So I'm thinking of renting an apartment...

[Rike255]

If my monthly income is approximately $2700 take home (after tax), what sort of monthly rent should I be looking at? Currently I make car payments of $650 a month (including insurance and gas) and that is about all for expenses currently. I've seen the 1/3rd rule, those of you who rent (or have rented), was this pretty accurate? Did you find yourself short on extra cash or anything?

Thanks in advance for all your help!

[igotcabada]

Make sure you consider cable/internet/phone/electricity/gas/water in your figure. All that stuff adds up when you are paying for it yourself!

[Rike255]

Thanks I will! Utilities are sometimes included in the monthly rent, those are the apartments I'm leaning towards...otherwise I have to worry about crazy bills.
I'll definitely remember internet/phone/tv though!

[igotcabada]

Its tough to throw a number at you as far as your rent without knowing your true living expenses and how you spend your money..

What I did when I moved out and got my first place was just throw everything in a spreadsheet, writing down every single thing I could possibly buy in a month ( haircuts, gasoline, blu-ray discs, your car payment, cell phone bill, blockbuster online, food (estimate), ect, ect.. ) and then i tried to give myself a couple hundred dollar buffer..

[Mr. J]

Dude, if you're making that much per month then just get a house!

[Rike255]

Originally Posted by jayvo2008

Dude, if you're making that much per month then just get a house!

The apartment is kinda temporary (1 year), while I finish my final year at post-secondary. Once I get out of school I'll have more time (and be earning more), at which time I'll start looking for houses.

[Porkchop Express]

Originally Posted by Rike255

The apartment is kinda temporary (1 year), while I finish my final year at post-secondary. Once I get out of school I'll have more time (and be earning more), at which time I'll start looking for houses.

If the apartment is temporary. Just try to find the cheapest one, as long as it's livable in and not a piece of $hit. This way you can save up for a more permanent residence in the future.

[Deadset]

Originally Posted by Rike255

The apartment is kinda temporary (1 year), while I finish my final year at post-secondary. Once I get out of school I'll have more time (and be earning more), at which time I'll start looking for houses.

In that case get the cheapest / safest apartment available for 1 yr. Your wallet will thank you when it comes time to buy a house.

Oh, and I keep a 1/4 net take home rule for house payements

Good luck!

[beefytwinkie]

Don't forget another important item not previously mentioned: FOOD!

Food will probably average you around 200-350 per month depending on how much you decide to eat out.

Where do you live now? With parents? Already renting with roommates?

[mikejet]

Originally Posted by Rike255

Thanks I will! Utilities are sometimes included in the monthly rent, those are the apartments I'm leaning towards...otherwise I have to worry about crazy bills.
I'll definitely remember internet/phone/tv though!

If you can, my wife and I get by with our cell phones and no landline.

That's a choice you may want to consider.

[Rike255]

Originally Posted by Porkchop Express

If the apartment is temporary. Just try to find the cheapest one, as long as it's livable in and not a piece of $hit. This way you can save up for a more permanent residence in the future.

Originally Posted by Deads3t

In that case get the cheapest / safest apartment available for 1 yr. Your wallet will thank you when it comes time to buy a house.

Oh, and I keep a 1/4 net take home rule for house payements

Good luck!

Thanks guys, that's a good plan. I'll make sure to keep the money I save for a bigger down payment in the long run.

[Deadset]

Originally Posted by Rike255

Thanks guys, that's a good plan. I'll make sure to keep the money I save for a bigger down payment in the long run.

It's a good decision It may kinda suck that 1st year, but 1 year is not a long time in the long run.

[Rike255]

Originally Posted by beefytwinkie

Don't forget another important item not previously mentioned: FOOD!

Food will probably average you around 200-350 per month depending on how much you decide to eat out.

Where do you live now? With parents? Already renting with roommates?

I live with my parents right now. Will be moving out with my girlfriend at the end of the summer if all goes according to plan. We eat out quite often right now, but that'll have to stop when we leave.

Originally Posted by mikejet

If you can, my wife and I get by with our cell phones and no landline.

That's a choice you may want to consider.

Thanks that's probably what I'll end up doing as well. I rarely use the phone as it is, so there's no need to add more to the cost.

Originally Posted by Deads3t

It's a good decision It may kinda suck that 1st year, but 1 year is not a long time in the long run.

I agree completely. I'm trying not to be picky about the place, but it's tough. There's lots of things we'll have to compromise on haha.

[bongzilla]

Try and find an energy efficient place, not easy but newer places tend to be,
only reason I say that is my current place only cost about 1/4-1/3,
of my other apartment for electricity.

[mikejet]

Originally Posted by bongzilla

Try and find an energy efficient place, not easy but newer places tend to be,
only reason I say that is my current place only cost about 1/4-1/3,
of my other apartment for electricity.

Yeah our apartment has all energy efficient bulbs, a gas stove, and a highly efficient AC unit.

Our average elec. bill is $40 and the gas biss is $4.50!!

Hot water was included as part of the trash fees.

[Scarriere]

With you having those kick-butt speakers and receiver, you may want to consider a high-rise or something else that has concrete walls. In the past, I've had far less than what you've got and the complaints were endless. It really took a lot of joy out of listening to music and watching movies.
Just a heads up.

[Rike255]

Originally Posted by bongzilla

Try and find an energy efficient place, not easy but newer places tend to be,
only reason I say that is my current place only cost about 1/4-1/3,
of my other apartment for electricity.

Wow, that would sure help. New places are always so much more around here though...

Originally Posted by Scarriere

With you having those kick-butt speakers and receiver, you may want to consider a high-rise or something else that has concrete walls. In the past, I've had far less than what you've got and the complaints were endless. It really took a lot of joy out of listening to music and watching movies.
Just a heads up.

Ya i know This next year is going to suck for that...maybe I'll get lucky with the concrete walls. I sure hope so

[SellmeyourDVD]

Originally Posted by Scarriere

With you having those kick-butt speakers and receiver, you may want to consider a high-rise or something else that has concrete walls. In the past, I've had far less than what you've got and the complaints were endless. It really took a lot of joy out of listening to music and watching movies.
Just a heads up.

This was the exact reason I moved out of my townhouse. At night I could hear my neighbor hack up a lung every night (he was a smoker). It was almost as if he was in the same room as me.

[Stephie_is_a_dork]

One thing we didn't consider when we moved to our apartment: laundry facilities! If your reeeally lucky, you can find a place with washer & dryer hookups inside your own apartment. Otherwise, look for a place with a decent machines-to-apartments ratio. We live in a 5-unit building with ONE coin-op washer and ONE coin-op dryer. The utilities cost to run your own machines vs. paying for coin-op probably balance out, but to us it's SUCH a time waster! Fiancée goes to his mom's house across town and does a few loads at a time, one after another (which takes forevvver) and hangs with his brothers. I hate laundry with a passion and prefer to get it over with all at once, so I end up spending like $10-15 and 2 hours at the laundromat. *sigh* What I wouldn't give for the ability to do laundry at home while playing video games!

Originally Posted by mikejet

If you can, my wife and I get by with our cell phones and no landline.

That's a choice you may want to consider.

Me too! When I had a landline it was unplugged more often than not. I'm nocturnal, and I have zero tolerance for telemarketers at 9am!

[jadedeath]

Originally Posted by mikejet

If you can, my wife and I get by with our cell phones and no landline.

That's a choice you may want to consider.

Same here, if you live in a big city there's no point in getting a land line.

Logan