How to build a rent payment schedule (with worked examples)
A written rent schedule tells you and your tenant exactly what is due and when. It prevents arguments about arrears and makes renewals easier to price.
What a rent schedule shows
A schedule lists each payment date, the amount due and, once paid, the date received and how. At the top it should name the property, the tenant, the rent amount and how often it is paid.
Converting rent to an annual figure
Comparing properties or planning a renewal is easier when every rent is expressed per year:
| Rent paid | Payments per year | Example | Annual total |
|---|---|---|---|
| Weekly | 52 | ₦15,000 | ₦780,000 |
| Every two weeks | 26 | ₦30,000 | ₦780,000 |
| Monthly | 12 | ₦75,000 | ₦900,000 |
| Yearly | 1 | ₦1,200,000 | ₦1,200,000 |
Notice that weekly and monthly rents are not interchangeable: four weekly payments are less than a month’s rent, because most months are longer than four weeks.
Worked example: a monthly tenancy
A tenant moves in on 1 February at ₦75,000 a month. The schedule lists twelve payments: 1 February, 1 March, 1 April and so on to 1 January, each ₦75,000, for an annual total of ₦900,000. If a payment date falls on a weekend or holiday, agree in advance whether it is due the working day before or after.
Prorating a part period
When a tenant moves in mid-period, charge only for the days they occupy:
- Work out the daily rate: annual rent divided by 365.
- Multiply by the number of days until the regular payment cycle starts.
For example, with an annual rent of ₦900,000 the daily rate is about ₦2,466. A tenant who moves in on 20 March and pays on the 1st of each month owes for 12 days in March: 12 × ₦2,466 is about ₦29,590, then ₦75,000 from 1 April.
Yearly rent paid in advance
Many Nigerian tenancies are paid a year at a time. The schedule then has one payment per year, but it is still worth recording the renewal date and planning backwards from it: discuss the next year’s rent at least three months ahead and invoice a month before. Our renewal timeline guide walks through this.
Keeping records tenants trust
- Issue a receipt for every payment, showing the period it covers.
- Record bank transfers with their reference so you can match them later.
- Keep the schedule, receipts and the tenancy agreement together for each property.
- Share the schedule with the tenant at the start of the tenancy.
Generate a schedule in seconds
The free rent calculator takes a rent amount, a frequency and a start date, and produces the full year’s schedule and annual total in naira, ready to share with your tenant.