Renting your first apartment can be an exciting time in life. It is likely your first true experience of independence and an important rite of passage marking the transition between adolescence and adulthood. However, before starting the apartment hunting process, you need to know how much you can comfortably afford in rent. Here are a few ways to arrive at a logical dollar amount.

How to Figure Out How Much Rent You Can Afford

1. Design a Budget

Before anything else, you need to create a budget. This will give you a financial roadmap to follow and let you know how much income can be put towards rent. The 50/30/20 budgeting technique is a good framework to follow. With this method, 50% of take-home pay is devoted to essentials, which includes rent; 30% goes to nonessential items like entertainment and travel; and 20% is dedicated to savings or paying off debts.

2. Aim for 30% or Less of Your Income

Following the 50/30/20 rule, 50% of your after-tax income goes to needs. However, rent is only one of these needs. You also have to figure in the costs of food; heat, electricity, and other utilities; transportation; and clothing. For most people, 30% of take-home pay is a comfortable maximum rent amount that still leaves 20% for other essentials, 30% for wants and luxuries, and 20% for savings or debt payment.

3. Consider the Landlord's Standard

Many landlords have a standard for determining whether an applicant can realistically afford rent. They require tenants to earn at least 40 times the monthly rent amount. Divide your yearly, pre-tax salary by 40 to see if you meet this standard. But if you don't, don't automatically count yourself out. Most landlords offer ways to help you get approved, like obtaining a cosigner or putting down a larger deposit. Once you start apartment hunting, talk to the landlord about their rental requirements and how you can ensure approval of your application.

When looking for an apartment in the Statesboro, GA, area, contact Eagle Realty & Investment. For over 20 years, they have been providing apartment and condominium rentals with short- and long-term lease agreements. Take the first step to finding your dream home. Call (912) 871-0333 to schedule a tour or visit them online to browse their properties.