Ever wondered why when you rented a property for $500 a week but your monthly bill is $2,166?
It’s easy to think your properties monthly bill would be $2000pm and 500 time 4 right?
This is where the sneaky real estate agent’s get you. Its easy to think there are only 4 weeks in a month but this is not the case, as some months have more. So this is the formula they use:
52 x $500 (your weekly rent) / divided by 12.
So they go 52, as there is 52 weeks in a year and times that by your weekly rent then divid it by 12.
Sneaky yes, but hopefully how you know.
To use a calculator visit: https://www.consumer.vic.gov.au/housing/renting/applying-for-a-rental-property-or-room/calculating-rent
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