Your Rental Budget
Are you in the market to find a rental in Destin, South Walton or the surrounding Gulf Coast areas? While finding the perfect place can be a challenge in itself, affordability is an entirely other feat.
In general, experts tend to say no more than 30% of your gross monthly income should be allocated towards housing. The question is, does this rule of thumb apply to renters? It can depend on a variety of things from your salary to your location and the overall cost of living. On average, landlords typically require that your monthly income is at least 2.5 times the projected monthly rent.
Besides the basic budget calculators, there are a variety of ways that you can calculate this. If you know the rental amount, you can simply multiply that by 2.5. Another option is to combine your annual income and divide by 40 and that will often provide the maximum rental amount you can afford.
Ultimately, your best bet in finding a rental is to set your budget beforehand. This will help you to be realistic throughout your search. If you are still looking for that perfect rental, search our long-term listings online or contact one of our Gulf Coast property managers today for more information.
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