How much can you afford in monthly rent?
Updated: Sep 9, 2019
Before deciding on a rental, it's important to figure out the maximum you can spend each month for rent. As a general rule, most property managers and realtors require renters to have 3x the monthly rent in income. This is the normal recommendation for good financial management and planning. It helps to make sure you'll have enough money to be able to pay the rent and still be able to survive. Remember, utilities, transportation, and food costs add up! The easiest way to know if you can afford the rent on a place is to take your annual income and divide by 36. That's the most you should be paying for rent each month. If multiple people each have income, add those amounts together and divide by 36 when deciding how much you can afford to spend on rent.
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