Finding an apartment to fit your budget requires careful financial planning. Besides installment payments, renters must account for the standard costs of living in Gainesville. Residents of UF student apartments may also have to factor in textbooks, class supplies, and tuitions. If you are unsure of the monthly lease installment amount you can afford, it’s never a good idea to guess — signing a lease agreement you can’t afford could land you swimming in a sea of debt. Instead, before you shop for housing, use the following guide from Contemporary Management Concepts, LLLP to calculate an affordable monthly lease.
Contemporary Management Concepts, LLLP is dedicated to helping you find apartments in your price range. Whether you’re looking for UF student housing, urban lofts, or family homes, we manage properties for Gainesville students and professionals.
Our leasing staff is also available to provide you with details of the communities we manage — including the amenities, floor plans, and furnishings available — so you can estimate your monthly expenses and find an apartment that’s ideal for your budget. To find your dream home, contact us today!
Calculate Your Ideal Installment Payment In 3 Easy Steps
You may know everything you want in a rental property, such as a spacious floor plan or high-end amenities. But before you begin to compare the features of different apartments for rent in Gainesville, figure out an affordable monthly lease amount in three easy steps.
1. Calculate Your Income
Ideally, your income covers your monthly installment plus all other recurring expenses (utilities, groceries, transportation, etc.) with at least one-fifth left over to place into your savings account.
How renters calculate income depends on their circumstances. If you’re currently employed full-time, configure your monthly income by multiplying your weekly pay by four or dividing your annual salary by 12. Remember to deduct additional money to account for state and federal taxes in your income calculations.
Income calculations are trickier for students looking to rent. Most students have multiple sources of income (student loans, part-time jobs, family contributions, etc.), and the incomes can fluctuate monthly.
Start by reviewing your bank statements going back several months and averaging those figures. Also, if any income sources will dry up in the coming months, it’s better to exclude them. Leases on UF apartments near campus are 12 months, on average. Ensure an apartment you can afford today won’t be beyond your means in the future.
2. Analyze Your Expenses
Once you know the total amount of money you have coming in monthly, the next step is to analyze your expenses. If you’re like most people who pay for items using bank cards instead of cash, you can find out your expenses based on the withdrawals listed on your bank statements.
According to budgeting experts, renters should limit their expenses as proportions of their incomes: food should be 10%, utilities 10%, clothing and entertainment 10%, and transportation (including car loans and insurance) 20%. This leaves 30% of a renter’s income for savings and entertainment; the final 30% is for monthly housing installments.
3. Apartment Hunt Strategically
Whether they’re looking at student housing, apartments, or townhomes for rent in Gainesville, renters are wise to limit their payments to 30 percent of their income. But there are other aspects of rental housing that can raise or lower your monthly expenses. In furnished apartments, residents typically won’t need to pay for cable, Internet, and furniture. Such cost-savings could increase the installment payments a person can afford.
Conversely, some apartments involve added costs (pet fees, parking passes, etc.) that diminish what percentage of a person’s income should go to rent. How far an apartment community is from a renter’s school or work could also impact transportation costs and affect how much the person can afford — which is why the student housing Gainesville residents prefer is near the UF campus.
Use Money-Saving Tips For Renters
You know that about 30 percent of your income should be the limit for installments. But this is only the case when your other cost-of-living expenses are in-line with what budget experts suggest. Having too high expenses takes away your ability to rent the types of apartments you desire. But there are ways to save money:
- Sign up for Internet and cable services from the same provider for a discount.
- Bundle your car and renters insurance policies for a lower rate.
- Set up auto pay or payment alerts for bills to avoid late fees.
- Lower your food costs by cooking your meals instead of eating out.
- Buy used textbooks instead of new ones.
- Avoid paying for transportation if you can walk or bike to your destination instead.
Find Budget-Friendly Apartments For Rent In Gainesville, FL
Knowing how much you can afford when it comes to installment payments is vital for maintaining a healthy budget and long-term financial stability. Once you know the amount you can spend, Contemporary Management Concepts, LLLP will help you find apartments in your price range. Whether you’re looking for UF student housing, urban lofts, or family homes, we manage properties for all renters in Gainesville. Our leasing staff is also available to provide you with details of the communities we manage — including the amenities, floor plans, and furnishings available — so you can estimate your monthly expenses and find an apartment that’s ideal for your budget. To get started finding rental housing, contact us today!