Photo by Ketut Subiyanto from Pexels
When you shop for an apartment in New Orleans, one thing you can be sure of is that the location will be a lively one. The question, more often than not, is can you make the monthly rental payments for the apartment.
To find out how much rent you can afford, you can find out pretty easily. The thing is, you may be stuck by how much prices have risen over the past several months. It’s true, rents are going up!
Although the stately apartments over 2,500 feet may catch your attention, you have to be reasonable to stay within your budget.
When it comes to figuring out how much you should spend on rent, there’s also the matter of location. A two-bedroom on Peachtree is going to cost you exponentially more than a two-bedroom in the Decatur border.
So how much should your monthly income be devoted to rent. A good rule to follow is one quarter of your monthly income. For example, if you pull in $4,000 a month, you should be paying about $1,000 in rent.
Remember, you also have to pay for utilities, perhaps a car note and that Netflix subscription, so your rent needs to be something you can easily handle.
Use this Rent Affordability Calculator that allows you to enter some information to help you see where you stand. You’ll need to input:
Rent Calculator by GIGAcalculator.com The main thing to remember is that your expenses have a huge bearing on the amount you can afford to spend on rent each month.
Property managers put a lot of weight on your gross income when determining whether to rent to you. In typical cases, landlords may require that you make at least three times the monthly rent.
There is also something called the “40 Times Rule.” The way the calculation works is that property managers want your annual income to be at least 40 times the monthly rent. So if your rent is $1,000, they want you to make $40,000.
If you make $50,000, and you’re following the 40 Times Rule, 40 times $1,250 is $50,000. So your rent would need to be $1,250 to afford it on your $50,000 a year salary. Apartment living is one of the most stress-free lifestyles in any metropolitan city. Not only do you not have to worry about cutting the grass and any other property maintenance, but you are protected under renters rights laws and tenant regulations.
If you’re trying to rent an apartment or home, you know that a lot of hard work goes into it, but you most especially need money.
If you’re thinking about renting an apartment, get all the rent totals from the prospective landlords and use the calculator above to tally the total. To save money on rent, consider bargaining by using trade-offs such as utilities or parking space fees.
New Orleans has one of the best real estate markets in the country, with affordable housing in every quadrant of the city. Large backyards, manicured parcels and strong neighborhoods with ample dining amenities make it one of the top places for transplants.
If you’re looking for an apartment this year in New Orleans, you’ll be glad to know that you have a wide variety of options. From one-bedrooms to three-bedroom apartments, the prices are all over the place.
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