Prorating rent involves calculating how much rent is due in a partial rental period by multiplying the number of rental days in the partial period by the daily rental amount. This is generally done to aid in renting a property between established rental periods.
Continue ReadingDetermine the number of days remaining in the partial rental period by subtracting the partial period days from the total number of days in the selected period. For example, if the rental period is the month of December and the partial period begins December 16, then the number of days requiring prorating is 15.
Divide the total amount of rent during the rental period by the number of days in the rental period. A rent due of $1500 in a 31 day period makes a daily rental rate of $48.39.
Multiply the daily rental rate by the number of days in the prorated period to determine the prorated amount due for the partial period. A partial period of 16 days at a rate of $48.39 for example results in a prorated amount due of $774.24. The full amount is then due at the start of the next rental period.