How much should i pay for rent when first starting out?

Question

my friend and i are looking for an apartment to rent in our area. i want to know how much is too much when you're first starting out. we don't make a lot of money, but what should my price range be, about?

Answer 1

For a 2-bedroom apartment you can expect to have rent costs of about $700 - 800 or more. That should include trash and water bills, but you should ask them about what is included. So that is roughly $350 - $400+/month each. You may get a better deal on a "less desireable" apartment like I did - it was on the terrace level (which means it is below the floor level) and we got a $100 discount, ending up paying $750/month. One thing to remember is that the price on apartments will rise every year you stay there, so for us it was $750 the first year, but the next it was $790, and it would go up if we stayed another. Lame, I know! But anyways, you might be able to find better deals in your area. Bear in mind that there are other costs, like the electric or gas bills which could be up to $100/month, if you want internet and cable that may cost another $100/month, and food of course is another main concern. I believe it was expected that eating relatively cheap, someone can generally spend about $100-$200/month on food comfortably. Try going to the grocery store to estimate how much you will actually need and the costs - drinks, breakfast, lunch, and dinner. Then you will have an idea of how much it costs, and how much you and your friend will need to be making in order to move into an apartment.

Also, for your first lease, you may want to sign a 6-month or 8-month lease instead of a full year. It can be tough living with someone else, and you may realize it's harder than you thought, so you don't want to be stuck with bad credit because you need to terminate the lease early (that costs lots of extra money).

Answer 2

I'm paying $460 plus electricity ($? haven't got the bill yet)  and cable/internet ($112/month) with one other person.