly rent (÷) # of days in a month) X # of days the renter is paying for.
For example, if the tenant is moving out on the 25th of September and the full rent is Rs.1,2000. Calculating prorated rent by the number of days in a month would be:
12000/30 x 5=2000.
The prorated rent would be Rs.2000.
I hope my explanation on how to calculate prorated rent when moving out helps you out. Cheers!
Read more: What are the different types of leases What are Different Types of Deeds in Real Estate?Your Feedback Matters! How was this Answer?
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How to calculate prorated rent when moving out?
Uma
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2022-11-29T12:02:46+00:00 2022-11-29T12:02:50+00:00Comment
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