In the housing market, PCM stands for ‘Per Calendar Month’ and relates to the rental price for that duration that gets paid to the landlord or local council.
This total is agreed upon before signing a rental agreement on a property and is normally negotiated by the estate agent or the owner of the property.
PCM can either 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 any rental agreement is signed.
Water, gas, electricity and other amenities may be charged on top of the PCM agreement you have.
Part of a PCM and rental agreement is a day of the month in which the payment must be made – normally through direct debit.
PCM means that no matter how long or short the month is question is – that is the same total that is paid each and every month.
If you are sharing the responsibility of a property of any kind with a PCM agreement – a PCM covers the total cost for all involved. It does not represent a cost per person, or per bedroom.
A PCM agreement will also be the total monthly payment over a certain amount of months and if you choose to leave the property at any point, there will be a notice period involved. This is normally between one to three months. The PCM rate will stay the same in this period.
Houses, apartments, hostels, garages, office space and many other types of property come under a PCM agreement.
What does PW stand for?
Simply put, PW is a weekly total in rent that will need to be paid to the landlord.
Much as there is a monthly date in which the rent will need to paid – for weekly agreements, the money will need to be paid on a certain day.
This is normally a Monday or the first day of the week in which you moved into the property.
The normal notice period for a property on a PW agreement is one month.
PW are common at universities and properties that are used for seasonal workers due to the time in which the properties are in use.
Benefits of PCM agreements
Whether you are a student or someone looking to rent a room, there are many benefits to a monthly PCM agreement. It will give you the freedom to not worry about your living expenses every week, while still giving you the flexibility to leave the property quite easily.
Most properties using PCM agreements have ‘payday’ on the same day of the month and so if you change properties, your finances will not suffer from an irregular month where you may have to pay more.
Problems with PCM agreements
As with any rental agreement – you will have no equity and you will be paying to maintain someone else’s property. At the end of the agreement or when you decide to leave you will have no tangible result of your investment.
When you purchase a property and make payments against it, you are building on the equity and value of the property.
There will be restrictions on what you can and cannot do with the property – whether it is renovations and customisations or even owning a pet.
This can lead to further problems when repairs are needed. You may have to wait until the landlord comes and fixes it themselves or they pay for a contractor to do the work. This can sometimes take a long time as it is not as pressing a concern as it is for the person living at the property.
How to pay PCM
A PCM contract or agreement is usually paid via direct debit to the landlord, council or owner of the property.
However, they can be paid for in cash, through a cashier cheque or via other electric transfers. Some landlords will not accept cheques as they can take several weeks to clear.
With the rise in cryptocurrencies, it might not be long until these are used as forms of payment in rental and PCM agreements.
First time renting? Business Leader’s top tips
Moving into and renting your first property can be a daunting prospect and so we have put together a small list of tips that should be checked before you sign any agreement.
Sometimes you cannot control who you live with and there are many other variables that can come into play when renting – but there are some common themes that you will need to be aware of.
Top renting tips;
- When you are looking at properties to rent you will need to set and stick to a budget. Do not exceed this as late payments or missed payments can lead to many problems that can affect you for many years.
- What do you need? En-suite, laundry facilities, parking space or the allowance of owning a pet? Make sure the property you are looking to rent can provide your basic needs.
- What is nearby and can you get to work/education easily? Make sure travel is easy and you can get all you need.
- Check reviews of the property AND the landlord. The pictures may not tell the whole story and even if you view the property, there may be problems that haven’t been disclosed.
- View the property before purchase. This may sound simple but many don’t do it and then realise the mistake they’ve made – after they have signed and made their deposit or first payment.
- What security is available? Are you, your housemates and your personal possessions safe? Enquire about the security in place and how safe the area is.
- What is the length of your agreement? One month? Six months? A year? Your contract could be a rolling month-on-month contract. You also need to check the notice period you will need to give.
- Read the contract. Know what you are signing up to and question anything that you are not comfortable with.
- Who is responsible for what? There are many factors that need to be taken into account when renting a property and knowing what is your responsibility and what the responsibilities of your landlord are, are key.
There are a lot of facts and information that need to be checked before you agree to anything, so be vigilant and make sure you are signing up to the right agreement.
What does PCM mean in audio?
In audio terms, PCM stands for Pulse Code Modulation. This is the technique in which the amplitude of an analogue signal is converted into a binary value and is represented in a series of pulses.
Binary is represented using the number one and Zero. In the case of PCM this then replaces the ‘waves’ normally seen in audio formats.
PCM in this context is used to digitally represent an analogue signal. This is then compressed onto files and disc space or put into devices to save memory and space when the end result doesn’t need the intermittent values of a wave.
What does PCM mean in education?
In the education sector, PCM stands for Physics, Chemistry and Maths and is a vital part of the curriculum in schools.
Students who reach this level of education pick between PCM and PCB. The ‘B’ is for Biology and replaces Maths.
Achieving good results in these subjects can set you up for a prestigious spot in higher education.
What else does PCM stand for?
Per Cent Mille
This is one one-thousandth of a per cent. It is also referred to as a ‘milli-per cent’ and is commonly used in engineering and manufacturing. In the world of nuclear physics, it is used to describe a unit of reactivity.
Project Cycle Management
This is the process of planning, organising and coordinating a business model for each phase of its progress. The planning through execution of a plan is managed by this version of PCM. It is used to monitor the time, cost and final quality of a project.
Psychological Continuum Model
This is what academic papers use to monitor and describe the consumer habits over four stages – awareness, attraction, attachment and allegiance. It is also used to how people are actively involved in the engagement with a sports team. Often used in psychological papers to discuss the personal and environmental factors around the consumption and emotional attachment to a sports team or product.
Phase Change Material
This is a type of substance with a high heat of fusion which melting and solidifying at a certain temperature, is capable of storing and releasing large amounts of energy. This heat is absorbed and then released when the material changes form.
Process Control Monitoring
This is how the designing of special structures is manufactured through monitoring technology and how to analyse how a tool is used.