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How to calculate monthly rent from weekly or annual rates
Know your weekly rent but not how it measures up monthly? Multiplying your number by four won’t quite get you there, but it’s not that much harder.
Let’s get right to it. To determine your monthly rent from a weekly figure, here’s what you’ll need to do.
Divide your weekly rent by 7 (to get your daily rent)
Multiply this number by 365 (to get your yearly rent)
Then divide by 12 (to get your monthly rent)
$380 / 7 = $54.29 (daily rent)
$54.29 x 365 = $19,814.29 (yearly rent)
- $19,814.29 / 12 = $1,651.19 (monthly rent)
$1,651.19 x 12 = $19,814.29 (yearly rent)
$19,814.29 / 365 = $54.29 (daily rent)
$54.29 x 7 = $380 (weekly rent)
Why not just multiply by four?
Although there are approximately four weeks (28 days) in every month, there’s enough variance to throw your calculation way out of whack.For example, 4 x $380 = $1,521. That’s more than $100 off from the figure we calculated earlier, which is what your landlord is more than likely to charge.
Worth noting about rental rates
About 99 out of 100, you’ll be made to pay your rent monthly (if you’re renting in Australia). That makes it super important for you to know your exact monthly rental figure, as it’s the amount you’ll be paying every month.
There is no legislated formula or algorithm for how rent must be calculated in Australia, meaning the industry has had to stick to its own standard. With that said, HOOD has to include the disclaimer that this article does not constitute legal or real estate advice of any kind, and you should always confirm your agreed rental fees with your provider in writing.
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