Unless you move into an apartment home on the first of the month, you probably will be paying pro-rated rent. That may be a term that your not familiar with . Its not to difficult to understand. Read on to find out what exactly pro-rated rent is and how it will affect you.
Mid-Month
Of course the most likely event is that your moving in the middle of the month. You are not occupying the apartment home for an entire month. So in this scenario you will not have to pay for the full month. So for example, if you move in February 10 instead of February 1, you will be responsible for 19 days of rent instead of the normal 28. And of course starting on March 1, you will pay for an entire month’s rent.
Its a simple calculation. Just take the number of days for that month and divide that number into the monthly rent. Now you have what you will be paying per day. Now take that number and multiply it by the number of days you will be in the apartment that month.
A Different Use Of Pro-Rated Rent
Under different circumstances, The Woodlands apartments will use pro-rated rent a little bit differently. Here is what you may see online or just by driving around. An apartment community will say we offer “up to 3 months free rent”. Normally this doesn’t mean that you won’t pay rent for 3 straight months. The apartment community in question may want you to sign a 13 month lease to qualify for the promotion. So as an easy example we will say that you will be paying $1000/month. So over the course of the entire 13 months you would have paid $13k. But since you signed a lease for 13 months and received 3 free, you will instead be paying around $769 for each month.
Is Paying Pro-Rated Rent Necessary
There are really no advantages or disadvantages in regards to moving in mid month or on the first. It just depends on your situation. If you can’t move into an apartment until the middle of the month, then paying pro-rated rent will save you money.
Just be sure to remember to read your lease throughly. And when an apartment advertises 2 or 3 months free, be sure and understand how that is factored into your rent each month.
Read more about leasing apartments in The Woodlands TX.
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