Pro-rate or Not to Pro-rate last month's Rent
Have a question for you guys and seeing if you can help me out....
We have tenant's that are moving out mid-month 16th. They gave us a 30 days notice (as per the lease). Our lease specifically states no 'partial payments'.
Do you guys typically charge for the whole month regardless of when the tenant leaves and terminates the lease or do you pro-rate the rent?
Most Popular Reply
The landlord-tenant law for your jurisdiction will determine the minimum that you need to do.
All of our tenancies are on month-to-month rental agreements. We prorate the first month. We also prorate the last month if certain terms are met. When tenants feel they are getting a fair deal, they are more likely to be cooperative at move-out and leave the place clean and without damages. It's what I would want as a tenant, so I'm willing to be flexible about it.
Regardless of when a tenant tells me they plan to move, they must pay their rent in full at the beginning of the last month. Then, after they have moved out and returned possession of the unit to us, we calculate "pre-paid rent" for the days following the actual date they vacated the unit and it becomes a credit on their account. This is factored into the final accounting regarding return of deposits. The prepaid rent money becomes a buffer in the event damages exceed the amount of the security deposit.