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House Hunting 101: How Much Rent Can I Afford?

Budget Planning for Your New Flushing Rental SearchBeing a renter, it is crucial to know how much rent you can spare before you start your rental home search. The best way to know exactly how much rent you can afford is to start by taking a closer look at your household budget. By having accurate income and expense numbers, you can surely choose a rental home which caters to both your chosen lifestyle and your paycheck. Regardless, different Flushing property management companies find peculiar things; it is best to be prepared for variety during your rental home search.

Always keep in mind, rental experts say that you should be spending at most 30% of your gross income on rent every year regularly. That is your gross income or your income before taxes and other deductions, not your take-home pay. So, for example, if you make $40,000 per year from all sources of income, your ideal maximum rent amount is $1,000 per month. By all means, this is a conventional method for figuring out how much rent you can manage. There are always other expenses that also need to be addressed.

To give you an idea, if you are in a lot of debt or you are making any kind of large monthly payments that cannot change or reduce, the expenses should be included in your calculations. Outside of those, your budget should show a detailed account of two types of expenses: fixed and variable. Food, transportation, medicine, utilities, and other necessary expenses should be added up in the “fixed expenses” category. Entertainment, vacation travel, and so on would go on the “variable” (a.k.a. optional) list. When you learn how much you are spending and where you can more effortlessly arrive at a realistic estimate of how much rent you can actually afford. In cities where rents come with the greatest of costs, it may be difficult to stick to the 30% rule. This may need re-planning of other expenses just to better afford your rent.

Of course, how much you think you can afford to pay is only one half of the equation. When petitioning for a rental home, various property management companies and landlords may bear different ideas on what represents a desirable tenant. Much as you proving that you can afford the advertised rental rate, some property managers or landlords could still hesitate to offer you a lease for other reasons. Qualification criteria may include things such as past credit history, and whether or not you own pets.

To get the best result, cooperate and be straightforward with the property manager or landlord as well as provide all requested information promptly and in full. It’s always good to make sure that you are punctual to all appointments and look great too. These may seem like little things, but a good first impression could help you instill in a property manager that you are a responsible and conscientious tenant.

Sometimes, against your best efforts, the rental house you target will be given to somebody else. If that’s the case, never forget to stay positive and push to maintain or improve your financial situation. You may be depressed about why the property manager or landlord did not rent the facility to you, and it most likely does not affect you being a premium prospect for another property. As long as you are applying for rental homes that fall within your range of affordability, the right one for you should come along soon.

Are you in the market for a new rental home? If you are, then have a look at our available listings and contact us when you find something that piques your interest.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.