How to calculate daily rent?
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How to calculate daily rent?
I purchased a college student rental property under lease in NYS the term of the lease is 8/15/18 to 5/22/19
Payments is specified in two options: on financial aid then $16,000 for the fall semester due 10/15 of last year and $16,000 due on 01/15 of this year for the spring semester, or if not on financial aid, then equal monthly payments beginning 06/01 of last year. The seller collected $16,000 from the students all on financial aid last October. He says to get the daily rent rate we take $32,000 and divide by the time period of of June of last year through May of this year. I say its the time period of the lease term which is 08/15-05/22.
Asked on January 22, 2019 under Real Estate Law, New York
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You are correct: daily rent is the total rent for the period divided by the number of days in the lease period. If the term of the lease was from, 8/15 to 5/22, you would use the number of days between 8/15 and 5/22 for this period. You pay for a certain period of time; the daily rent is the pro rate daily share of that.
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