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How to Calculate Daily, Weekly and Monthly Rent
It’s common for renters to be faced with a plethora of different price metrics when looking for an apartment. Owners, agencies, sub-letters offer weekly, monthly, fortnightly and sometimes even daily rental prices. This is confounded by the fact that rents can be collected based on different time periods, such as monthly (per calendar month) or every 4 weeks.
It’s easy to get confused by the numbers in the headlines. For example, a weekly rent of $300 is NOT equal to a monthly rent of $1,200. Monthly rent is not simply quadrupling the weekly rent. Indeed, each month has a different number of days, and this must be taken into account.
Therefore, tenants will still need to be able to convert weekly rent to monthly rent (per calendar month) and vice versa. This article shows you how to create your own calculator to achieve this.
First, we calculate the weekly rent from you per calendar month (PCM) of rent. For argument’s sake, say your monthly rent is $700. To calculate your weekly rent, multiply your monthly rent by 12 to calculate your annual rent. 700 x 12 = $8,400. Since we know there are 52 weeks in a year, we then divide $8,400 by 52 to return our weekly rent. So that’s $8,400 / 52 = $161.53.
Conversely, to calculate the monthly from the week’s rent, first multiply the weekly by 4, then a third over a week’s rent. So, for example, if my weekly rent is $120, then to calculate my monthly rent it is $120 x 4 = $480 + $40 = $520, because one-third of my $120 weekly rent is $40.
Another scenario is when you need to calculate the daily rent. This is necessary, for example, if you need to calculate your “prorated rent” when you move into an apartment in the middle of the month and you need to calculate how much you have to pay for that month until you start paying monthly.
To do this, multiply your monthly rent by 12 to calculate your annual rent. Then divide your annual by 365 to arrive at your daily rent, since there are always 365 days in a year. Next, determine how many days you will live in the apartment until the start date of your monthly lease. For example, if the lease started on July 20 and the rent is collected on the 1st of each month, I will be in the apartment for 11 days in the first month. I will then multiply the number of days by the daily amount due.
So if the monthly rent is $600, my annual rent will be $600 x 12 = $7200 and my daily rent will be $19.72. The amount payable for the first month of the lease will then be $19.72 x 11 = $216.99.
We hope that the rent calculator described above will solve the difficulties and complexities of finding an apartment, and we hope that you will find the apartment of your dreams.
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