PCM rent meaning
If you’ve been looking at rental properties, you will likely have wondered what PCM rent meaning is. The rent is often displayed as being PCM – an abbreviation for Per Calendar Month. This means the rent due would be taken from you on the same date every month. PCM is just one of the many terms used in the rental market. Most types of rentals such as houses, apartments and even rooms are often rented PCM. When the landlord or letting agent quotes this term, they will assume you will occupy the property for 30 days. However, the 30-day period doesn’t have to begin on the first day of the month. Essentially, your month can start on any given day and will last for the next 30. PCM means that no matter how long or short the month is, the same total is paid each and every month.
PCM Meaning for long term lease
The term PCM can mean something slightly different with regards to a long-term lease. If you rent somewhere for a year, the landlord usually calculates the PCM rent by dividing the annual rent by 12. Ultimately this means you pay a bit more per day in February, which has only 28 days. However, you would pay a bit less in months that contain 31 days. Landlords don’t typically make you pay extra for the 31st day in an annual lease, but this could happen in a temporary lodging situation. Although temporary lodging is often calculated on a daily, weekly and monthly basis.
Benefits of PCM rates
Anyone can benefit from PCM rates, from families and students to backpackers. And, if you’re travelling abroad, a 30-day PCM lease could be the perfect short-term solution. It’s worth noting that PCM can refer to the entire total that is paid for bills and the room. Or, it can just refer to renting the room, this will need to be clarified before an agreement is signed. Many properties using PCM agreements have ‘pay day’ on the same day of the month. Therefore, if you change properties, your finances will not suffer from an irregular month where you may have to pay more.
We hope this has answered the PCM rent meaning. If you’re looking for any advice regarding renting a property then please contact us today.