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Effective rent calculator

See what an apartment really costs after free rent, concessions and required fees.

Enter weeks or months; both are added together.
Enter weeks or months; both are added together.
Gift card, credit or waived fee.
Only charges the lease requires.

Estimates only. Based on the numbers you enter, not a lease. Confirm fees, free rent and concessions with the building. Nothing you enter leaves your browser.

The advertised rent is not what you pay

“Six weeks free” sounds like a discount on the rent, but it is spread over the lease. And required monthly fees for parking, pets, trash, amenities or utilities push the real cost back up. This calculator shows both effects in one number.

Effective rent is the rent you actually pay across the lease, divided by its months. Add required monthly fees and you get the all-in monthly cost. Compare that figure, not the advertised rent, between apartments.

Is it a good price?

Once you have the all-in number, check it against similar listings. The real monthly cost guide walks through a worked example, Is this rent fair? shows how to compare with nearby listings, and the rental comps guide explains active asking rents and why they are not signed leases.

The formula

Effective rent = rent × (lease months − free months) ÷ lease months

Free weeks are turned into months (weeks × 12 ÷ 52). A one-time concession is spread over the lease. All-in monthly cost = effective rent + required monthly fees such as parking, pet rent, trash, amenity fees and required utilities.

Worked example

Example scenario · sample numbers
Advertised rent$2,400 a month
Lease and offer12 months, 6 weeks free
Free months (6 × 12 ÷ 52)1.385
Effective rent ($2,400 × 10.615 ÷ 12)$2,123
Required fees (parking $75, trash $25)$100
All-in monthly cost$2,223
Total over the lease$26,677

Compare the all-in figure, not the advertised rent, between apartments. Check whether the renewal will be priced off the advertised rent.

FAQ

What is effective rent?

The average monthly rent you actually pay over the lease after free weeks or concessions. Six weeks free on a 12-month lease at $2,400 works out to about $2,123 a month.

Should I compare effective rent or advertised rent?

Effective rent plus required fees. That all-in number is what leaves your account each month on average.

Will my renewal be based on the effective rent?

Often not. Many landlords renew from the advertised rent, so ask before you sign.

Caza adds rental comps from active asking rents to Zillow listings.

Try Caza

Caza is independent and not affiliated with Zillow. These are estimates, not financial, tax or legal advice.

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