FIRST MONTH’S RENT & PRORATED RENT
How is Prorated Rent Handled? If a lease starts after the 1st day of the month, the rental amount is prorated. Prorated rent is calculated by taking the total rent, pet rent, garage rent, etc. and dividing by the number of days in the month. The daily rent rate is then multiplied by the number of days the resident will be renting the property for the partial month.
In order to improve the first month’s cash flow, when expenses are the greatest, we require a full month’s rent upon move in and charge the prorated amount on the 1st day of the second month. Every Resident pays a full month’s rent before they are given keys.
We understand property management and property investments. With over thirty years’ experience in property management and more than 300 offices in the United States and Canada, we have become the largest property management franchise in North America.