What Is a Prorated Down Payment on Rent?
Life can be messy and it doesn’t always fit perfectly on the schedule. Chances are, you will need to move into an apartment after the first of the month, or you will need to move out before the last day of the month. Does that mean you have to pay a full month’s rent even though you won’t be there all the time?
If your lease requires you to move in after the first, most landlords will prorate your down payment or your first month’s rent payment, meaning you only have to pay the part of the month you actually rent. ‘apartment. Likewise, if you end up signing a lease for less than a year, you may not need to give your landlord a deposit of a full month’s rent.
Find out what the prorated down payment means, when and how to charge prorated rent, and how to prorate rent.
What is a pro rata rent deposit?
Simply put, paying rent on a pro rata basis means paying the portion of your rental rate that you actually live in the apartment. So, for example, if you move in on April 15, prorating rent for April would mean paying half of your regular monthly rate for April.
If you’re moving early or renting a spot for less than a year, your landlord will likely prorate your down payment or security deposit and / or your first month’s rent.
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How can I get prorated rent?
Let’s say you plan to move into a new apartment in the middle of the month. The first thing to know is that landlords are not legally required to offer you prorated rent rates. Many landlords do this in the name of fairness or because a tenant has negotiated with them, but it is not taken for granted. So, before signing a lease, read the contract to see if there is any wording as to whether pro-rated rent is available. Otherwise, check with your landlord up front.
Even if you move in on the first day of the month, you may still want to check with your landlord about their pro-rated rent payment policy in case you move early.
If you move in or leave the month and your landlord doesn’t proactively offer prorated rent for that month, you may still be able to negotiate that with them. Keep in mind, however, that if prorated rent isn’t an explicit provision in your rental agreement, you might not get it.
For example, if your lease is coming up at the end of the month but you plan to move out a few days early, your landlord may not be willing to offer you prorated rent for that month. On the flip side, if the next tenant is able to move in early because you leave early and the landlord charges them for those few days at a prorated rent, they may be willing to prorate your rent. also for this month.
If you approach your landlord in a friendly and polite manner, and if the situation is a situation where it makes sense for prorated rent to step in, then there is no harm in asking your landlord for prorated rent. – as long as you are aware that she or he can say no. If you plan to leave before your lease ends, be sure to give your landlord as much notice as possible so they can start looking for a new tenant. If your landlord has the next rental agreement signed before you leave, it’s more likely that they’ll accept a pro-rated rent payment for your final month.
Calculating your down payment on a pro rata basis
Once you and your landlord agree, figuring out how much you’ll pay in prorated rent is a pretty straightforward proposition. Typically, your landlord will divide your monthly rent by the number of days in the month and bill you for the number of days you are on the property.
For example, if your normal rent is $ 1,500 per month, your rent per day for a 31-day month is about $ 48. If you leave on March 3, your landlord will charge you for the first three days of March, which will be $ 48 x 3, or $ 144.
It’s a bit more complicated if your rent payment date is not the first of the month. Suppose you move into your apartment on January 1, but your rent payment is usually due on the 15th of each month. In this case, you will likely have to pay a prorated rate for the first half of January. Again, you can take the number of days in the month and divide it by your monthly rent, then add up the number of days you’ll be there before your regular monthly payments start on the 15th.
If your rent is $ 1,500 per month, your daily rent for the month of January is approximately $ 48. So you would pay $ 48 x 14 for the first half of January, or $ 672.
Your landlord can also calculate your prorated rate using the total number of days in the year rather than the month, especially if you’re signing a one-year lease. In this case, to calculate your prorated rent, you would multiply your monthly rate by 12, divide it by 365, and then multiply it by the number of days you will occupy the apartment.
Let’s say again that your rent is still $ 1,500 per month. If you prorate the rate using the days of the year, your daily rate is ($ 1,500 x 12) / 365, or about $ 49. If you plan to leave on March 3 and have to pay the first three days of the month, your prorated rate would be $ 49 x 3, or $ 147.
If you plan to move in the middle of the month or leave a few days before your lease ends, discuss prorated rent payment with your landlord. Then you can search for your next apartment on Zumper and get ready for your next move.