How is monthly rent calculated?
More often than not, rent is typically advertised as per the weekly rate, and rental payments by the calendar month. Commonly, the mistake people make is to assume that there are 4 weeks in a month. As you may have already discovered, not every month has an equal number of days, this means that calculating your monthly rent is not as straightforward as multiplying the weekly rent by 4 or the fortnightly rent by 2.
To calculate your monthly rental payments, use this simple formula to convert weekly rent into monthly rent payments.
- Step 1: Weekly Rent ÷ 7 = Daily Rent amount
- Step 2: Daily Rent x 365 = Yearly Rent amount
- Step 3: Yearly Rent ÷ 12 = Monthly rent amount
For example, if the rent is quoted as being $500 per week.
- Step 1: 500 ÷ 7 = 71.42
- Step 2: 71.42 x 365 = 26,071.42
- Step 3: 26,068.30 ÷ 12 = 2,172.61
If the weekly rent rate is $500, the monthly rent repayment will total $2,172.61.