As you look for a new place to live, you’ll need to ask yourself how much rent you can comfortably afford each month. If you’re in the process of browsing in your area and you’re struggling to determine whether a rental property is within your grasp, here’s some helpful information to review as you plan financially for relocation.
Understanding Your Budget When it Comes to Applying for a Rental Property
What’s the Best Way to Determine Your Home Rental Budget?
While rules can vary from one rental property to another, as a general rule of thumb, most landlords require you bring in a gross income that’s 30 to 40 times the monthly rent. Under this structure, if your annual household income is $50,000, you can afford a home rental that’s anywhere from $1,250 to $1,600 per month. As you start to review listings and find homes of interest, ask property managers about income requirements and security deposit fees before going through the application process.
What Other Expenses Should You Consider?
Once you’ve landed on your price range based on your income and monthly expenses, it’s important to take a step back and look at the bigger picture. If you’re moving into a larger rental property, your utility bills could increase. Additionally, consider how much you will spend on power, cable, and internet. Most importantly, think about the furniture, household items, and decor you currently own. If you need to upgrade or invest in new pieces to properly furnish your new rental home, these expenses should be added to your overall budget, along with your relocation costs when it comes to renting a truck or hiring professional movers to aid in the process.
Tudor Oaks Properties is known across the state of Kentucky for providing beautiful, affordable apartments and rental properties throughout Ashland, Boyd County, Bellefonte, and the Russell Flatwoods area. If you’re looking for a convenient, comfortable home rental that’s within your budget and features excellent tenant services, call (606) 325-1240 to learn about their current listings. For more information on existing properties and to fill out a rental application, visit their website.