When you go to apply for a new apartment, the landlord will often tell you what the current rent payment will be. They can then ask for income verification to see whether you are able to afford the apartment or not. Obviously, the more money you make above the rent payment amount, the easier it is for you to afford that place and make it your own, without ruining your budget at the same time. But what are some of the rules that the landlord will follow to determine whether your income is enough to move in?

One of the popular methods to use is known as the three times rent rule. This means that when you figure out the price of the rent for the month, it will be no more than 30% of your total income for the month. If your income is not high enough for the rent to be just 30%, then you will need to look for somewhere else. This leaves enough money at the end of the month to cover some of the other expenses that you have. Basically, it asks that your total gross income should be three times the rent.

Although the three times rent rule is popular, there can be some issues that come with this. One of the biggest ones is that it will not account well for your expenses and other debt. If you have a lot of debt to deal with like student loans, credit cards, and more, then you may need more of your income to help pay for the debts and will have less for the rent that you need to pay.

Paying 30% of your income is great, but if you have to pay 30% or more of your income to handle all your debts and then need some money for your expenses during the month, that money just doesn’t go as far as before. You may need to take a look at your own budget and see whether the rental amount is something that you are able to afford or not.

Our modern apartments in Columbus, Ohio are calling your name. With all the updates that you need and plenty of space and great amenities, you will want to make this your new home in no time. We have worked hard to provide modern and comfortable apartments for all of our tenants, making sure that they feel right at home and have a new space they are proud to show off. Come and take a tour of some of our amazing units and see if they are just right for your needs.