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- How to Calculate Daily, Weekly and Monthly Rent
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## How to Calculate Daily, Weekly and Monthly Rent

Landlords are faced with many different price indicators when apartment hunting. Landlords, agencies, signatures offer weekly, monthly, fortnightly and sometimes even daily rental rates. This is complicated by the fact that rent can be collected based on different periods, for example monthly (per calendar month) or every 4 weeks.

It’s easy to get confused by headline numbers. For example, $300 weekly rent does NOT equal $1200 monthly rent. The monthly rent is not simply the weekly rent multiplied by four. This is because each month has a different number of days and must be taken into account.

Therefore, tenants must convert weekly rent to monthly (calendar month) rent and vice versa. This article shows you how to create your own calculator to achieve this.

We will first calculate the weekly rent per calendar month (PCM) rent from you. For argument’s sake, let’s say your monthly rent is $700. To calculate the weekly rent, multiply the monthly rent by 12 to calculate the annual rent. 700 x 12 = $8,400. Since we know there are 52 weeks in a year, we divide $8,400 by 52 to return the weekly rent. So it’s $8,400 / 52 = $161.53.

Conversely, to calculate the monthly rent from the weekly rent, we first multiply the weekly rent by 4, then multiply the weekly rent by one-third. For example, if my weekly rent is $120, to calculate my monthly rent, it is $120 x 4 = $480 + $40 = $520, since one third of my $120 weekly rent is $40.

Another scenario is when you need to calculate daily rent. This is needed, for example, if you need to calculate your prorated rent when you move into an apartment in the middle of the month, and until you start making monthly payments, you need to calculate how much you will pay for that month.

To do this, multiply your monthly rent by 12 to calculate the annual rent. Then divide your annual rent by 365 to get your daily rent, since there are always 365 days in a year. Then calculate how many days you will live in the apartment until the start date of the 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. Then I multiply the number of days by the daily amount owed.

So if the monthly rent is $600, my annual rent is $600 x 12 = $7,200 and the daily rent is $19.72. The amount payable in the first month of the lease is then $19.72 x 11 = $216.99.

We hope the rental calculator above cuts through the pain and complexity of apartment hunting and we hope you find the apartment of your dreams.

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