Prorated Rent

You can use the attached Excel spreadsheet to calculate the prorated rent of either moving in mid-month or swapping rooms. Just enter the monthly rent, number of days in the room, and number of days in that particular month, and the spreadsheet will calculate the prorated rent for you.

Prorated Rent Calculation Spreadsheet.xls

Calculating Prorated Rent

Members pay a set monthly rate regardless of the length of the month. So even though some months are longer or shorter than others, and you pay more per day in a short month like February, things even out in the long run.

So let’s say a member moves in February 14th (not a leap year). They were not there for 13 days of February, so they were in the room for 28 – 13 = 15 days of February.

The daily rent for February is ($500/28). And you just multiply that by the number of days they will be there (15).

($500/28) * 15 = prorated rent of $267.86.

The formula for prorating rent:

Prorate Rent = (Monthly rate for the room / Total days in that particular month) * Days they were in the room that month

Room Swap

If someone is switching rooms in the middle of the month, the formula is the same -- you just calculate the prorated rent for each room price and add them together.

Prorated Rent for a Room Swap = [(Monthly rate for the first room / Total days in that particular month) * Days they were in the first room that month] + [(Monthly rate for the second room / Total days in that particular month) * Days they were in the second room that month]

Example:

Some is in a $450 room Feb 1-14. They move to a $500 room on Feb. 15th. Not a leapyear.

(450/28)*14 + (500/28)*14 = $475

This formula will get the same results:

Prorated Rent for a Room Swap = [(Monthly rate for the first room * Days they were in the first room that month) + (Monthly rate for the second room * Days they were in the second room that month)] / Total days in that particular month

For example: [(450 * 14) + (500 * 14)] / 28 = 475