Prorated Rent...

[ws6whiteshark]

What is the name of your state? MD

I have tenants moving in on the 15th and I agreed to prorating the month for the tenants. The tenants will be moving in early Saturday morning, September 15th. Now, rent prorated to include September 15th thru September 30th is a total of 16 full days. I just want to make sure I'm correct in this calculation for prorating the month. The tenants thought it was only 15 days and not 16 days. I had to explain to them that they didn't live at the house from September 1-14th, but did start living there from 15th-30th = 16 days.

 

[Alaska landlord]

What is the name of your state? MD

I have tenants moving in on the 15th and I agreed to prorating the month for the tenants. The tenants will be moving in early Saturday morning, September 15th. Now, rent prorated to include September 15th thru September 30th is a total of 16 full days. I just want to make sure I'm correct in this calculation for prorating the month. The tenants thought it was only 15 days and not 16 days. I had to explain to them that they didn't live at the house from September 1-14th, but did start living there from 15th-30th = 16 days.

You might try charging full rent on the 1st month and then prorate the second month. If they can't afford the 1st months rent then they have no business renting from you.

30-15 = 15 not 16

 

[johnd]

16 (sorry Alaska).

It's really rather simple math, ins't it? Just don't forget that the start is not 0.

 

[CA LL]

You should never pro-rate the month of move in but rather the SECOND month so you protect yourself to get a first full month's rent.

BUT since you insist on doing it anyway..yes 16 days since they take possession on the 15th.

 

[ws6whiteshark]

Thank you...

Can you explain the "protection" thought on prorating the second month instead of the first month? Say the tenants are moving in and pay a prorated first month, but begining on the 1st of the next month and there on they pay the full rent, I'm confused on what's the difference. I'd like to understand the thought/theory behind prorating the second month.

Thanks.

Scott

 

[CA LL]

It is just standard procedure for most EXPERIENCED LL's to get as much up front as possible in CERTIFED FUNDS which of course all money for move in s/b. There are many pro tenants out there that if move in is very low with a pro-rated amount with either move in and never pay again or give you a bad check if you are "silly" enough to take one for move in, etc.

I don't know of any LL's who do NOT do this process...please consider it for the future.