Rental collection is one of the most useful features in property management app Landlord123. Landlords and property managers can use it to keep track of rental payments every month. However, what if rental in your area is collected on a weekly basis, instead of the more conventional monthly payments?

In many parts of the world, rent is collected on a monthly basis, in which a tenant pays their rent once a month, usually at the beginning or end of the month. However, in some places like London, rent is often quoted and collected on a weekly basis. Landlord123’s rental collection feature not only lets the landlord or property manager send and receive rental reminders, it also allows them to record rental payments and keep track of a tenant’s payment history. There is flexibility when inputting the rental amount received, which seasoned landlords or managers will appreciate, as tenants sometimes are unable to pay the exact monthly rental amount on time.

In the case of weekly rental collection being practiced by the landlord, there are two ways to keep track of the tenant’s payment history and keep a record of the payments done.

Method #1: Calculate as monthly rent

This is the more convenient way, especially if the tenant prefers to pay their rent on a monthly basis, or the landlord rounds up the amount and keep a record of the month’s payment history. Sometimes, the rental amount advertised is weekly, but the landlord accepts monthly rental payments. So, how does a weekly rent translate into a monthly rental sum? Let’s say the weekly rental for an apartment is $120 per week. Generally, the calculations will be:

Example:
Weekly price x 52 (number of weeks in a year) / 12 (number of months in a year) = Monthly price
($120 x 52) / 12 = $520 per month

Method #2: Add up the amount every week

Another way to keep a more detailed history of the tenant’s rental payments is to manually add up the amount every week after the tenant has paid their weekly rent. For example, in March 2020, the landlord received $120 every week for the first three weeks, but received $150 for the fourth week. The landlord will then manually add up the amount received each week and input the amount along with a comment into Landlord123’s rental collection function. This is to keep track of the tenant’s payment history.

Example:
Week 1 + Week 2 + Week 3 + Week 4 = Total rent for that month
$120 + $120 + $120 + $150 = $510

No matter how your rent is quoted, calculated and collected, Landlord123 can be used by anybody who wants a simple and efficient way to manage their rental properties! Visit www.landlord123.app for more info, or download now from Google Play or App Store to try it for free!