How rent is pro-rated for partial periods

If rent is applied for a partial month period, e.g. at the start of tenancy in order to align with the normal rent due date, or due to a tenancy ending early, then the system will automatically work out the pro-rated rent amounts for these periods and the rent balance will be updated accordingly. 

Two configurations are available for the pro-rating of partial month. By default Configuration A will be employed but contact the support team if you require your Solo/Origin account to employ Configuration B.

The formula for "daily rate" calculation

When rent is being pro-rated, a daily rate is used to calculate the total rent due.

Configuration A

Partial rent values are calculated by multiplying the total monthly rent by 12 to get the annualised rental value, and then dividing this by 365. This calculation is not adjusted for leap years; it still uses 365 days.

The formula used is: 

(Total monthly rent * 12) / 365 * (number of days in the partial month)

Configuration B

Partial rent values are calculated by dividing the total monthly rent by the number of days in the current month, and then multiplying it by the number of days in the partial month.

The formula used is:

(Total monthly rent) / (number of days in current month) * (number of days in the partial month)