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The Perfect Rental Home: How Much Rent Can I Afford?

rental home

Looking for a new rental home in Gwinnett can be exciting! There are many factors to look for and many steps to follow. If you are not completely prepared, the entire experience can be disastrous. The first and most crucial step to finding a new rental home is to calculate how much rent you can afford monthly. 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 appropriating accurate income and expense numbers, you can confidently look for a rental home that suits both your chosen lifestyle and your paycheck!

How Much Can I Afford?

Always bear in mind, rental experts point out that you should be spending no more than 30% of your gross income on rent. 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. Although this is a calculated numerical value, keep in mind that there are always other expenses that have to be prioritized as well.

On another note, if you have student debt or are stuck in any kind of large monthly payments that you cannot change or reduce, these expenses should be included in your calculations. Apart from those, your budget should show an extensive list of two types of expenses: fixed and variable. Food, transportation, 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. As soon as you know the numbers on your spending, you can freely obtain a realistic estimate of how much rent you can afford. In neighborhoods where rents are at a premium, it may be difficult to stick to the 30% rule. You may need to compromise on some of your other expenses or wants just to better afford your rent.

What Next?

Unfortunately, how much you think you can afford to pay in monthly rent is only one-half of the equation. When applying for a rental home, property management companies and landlords could have different ideas about what embodies a desirable tenant. Although you can afford the advertised rental rate on paper, some property managers and landlords could still hesitate to offer you a lease for other reasons. Qualification criteria may include things such as past credit history, whether or not you own pets, and verifiable employment history.

To attain the best results, assist the property manager or landlord; furthermore, provide all requested information promptly and in full. It’s never a bad idea to arrive on time to all appointments and to look the part, as well. These may seem insignificant, but a lasting first impression could assure a property manager that you will be a responsible and conscientious tenant.

Naturally, even with your best efforts, sometimes the rental house you desire most is rented to another. Try to stay positive and motivate yourself to maintain or improve your financial situation. You may be lost, not knowing why the property manager or landlord leased it to somebody else, but keep in mind it may not indicate that you are an unworthy 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.

If you are looking to move into Gwinnett County, contact us today for assistance with property management services and we will help you find the perfect rental home! If you own a home and would like to rent it out in Gwinnett County, reach out to us and we will be glad to assist you in the process!

Take a look at our available properties in Gwinnett and schedule a showing today!

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