What is prorated rent?  | Castle

What is prorated rent?

If you just rented a Castle property, congratulations! Castle requires that all new tenants pay security deposit and first month's rent in order to get the lockbox combination for move-in. Castle will automatically adjust second month's rent, based on your move-in date, so that you are only charged for the days that you were living at the property.

We use the following formula to calculate second month's rent:

Prorated rent = Normal monthly rent * (Days Left in Move-in Month/Total Days in Move-in Month)

For example, if you moved into a property on July 12th, 2016, and had a monthly rental rate of $800 per month, your total amount due on August 1st, 2016 would be $490.32. Prorated rent = (800 * (19/31)).

In other words, we want to ensure that rent is an accurate reflection of how many days you have lived at the property. September rent would be the normal rate of $800.