We’re often asked why renters have to make three times the rent. Read on for why your monthly salary should be at least triple the cost of rent.
Financial experts recommend that housing should not cost more than a third of your income. Otherwise, you may not be able to afford to pay for other necessities, such as groceries and utilities.
Landlords require that renters show income equal to at least three times the rent to ensure that they will get paid each month. They do not want to rent to someone who is at risk of falling, as the eviction process is costly and time consuming.
Have you crunched the numbers and you still can’t find an apartment you can afford? You may qualify for affordable housing, which is subsidized by the government.
Apartment Experts South can help you find an apartment that fits in your budget. Call us today at 512-805-0123 to take advantage of our free apartment locating services.