More often than not, the tenants who move into your rental properties in Puerto Rico will move in on the 1st of the month. It'll make it very easy for you to calculate what their monthly rent will be.
But there will also be instances in which tenants might move into your rental properties at some point after the 1st of the month. In this case, you'll need to be prepared to charge them prorated rent.
If you have property managers tending to your properties, you'll be able to rely on them to calculate what it'll cost for someone to rent one of them for a partial term. But even still, you should have a general idea of how to calculate prorated rent.
Find out how to do it below.
What Is Prorated Rent?
Prorated rent refers to any rent that is paid by tenants for just a portion of a month. If, for example, someone starts renting an apartment from you on the 15th of August versus August 1st, it won't make sense for you to charge them a full month of rent.
Instead, you'll charge them for half a month of rent before you start charging them for a full month of rent at the top of September. But to do this, you'll need to know how to calculate prorated rent, or you'll need to have property managers in your corner who can do it.
When Will Prorated Rent Come Into Play?
As we just explained prorated rent will come into play any time you have a tenant move into a rental property after the 1st of the month. But this isn't the only time you'll need to calculate prorated rent.
Some landlords in Puerto Rico have also started to allow people to rent for a period of time of their choosing. As a result, they might have tenants who will only stay in a rental for a few days or weeks at a time. These short-term rentals have popped up all over the place in the area.
This is another situation in which prorated rent can be used to calculate what tenants will need to pay landlords.
How Is Prorated Rent Calculated?
The good news for landlords is that it isn't too difficult to calculate what prorated rent should be. To do it, all you'll need to do is:
- Divide the monthly rent for a rental property by the number of days in a given month to get the daily rent
- Figure out how many days a tenant will be living in a rental property during this month
- Multiply the daily rent for a rental property by the number of days a tenant will stay in it during a month
As you can see, calculating prorated rent is fairly simple. But it'll be important for you to pay attention to what you're doing when you calculate it so that you don't short yourself rent money.
Let Our Property Managers Handle Collecting Rent for You
Wouldn't it be nice if you could count on someone else to collect rent for you so that you wouldn't have to worry about doing things like calculating prorated rent? The property managers from PMI Puerto Rico can lend a hand to you with tasks like this.
Renting an apartment or another piece of property in Puerto Rico will be so much easier when you have the right property managers on your side. Reach out to us today to get our assistance with collecting rent and so much more.