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What is a prorated for an apartment?
Prorated rent is the amount you charge a tenant for the number of days they occupy the unit, based on the monthly rent. Rather than charging a daily or weekly rate (which is typically more expensive), the monthly rent is prorated by the day.
How is annual rent calculated?
The weekly rental amount is divided by 7 to determine the daily rental rate, then multiplied by 365 (days per year) to determine the yearly rate and finally divided by 12 to determine the monthly rental amount. For example, a property is advertised as $200 per week, ($200 divided by 7) is $28.57 for the daily rate.
What does a periodic lease mean?
A periodic tenancy is for a recurring period without a fixed term. A periodic tenancy can continue indefinitely. It goes on recurring automatically until something is done by the parties to bring it to an end – see Ending a tenancy agreement.
What happens when your lease expires in Massachusetts?
If the lease expires without action or renewal, the tenant does not become a squatter. Under Massachusetts law, they become either a “tenant at will” or a “tenant at sufferance” . The best thing to do is to agree in writing on how the tenant is going to stay. Don’t wait until the last minute, either.
When does a landlord have to terminate a month to month tenancy?
Landlords must have good reason (just cause) to terminate a month-to-month tenancy so long as the tenant is still paying rent. No state statute on the amount of notice required to change rent or other terms.
How much notice is required to end a month-to-month lease?
State Rules on Notice Required to Change or Terminate a Month-to-Month Tenancy In most states, landlords must provide 30 days’ notice to end a month-to-month tenancy. (There are a few exceptions, such as North Carolina, which requires only seven days’ notice,…
How much notice does a landlord have to give to increase rent?
Landlord must provide 30 days’ notice to increase rent if tenant is age 62 or younger; if tenant is over 62 years old, landlord must provide 60 days’ notice.
What happens on the 16th when the lease ends?
This is fair because the landlord also knows that the lease is ending and can search for a new tenant to move in on the 16th after you have returned possession of the unit to the landlord.