How does monthly rent calculation work?
People are often confused about the calculation of weekly or monthly rent payments; this is because it is not as straight forward as it may appear.
There are any number of different methods to calculate your rent, there is no formula set in the legislation.
Taking rent $300 per week as example.
• Step 1 – $300 /7 days = $42.86 per day
• Step 2 – $42.86 x 365 days (per year) = $15,644 (rounded up to the nearest round figure.)
• Step 3 – $15,644 per year / 12 months = $1304 per calendar month.
Should you be unsure about the calculations feel free to ask your leasing consultant or property manager for further clarification.