If you’re looking to find a new place to rent, you should make sure you have enough money set aside for both your move in expenses and moving costs!
Wondering how much you can afford? Most landlords will expect your gross income to exceed 3-4x the amount of rent. So, if you’re looking at a home that’s renting for $1,500/mo, you’ll need to make at least $4,500-6,000/mo in gross income (before taxes).
While this is a minimum requirement for landlords, you should consider your monthly financial obligations, like savings, 401(k) deductions, student loans, car payments, insurance, etc. You may qualify for a $1,500/mo home, but do you have that much money to spend?
What can you expect to pay to move in?
• Application Fee: Most landlords expect you to pay an application fee when you submit your application. Application fees range between $30-70, depending on the home. While most landlords/management companies will run your credit report, you can sometimes provide a recent credit report for a discounted application fee.
• Security Deposit: After you’re approved, your security deposit will be due. This generally needs to be in certified funds (cashiers check or money order). For a rental home, a standard deposit is normally equal to one month’s rent.
Depending on different factors (ex: market conditions, your credit, the landlord’s qualifications, etc.) the deposit may vary, but you should expect to pay at least one month’s rent.
• First Month’s Rent: Your first month’s rent will normally be due a few days before your move in day. In many cases, this will be a full month’s rent.
• Pet Fees: Bringing a furry friend with you? You should be prepared to pay a pet fee at the time of move in. These fees are landlord specific. Be sure to ask if the pet fees you’re paying are refundable or non-refundable. Some landlords also charge monthly pet rent.
Disclaimer: These amounts are estimations based on previous transactions and can vary depending on the home/landlord you’re applying for. Please consult the landlord for the home you’re interested for exact qualifications in prior to applying.
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