If you’ve ever been in London or planning to visit, you might have come across the term ‘PCM’. But what does it mean? In this article, we will explore the meaning and usage of PCM in London.
What is PCM?
PCM stands for ‘Per Calendar Month’. It is a commonly used term in London’s rental market. It refers to the monthly rent that a tenant needs to pay for renting a property.
How is PCM different from other rent payment terms?
In the UK, rent is usually quoted in one of three ways: per calendar month (PCM), per week (PW), or per annum (PA). Among these, PCM is the most common form of rent payment. This is because it’s easier to understand and calculate monthly expenses than weekly or annual ones.
For example, if a property’s monthly rent is £1,000 PCM, the tenant will need to pay £1,000 every month.
If the same property’s weekly rent is £250 PW, then the tenant will need to pay £1,083.33 every calendar month (since there are 52 weeks in a year).
If the same property’s annual rent is £12,000 PA, then the tenant will need to pay £1,000 PCM.
Why do landlords use PCM instead of other forms of rent payment?
Using PCM ensures that tenants have a clear understanding of their monthly expenses. This helps them budget their finances accordingly. Additionally, landlords prefer using PCM because it makes it easier for them to track rental payments and manage their finances.
Conclusion
In conclusion, if you’re looking into renting a property in London or just curious about rental terminologies used in London’s rental market; remember that ‘PCM’ means ‘Per Calendar Month’. It’s an easy way for tenants and landlords to understand and manage monthly rental payments.
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