House hunting 101 starts with the first question, how much rent you can afford? This is probably the most important question to ask yourself. Before you embark on the exciting journey to finding your dream rental in Pembroke Pines, Florida. The best way to know understand affordability is to start by taking a close look at your household budget. With accurate income and expense numbers, you can comfortably widen your search for the ideal rental home. One that fits both, the lifestyle you desire and your paycheck.
However, be advised that different property management companies in Pembroke Pines look for various things. So it’s important to remain flexible and keep your options open throughout your rental home search. Generally speaking, rental experts argue that you must not spend more than 30% of your gross income on rent annually. That is your gross income, or your income before taxes and other deductions. Not your take-home pay.
House Hunting 101: The 30% Rule.
So, for example, if you make $60,000 per year from all sources of income, your ideal rent amount is $1,700 per month, or lower. Whilst this is a generalized system geared to establish your general rental affordability,you must consider other factors as well. Rents in metros and big cities are always way higher than in suburban areas. And housing in cities with a high concentration of finance, medical, IT and such industries rank even higher.
Then there is the matter of your lifestyle and expenses. For instance, if you have a sizeable debt to clear, or a large fixed monthly payments, they should be included in your calculations. In addition, your checklist should include two types of expenses: fixed and variable. Add food, transportation, medicine, utilities, and other necessary expenses to the “fixed expenses” category. Entertainment, vacation travel, and so on should go on the “variable” (a.k.a. optional) list.
Managing Expenses Vs. Managing Rent.
Once you have identified how much you’re spending, you can arrive at a more realistic estimate of how much rent you can afford. In cities where rents are very high, it may be difficult to stick to the 30% rule. This may involve minimizing some of your other expenses so you can better afford your rent.
Of course, how much you think you can afford to pay is only one half of the equation. When searching for a rental home, property management companies and landlords often have their own interpretation of what comprises a desirable tenant. Even if you can demonstrate that you can afford the advertised rental rate, some property managers or landlords may still hesitate to offer you a lease for other reasons. Qualification criteria include things such as past credit history, and whether or not you own pets. And failure to meet the criteria may result in your rental application being rejected.
House Hunting 101: Be Frank. Stay Positive.
For best results, it pays to be frank with the property manager or landlord. And to provide all the requested information promptly, in full and without hiding the facts. Plus, it doesn’t hurt to make sure that you arrive punctually to all meetings, and to dress up a little, too. These seem like little things, but a good first impression can help a property manager decide that you will be a responsible and conscientious tenant.
Nevertheless, despite best efforts, the dream rental house can sometimes be someone else’s dream come true! The important thing is to try to stay positive and do what you can do, to maintain or improve your financial situation. Exactly why the property manager or landlord didn’t decide on you may remain an unknown factor at the best of times. But being rejected does necessarily imply that you are not a good candidate for another property. As long as you are applying for rental homes within your range of affordability, the right one for you will come along sooner than later.
How We Can Help?
Are you in the market for a new rental home? Why not contact our team of professionals dedicated to finding and presenting the best rental options in Pembroke Pines. Besides, with a national company like Real Property Management Premier, you can even widen your serach options. Our nationwide network of reliable property management offices serves customers from coast to coast.
At Real Property Management Premier, we have local market knowledge and industry expertise to provide the information you need. Our experts can help you to make the best possible decision. Contact us today for more information.
We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. See Equal Housing Opportunity Statement for more information.
