1 day ago
On the hunt for a new rental? Don’t stress! Here are some tips to start your search off right.
The U.S. Census Bureau suggests that your monthly rent should not exceed 20% of your monthly income – 30% at the most. For instance, if you bring home $4,000 each month, you should cap your search at around $1,200. Taking the time to update and polish your personal budget before you start looking for apartments can not only help you figure out your price range, it can also help you identify areas in your personal finances where you can cut back if you want to spend more on a pricier apartment.
Avoid looking at apartments outside of your budget. Landlords are unlikely to discount the rent, and you could end up either overspending or being disappointed when you can’t afford the apartment of your dreams.
If you’re currently without a car, check every potential apartment’s proximity to public transportation. An apartment may be well-priced and in a great neighborhood, but if you have to spend most of your time walking or calling taxis, it might not be so attractive. What’s more, you need to factor the cost of transportation into your budget for a realistic picture of how much an apartment really costs.
Choosing an apartment that is conveniently located can make your life a lot easier. Look for a place that’s close to work, shopping, transportation, and amenities such as laundry.
Not only should an apartment be in a safe neighborhood, landlords should make an effort to ensure their tenants feel safe inside.
Letter of Employment.
A landlord needs to know you’re gainfully employed and able to make monthly payments based on your salary. This letter should be printed on company letterhead and include an affirmation that you work there, the duration of your employment to date, and your monthly or yearly salary.
These corroborate the information in the letter of employment.
If you’re self-employed, tax returns from the last couple of years should suffice in place of pay stubs.