As you make a budget for moving into an apartment, you need to consider how much you are able to afford for the rent each month. Obviously, the lower the rental payment each month, the more affordable it will be for you and the more money you can use for other things. But when you are looking at the high prices in many cities, you may wonder what the maximum is you should pick without running your budget.
A good rule to consider to help keep your finances in place is to never allow your monthly rent amount to be higher than one-third of your monthly income. Many landlords and property managers are going to follow this rule. This means that if you earn $3000 a month, you need to make sure the rent you pay is never more than $1000. If you can’t find an apartment that fits in these price parameters, then it is time to look for something smaller or consider whether you need to bring in a roommate.
The reason that you should follow this rule is that when you cap the rent at 30% of your income, you still leave enough money to cover your other living expenses. If you are good at budgeting, it can also help you have a chance to put some money back into savings for some of the other big financial goals you have at the time. If you allow yourself to pick out an apartment that costs quite a bit more, you are cutting into your income too much and stretching your budget too much. This is why most property owners and landlords will not allow you to do it.
Deciding how much you will pay for the rent on a new apartment is not always a one-size fits all kind of thing. You need to take into account all considerations before you decide the amount of income you would like to put towards the rent. The lower you can get the rent in comparison to your income, the more room you have in your budget to do other things and not run into more debt.
Come and take a closer look at some of our pet friendly apartments in Ventura. We are happy to welcome your furry friend through the door, allowing you to keep them with you, even when you have to make a big move. We have some great apartments in the area, ensuring that you have your own space that is easy to fall in love with along the way. Come and take a look at some of our amazing apartments and choose one for your own.
