Before you start to look for your perfect apartment unit, it is important to know what you’re looking for and what you’re able to afford. You do not want to sign off on a year-long lease only to find out after a couple of months that you can’t afford it. This is a nightmare scenario for many apartment tenants, but it is easily avoidable with proper planning. Read on to learn how to determine just how much rent you’re able to afford!
Figure Out Your Income and Expenses
First of all, determine what your current monthly income is. While many apartment communities will assess eligibility based on your overall monthly gross income, we highly recommend only counting the actual take-home pay. Then, create a list of your monthly expenses, which include loans, debt, car payments, phone bills, and more. This is a crucial first step to figuring out if you’re up to the task of moving into a new apartment unit.
Calculate the Overall Percentage for Rent
The next step to see if you’re cut out for apartment living is to determine what percentage of your income should go towards the rent. Twenty percent is ideal, which leaves plenty of money for other savings and expenses. Thirty percent is typically considered a “sweet spot” as it provides a solid balance between all the costs you need. Forty percent is considered a bit riskier, but it is doable if you keep a close eye on your spending.
Subtract all the Totals for Rent
From here, take your total income and subtract monthly expenses and rent to figure out what you’ve got leftover. Keep in mind that this money should always account for things like groceries, gas, and other types of essentials. Next, create an estimate of varying expenses like trash, water, and electricity, and subtract them too. When you look at the remaining amount, figure out whether it leaves you with enough to thrive or just get by.
Use Any Online Tools
There are many different resources online that are available to help you figure out how much you’re able to afford on rent. Just research a rent calculator and start entering your information. Now that you’ve likely figured out if you can afford rent, it is time to start looking. Luckily there are plenty of two-bedroom apartments with balconies at Prescott Square Apartments that will fit into your price range.
Come Home to Comfort and Convenience at Prescott Square Apartments
Nestled in the wooded hills of Pikesville, yet just moments away from Baltimore, Reisterstown, Randallstown, Millford Mill, Gwynn Oak, Old Court, Owings Mills, Garrison, Lochearn, and Windsor Mill, Prescott Square Apartments offers spacious apartment living spaces for everyone! We offer two-bedroom homes with wall-to-wall carpeting/hardwood flooring, central A/C, access to oversized patios/balconies, and maintenance whenever you need it. To set up an appointment to take a look at our apartments, call us at 443-213-8584 or visit our website!