LEASING A HOME
Finding a place to rent can be challenging, but it doesn't have to be. Working with an experienced Realtor® makes the process typically quick and straightforward. The Landlord's interests are being represented by another Real Estate Salesperson. It is important to have a professional ensure that your interests are protected when signing a lease contract. Best of all, as a rental client all my services are free!
WHAT PERCENTAGE OF MY INCOME SHOULD GO TO RENT?
20%
If you spend around 20% of your earnings on rent, you could generally spend more on non-essentials or save more. However, spending about 20% on housing when you’re earning a regular income means you’ll have to keep your distance from sleeker apartments, especially in pricier metros. But if you’re the type of person who doesn’t mind making a compromise or two to save some money on rent, 20% can be a good option for you.
30%
Spending around 30% of your income on rent is the golden rule when you’re trying to figure out how much you can afford to pay. Spending 30% of your income on rent can help you reach a healthy balance between comfort and affordability. On a median income, 30% should get you an apartment you can truly call home. At the same time, you should have money left to keep up with any debt you may have and contribute to your savings.
40%
It can be very tempting to spend more on rent, especially if you think you’ve found the perfect home. If you earn an above-average income, allocating 40% of it for an apartment should get you a rental in a better location or more living space. But keep in mind that shelling out 10% extra each month comes with its risks. It’s always smart to keep an eye on your spending habits, set and track budgets for day-to-day expenses.
LEASING A HOME vs. RENTING AN APARTMENT
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Leasing a House
Typically, houses offer more space than an apartment. You’ll likely have your own yard, garage, basement and attic, in addition to more rooms in the home and more square footage.
Renting an Apartment
If you have a family or are simply looking for a place to live that provides more room, house leasing is a good option to consider. Apartments are great for singles or small families, but they usually lack the space most houses have to offer.
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Leasing a House
Houses that are for lease, on the other hand, are usually more pet-friendly and accept any size or breed of pet. If you’re a pet-owner, house leasing is a good option because you’ll have a yard for your pet and more options to work with.
Renting an Apartment
Some apartments are pet-friendly, but they often come with size restrictions.
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Leasing a House
Houses offer the renter more indoor and outdoor space, storage and privacy. However, they usually don’t come with amenities like a community pool, gym, laundry facility or club house.
Some houses that are for lease include a pool, but they are few and far between.
Renting an Apartment
If you like amenities built into your lease agreement, an apartment may be the better option.
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Leasing a House
Houses are located in neighborhoods where you have more physical distance between your family and the neighbors. No one lives above, beneath or to the side of you like in an apartment setting.
Renting an Apartment
Apartment buildings are typically multiple stories high and have lots of units in the same building. Therefore, you live within close proximity to other people.
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