When a resident moves in to your property on any
day other than the first of the month, the amount of the rent due
will need to be prorated. That is where this landlord calculator
comes in handy. It will permit you to quickly determine how much rent
is due. To use this calculator, simply put in the following information: 1) Which
month that the rent will be prorated for the resident. (We suggest the SECOND
month of occupancy, not the first (please see tip below). 2) Numbered day of the month
resident moved in (i,e. 15, 10 or 23) and 3) The normal monthly rental amount,
The Rent Prorater will then do the calculation for you.
**Important Tip: It is suggested that rental owners ALWAYS collect a full
month's rent in advance (at time of move-in) no matter what date the
resident moves in and charge the calculated prorated rent at the
beginning of the second month of occupancy.
For example, let's say the normal monthly rent on one of your homes is $500.
If a resident is moving in on the 16th of August, require that the resident
pay $500 for the rent at time of move in, and on the first of September, the
calculated prorated rent will be due for the 16th of September thru September
30th, which would be $250. By always getting at least a full month's rent
upfront, it increases the chances that the resident will have money to
to pay rent thereafter, and if not, at least you have received more money
before having to start eviction. Many landlords have learned this the hard
when for example a resident moved in with only five day remaining in the
month and payed a small amount of prorated rent. And when the first
of the next month came, the new resident never paid anymore!
Remember, get full month's rent the first month,
prorated rent the second month.