Hey,
If you are moving in on the fifteenth of this month, you will not be occupying your space for the entire month. In cases like this, landlords and tenants opt for prorated rent. If you know what does prorated rent mean, it will easily determine the rent amount you will need to pay.
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What do prorated rent mean?
It is a percentage of the total rent that needs to be paid to the landlord. It is calculated according to the number of days the tenant will be staying in the flat. In simple words instead of the rent being calculated every month, rent is calculated proportionally to the number of days the flat is occupied. Keep reading what's prorated rent mean.
It is also known as pro rata rent. It is a partial payment that is made to the landlord. It's a method for property owners/ landlords to charge the tenants fairly.
How is it calculated?
You can easily figure out the prorated rent with the formula given below.
Prorated rent = (monthly rent (÷) # of days in a month) X # of days the renter is paying for.
You can also calculate the prorated rent with another formula.
((monthly rent payment x 12) / 365) x number of days that you’re occupying the unit in that billing cycle = prorated rent.
This is all from my end on what does prorated rent mean
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What does prorated rent mean?
Nidhi
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3 Year
2022-11-30T11:20:08+00:00 2022-11-30T11:20:09+00:00Comment
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