• Use the One-Third Rule. If you were to speak to a financial advisor, this would be one of the first things you would hear. The One-Third Rule says to divide your monthly income by three to get an estimate of what amount should go toward your housing expenses. Another quick way to calculate this? Divide your annual income by 36. Just remember that housing expenses means all expenses related to housing – not just rent. So, think about utilities, internet, and transportation as well.
• Ask the right questions. Remember that the sticker price of a rental only tells you so much. Does rent include the price of heat and hot water? Are there washers and dryers in the building, which would allow you to save on wash and fold service? How much do residents in the area typically pay for utilities each month? Finding out the answers to questions like these will give you a better idea of whether you can afford a place, or whether it is a stretch for you.

Think about your lifestyle. Do you spend a lot of time at home, or leave early in the morning and return late at night? Do you travel a lot? Do you go out on the town every weekend, or are you more of a takeout-and-Netflix person? If your lifestyle dictates that you spend more of your money on activities that keep you away from home most of the time anyway, maybe a unit that is smaller and less expensive will do. But if you spend a lot of time at home, consider allocating a larger sum to secure a more spacious rental with better amenities.                                                                  


Plug your income into the nifty rent calculator below to get an idea of your ideal rent budget.