When looking at rental properties, you might see rent displayed as being PCM. PCM stands for Per Calendar Month and means that the rent due would be taken from you on the same date every month.
PCM is one of a number of rental terms available. You might see some ads offering rent PW, or Per Week.
Paying rent per calendar month does not mean that rental terms must start on the first of the month. It can commence at any time during the first month, and rental payments will be due on the monthly anniversary of this date – so, if your first rental payment comes out on the 5th of April, your next payment will be due on the 5th of May, and so on.
Most adverts and listings display a monthly and weekly price, because the majority of landlords and agents are willing to work on a basis to suit the tenant. If an ad displays prices per calendar month but you get paid weekly, you can ask if they will take a weekly payment; in most cases, landlords will agree to this.
Benefits Of PCM Agreements
PCM agreements are beneficial to those that work full time and receive their salary on a monthly basis. The likely scenario is that you will be paid your salary on the last day of month, and your rent will come out somewhere near the beginning of the month. This makes budgeting easy. Monthly terms are not so long that you are restricted when you want to leave the property.
Problems With PCM Agreements
PCM payments are standard, but most agents will also accept weekly or fortnightly payments. If you are in receipt of benefits that are paid every four weeks, rather than monthly, your landlord will usually also arrange this as a payment term.
Paying PCM Rent
Most agents want direct debit or standing order payments. This gives them some assurance that the payment will be made regularly and on time, every month. You will need to set up a standing order with the bank yourself. In most cases, standing orders are paid instantly, but banks still say that you should allow 3 days for the payment to clear, so bear this in mind when making payment. It may be possible to pay by cash, but agents will no longer accept cheques because these take several days to clear.
PCM Or PW
Landlords will usually work with potential tenants to ensure that rental terms meet both of their requirements. They will calculate annual rental and use this figure to determine a daily, weekly, and monthly rental value, offering potential tenants the terms that best match their specific requirements. If you see an advert that only lists weekly or monthly rental price, contact the landlord and ask if they are willing to accept other terms.
At Haboth Lettings, we want to ensure that our tenants and landlords are happy. We can offer weekly or monthly payment terms for your rental agreement. Browse our properties to let in Blackpool, or call us on 0333 012 4895 and speak to one of the team with any questions you have about the rental process.