It’s common for tenants to be faced with a myriad of different pricing metrics when searching for an apartment. Landlords, agencies, and sub-charts offer weekly, monthly, biweekly, and sometimes even daily rental prices. This is confused by the fact that rentals can be charged based on different time periods, such as monthly (per calendar month) or every 4 weeks.
It’s easy to get confused by the headline numbers. For example, $ 300 weekly rent is NOT equal to $ 1200 monthly rent. The monthly rent is not simply multiplying the weekly rent by four. This is because each month has a different number of days and that must be taken into account.
Therefore, tenants should always be able to convert weekly rent to monthly (per calendar month) and vice versa. This article shows you how to create your own calculator to do just that.
First, we calculate your weekly rent per calendar month (PCM) rent. For the sake of argument, let’s 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 divide $ 8,400 by 52 to return our weekly rent. So it’s $ 8,400 / 52 = $ 161.53.
On the contrary, to calculate the monthly rent from the week, we first multiply the weekly rent by 4 and then a third by the rent for a week. So for example, if my weekly rent is $ 120, then to calculate my monthly rent is $ 120 x 4 = $ 480 + $ 40 = $ 520, since a third of my weekly rent of $ 120 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 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 yearly by 365 to arrive at 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 your monthly lease. For example, if the lease started on July 20 and rent is charged on the 1st of each month, I will be in the apartment for 11 days the first month. Then I will multiply the number of days by the daily amount owed.
So if the monthly rent is $ 600, my annual rent will be $ 600 x 12 = $ 7,200 and my daily rent will be $ 19.72. The amount due in the first month of the lease will be $ 19.72 x 11 = $ 216.99.
We hope the rental calculator described above takes the pain and complexities out of apartment hunting, and we hope you find the apartment of your dreams.