How to calculate rent
Most real estate agents use an automated rent calculator to determine daily rent payments. You can also calculate daily rent yourself by dividing weekly, fortnightly or monthly rent payments as shown below.
Calculating the daily rate
Use the formulas below to calculate the daily rent amount, whether you pay rent weekly, fortnightly or monthly:
- weekly rent payments: divide the weekly rent by seven, e.g. $180 per week ÷ 7 = $25.71 per day
- fortnightly rent payments: divide the fortnightly rent by 14, e.g. $320 per fortnight ÷ 14 = $22.86 per day
- monthly rent payments: multiply the monthly rent by 12 and divide by 365, e.g. $800 per month x 12 ÷ 365 = $26.30 per day
Rounding to two decimal points
Round the amount to two decimal points (i.e. $$.cc). If your final figure has more than two decimal points round up or down as shown below:
- If the third number after the decimal point is 0 to 4, round down.
- If the third number after the decimal point is 5 to 9, round up.
$180 (weekly rent) ÷ 7 = $25.714285 per day and is rounded down to $25.71
The RentRight smartphone app allows you to convert weekly rent to daily, fortnightly, monthly, half-yearly and yearly amounts.
- Title How to calculate rent
ListResidential Tenancies List