In a situation where the monthly rent on an 50-square-meter apartment in Monte Carlo, Monaco, is 1200 euros, and the monthly rent on a 500-square-foot apartment in Santa Fe, New Mexico, is $1000, then in terms of price per area the apartment in Monte Carlo is less expensive.
A monthly rent can be referred to or considered as the amount given to owner of a property for the purpose of use and possession during a given period.
For the above situation, after using the conversion of units, the apartment in Santa Fe will be $2 per square-foot, and the apartment in Monte Carlo will have a monthly rent of $1.2 per square foot.
Therefore, the significance regarding monthly rent has been aforementioned.
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