How is rent prorated?
To be fair to all parties we prorate as if the month had 30 days. The exception to this is February, where we use a 28 day cycle. To calculate your prorated rent use the following formulas.
- Calculate your daily rate. To do this we use (Rent / 30 = Daily Rate)
- Using the Daily Rate we prorate your use of the property in days. (Daily Rate x Days Used = Prorated Rent Amount)
Here is an example of a person moving out of the 16th of the month and whose rent is $1350 a month:
$1350 / 30 = $45 THEN $45 x 16 days = $720.00 of Prorated Rent