With more than 166,000 apartment listings across the Greater Boston Area, Boston Pads is sure to have a home for everyone. Among all the things to consider when shopping for an apartment, price is probably the most important factor for most people, which is why Boston Pads proudly offers this handy rental calculator, along with some helpful tips for determining how much you can spend.
- The One-Third Rule: Most economic experts suggest that no more than 1/3 of your monthly income should go to housing expenses. A quick way to determine the maximum you should pay is dividing your annual income by 36.
- Consider All Your Expenses: This figure not only includes your rent, but should also cover your utilities, transportation costs, and any other expenses of your particular apartment or rental home. Find out whether the rent covers the water or gas bill, and whether you’ll be spending more on commuting to work from your new location when comparing prices.
- Do Your Research: Avoid surprises by asking about average heating and cooling costs in the area you’re interested in. Find out if your landlord has installed energy-efficient windows and appliances, which could significantly lower your utility bills over time.
- Consider Your Lifestyle: If you’re the type of person who spends most of their time outside your home, renting a smaller apartment below your maximum will leave extra room in your budget for the activities you enjoy. However, if you’re home a lot, it may make more sense to dedicate as much as your income allows on getting the nicest, biggest place you can afford.
Once you’ve used the rental calculator to find your maximum rental amount, Boston Pads will help you find an apartment you’ve always wanted. This database, updated daily by real estate professionals across the city, boasts powerful search functions that will help you easily find your next apartment, so do the math and start browsing Boston Pads today!
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