When you are ready to search for a new apartment, you need to take a good look at your budget. This will make a difference on what you can afford for the apartment overall. Most of the time, landlords are going to take a look at your income (and they will verify the information about your income during the application process), and make sure that it is enough to cover the rent they want to charge. They like to go with the 30% rule, which means that they expect your income to be at least three times as high as the rent they plan to charge.
So, how does this 30% rule work. This rule recommends that you do not take on a rental payment that is more than 30% of your gross monthly income. You will just need to take the gross income that you make (which should be easy to look up on your pay stub or check) and then multiply it by the 30% to see what number you get. If you earn $500 a month, then the most you should spend on rent each month is $1500. This is because 30% times 5000 would be $1500.
The reason that you do this is that it will leave 70% of your gross monthly income to help cover some of the other bills that you have. Of course, if you can find an apartment that is lower than 30%, that is even better because it provides more of a cushion for you to enjoy when it is time to pay down your debts or reach other financial goals. You are expected to use that other 70% to help out with savings, debt repayment, discretionary spending, food, utilities, and any other bills that may come up. Some landlords will follow different rules when it comes to how much they want your income to be compared to your rent, but this is a good rule of thumb to follow to keep things affordable.
When you are looking for apartments in San Marcos, TX, it is important to shop around and see what you can choose from. The amount you can afford to spend on the apartment is an important consideration and can help limit which apartments you should even view. No matter your budget or the amenities that are important to you, come and check out some of our amazing apartments in the area. We are confident that you will fall in love and want to make one of them your home in no time. Come and take a tour today!
