Personal Finance & Money Asked by user39482789 on October 6, 2021
I could do with changing the date of my rent payment to co-incide with the payday of my new job.
Normally I pay my rent on the 11th of each month, but I get paid on the 25th.
Let’s say my rent is £500 and I want to change my rental payment to the 27th of each month, does that mean that on the 27th I’d pay the following? This is accounting for the fact that I last paid my rent on the 11th of this month:
(500/31) x (27-11) = £258.06
Am I correct in thinking that this would make things even for now, and I would then pay my full rent the 27th of next month?
Typically rent is paid in advance and is due on the first day of the period, your rental agreement should have these details. That would mean that your payment on April 11th was for the period between April 11th and May 10th. Altering to the 27th means that the new pay period is April 27th through May 26th. That would mean there are 14 days of the new period that you've already paid (April 27th through May 10th).
There are 30 days in the first new pay period, but not every period has 30-days, so a daily rate for the period in question or a daily rate for the entire lease duration could be appropriate:
500/30 = 16.67 : 16.67 * 14 = 233.38
6000/365 = 16.44 : 16.44 * 14 = 230.16
If the end-date of the agreement were not altered (move out date of the 10th) then the difference between the approaches above would be made up on the last period of the lease/rental agreement. If the end-date were altered then the new amounts/totals should be spelled out in the amended agreement.
I prefer starting lease periods on the first of a month and prorating a late move-in using the actual number of days in the month in question.
Correct answer by Hart CO on October 6, 2021
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