How to calculate a partial rent payment
Not everyone moves in or out of a rental property on the first or last day of the month.
In most cases, when tenants move in or out during a month, they owe rent only for the period of occupancy. There are two common ways to calculate partial rent payment that landlords commonly use. Renters should be aware of the landlord's policies to ensure they are charged the correct, prorated amount.
Determine the number of days of occupancy. For move-ins, subtract the days prior to the move-in from the number of days in the month. For move-outs, subtract the last date of occupancy from the number of days of the month. For example, if someone moves in on July 10, subtract the first 9 days of the month from 31, leaving 22 days of occupancy.
Divide the number of days in the month into the monthly rent. If the rent is £650 and it's a 31-day month, this is £650/31 = £20.90. This is the daily rental rate.
Multiply the daily rental rate by the number of days of occupancy. For a tenant who occupies the property for 22 days at a daily rate of £20.90, the partial rent equals £461.30.
Use the "banker's month" method to simplify calculation of prorated rent. This method assumes there are 30 days in the month. Divide the monthly rent by 30 to find a daily rate. Multiply the daily rate by the number of days of occupancy.
It is common practice for landlords to require a full month's rent up front from new tenants, no matter what day of the month they move in. Typically the prorated amount is applied to the following month. Some landlords will accept partial rent payment from existing tenants who are behind on their rent. Others will not. Landlords set their own policies in this matter and there is no standard formula for calculating this type of partial rent payment.