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Can I afford an apartment with a monthly income of $2400 (before taxes)

I just moved here from Phoenix, AZ for an employer and I'm living with family for the time being. I was wondering if I could get some advice regarding rental property. I'm not looking for an apartment/home in a suburb. I'm 24 and if I could, I would like to live in an area a couple miles from the beach, i.e. Ocean Beach, Point Loma, Mission Beach. My monthly expenses are $70 - cell phone, $200 - car payment, $100 - insurance and about $100 - monthly groceries. I would be a first time renter Thanks!
  • September 25 2013 - Ocean Beach
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Answers (1)

Each apartment complex and or landlord has different rental criteria's. Some places require that you make 2.5 to 3 times the amount of rent.

For example -- Rent is $800.00, and the income criteria requires you make 3 times the amount of rent:
 
$800.00 (Rent) X 3 (Rental Criteria) = $2400.00 (Gross Income Per Month) 

The rental criteria usually consist of income, rental history, and credit history. Landlords and property managers want to see that you have rental history, and established / good credit with no delinquencies, or collection accounts.

There are exceptions to the criteria. If you have no rental history and or bad credit. They can increase your security deposit and or require you to have a co-signer. Sometimes private owners are not as strict as on-site staff. You can also get roommates to combine all of your incomes together. Again, check with each place and landlord because there are different requirements. 
  • September 25 2013
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