Do you know how to calculate monthly rent?
You might be thinking that monthly rent is just 4 weeks’ rent, right?
But, if your property manager tells you this, they’re shortchanging you as a landlord.
It’s a little more complicated than just 4 weeks rent, but it’s a figure you need to know if you’re going to allow your tenant to pay their rent monthly.
Here’s how we calculate monthly rent here at Property Wise Launceston.
Take the weekly rent and divide it by 7 days.
Take that daily rent amount and multiply it by 365 days for the year (366 if we’re in a leap year )
Then take that big yearly amount and divide it by 12 months.
You’ve got your monthly rent!
And it’s more than 4 weeks’ rent, isn’t it?
Don’t get short-changed if your tenant is going to pay their rent monthly!
Do the maths, and you’ll be glad!
If you have any questions on any investment advice or property management needs, please reach out. We would love to help you.