Confused rent

[NBS]

Moved out to the bush with work for a bit and found a place to rent. Rent $600 per week. Company paying the rent.

Rent and bond all paid. Each month my secretary receives the rent invoice and forwards on for payment. Secretary has been away and I receive the rent invoice.

Rent is $2607.14, me assuming the rent would be $2400.00.

Firstly I check the lease yep $600 per week. So question the agent and advised because there are more than 4 weeks in the month on occasions the rent is worked out this way.

Rent $600 divided x 7 x 365 divided x 12 giving a monthly rent of $2607.14

Now that is a different way of doing things which I feel is a day rate not a week rate.

Anyway who else charges rent like This.

Brian

 

[marg4000]

That is the standard for working out monthly rents. You are being charged correctly.

If you multiply the weekly rent by 4 to get the monthly rent, you are only paying 48 weeks a year (12 months x 4 weeks).

The owner is entitled to the rent every week. The only month that has exactly 4 weeks is February (except in a leap year). No owner will give 4 weeks free each year.

Would you?
Marg

 

[Ed Barton]

Moved out to the bush with work for a bit and found a place to rent. Rent $600 per week. Company paying the rent.

Rent and bond all paid. Each month my secretary receives the rent invoice and forwards on for payment. Secretary has been away and I receive the rent invoice.

Rent is $2607.14, me assuming the rent would be $2400.00.

Firstly I check the lease yep $600 per week. So question the agent and advised because there are more than 4 weeks in the month on occasions the rent is worked out this way.

Rent $600 divided x 7 x 365 divided x 12 giving a monthly rent of $2607.14

Now that is a different way of doing things which I feel is a day rate not a week rate.

Anyway who else charges rent like This.

Brian

It's perfectly reasonable.

Your calculation of $2400 pcm is wrong. There are a minimum of 28 days (7*4) in a month, but most months contain 29-31 days. If there were four weeks in a month then there would be only 48 weeks in a year (12*4), the gregorian calendar has 52 weeks in a year. Do you expect to get these extra days for nothing?

 

[westminster]

Moved out to the bush with work for a bit and found a place to rent. Rent $600 per week. Company paying the rent.

Rent and bond all paid. Each month my secretary receives the rent invoice and forwards on for payment. Secretary has been away and I receive the rent invoice.

Rent is $2607.14, me assuming the rent would be $2400.00.

Firstly I check the lease yep $600 per week. So question the agent and advised because there are more than 4 weeks in the month on occasions the rent is worked out this way.

Rent $600 divided x 7 x 365 divided x 12 giving a monthly rent of $2607.14

Now that is a different way of doing things which I feel is a day rate not a week rate.

Anyway who else charges rent like This.

Brian

Perfectly normal way.
If you want to look at it in a more weekly way then $600 x 52 is the annual cost of $31,200. Divide by 12 to get monthly figure of $2600
However they are adjusting it to how many days there are in the month not a set amount per month like my calc above.

 

[BeYourOwnAgent]

That is the standard for working out monthly rents. You are being charged correctly.

If you multiply the weekly rent by 4 to get the monthly rent, you are only paying 48 weeks a year (12 months x 4 weeks).

The owner is entitled to the rent every week. The only month that has exactly 4 weeks is February (except in a leap year). No owner will give 4 weeks free each year.

Would you?
Marg

^^^ Exactly right.

 

[HotRod]

Not quite right.

There 52 and 1/7 weeks in a year (52 and 2/7s in a leap year).

$600pw is $31285.74pa or $2607.14pcm.

 

[Mooze]

Standard for a lot of places ie ACT most rents are advertised at a weekly rate, paid monthly - so same calculations.

 

[Dazz]

Rent and bond all paid. Each month my secretary receives the rent invoice and forwards on for payment. Secretary has been away and I receive the rent invoice.

Rent is $2607.14, me assuming the rent would be $2400.00.

Brian,

Your assumption is totally wrong. The other posters have answered correctly.

Suggest you leave the important calculations 'til your secretary gets back.

Next time, don't let her go until she teaches you the basics.