Please tell me the correct way to pro rate rent for a tenant who is moving in on the 10th of the month.
Thank you
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Please tell me the correct way to pro rate rent for a tenant who is moving in on the 10th of the month.
Thank you
monthly rent / (30 or 31) days x days occupied (20 or 21)
Maggie is right on except for the days occupied, should be 10 right? So Divide the rent by the number of days in the month, that will give you the cost per day. Then multiply the cost per day by the number of days they will occuping the place (10 right?).
Moving in on the 10th means the tenant was not there for the first 9 days of the month and he will be there from the 10th. How many days are there from the 10th to the end of the month.
You can use 10 only if the tenant is moving OUT on the 10th, which he occupied 10 days.
Opps, I read that wrong, you are 100% correct Maggie.
Well first of course are you wanting rental law, or how to post this in the accounting books , since you posted this in accouting,
In rental, normally you don't prorate for people moving out, unless you already have the unit rented to someone else. Normally rent is payable for the entire month, so they would really owe the entire monty from most rental agreements.
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How do you prorate rent?
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