Calculate Your Monthly Rent Budget
Figuring out what your budget is isn’t an exact science, but below you will find some tips to help you do it effectively. By taking these into consideration, you should be able to narrow your apartment search to listings that fit within your monthly budget.
- It is common practice that landlords will require you to show your income to see if it is at least three times the monthly rate of rent. It is recommended that you avoid spending more than 30% of your income on rent excluding utility bills and debt acquired elsewhere.
- Remember that your monthly figure should take into account housing costs plus utilities and insurance.
- Be realistic when calculating your rent costs and create a maximum limit of which you should not exceed when searching for an apartment. It may help to add utility costs and other miscellaneous bills to figure out your budget.
- Consider your lifestyle and how you spend your time. Many apartments may be closer to public transportation or even include utility costs in the rent.