How Much Rent Can I Afford in Ames?
Andy Hunziker • December 3, 2016
To some residents, Ames is a college town, and to other it's simply known as their hometown. Hunziker Property Management serves all types of tenants from college students to young professionals and families alike. When it comes down to how much each of these demographics are able to pay for rent, there are numerous factors that determine what's considered an affordable rent payment.
College Students
College students are a special case because most students don’t have a steady monthly income, and every college student’s financial situation is different. Some students use student loan money for rent, while some have parental assistance. When beginning to look for apartments as an Iowa State student, it’s important to get your parents in on the discussion early. If it is your first time renting an apartment, your landlord may require you to have a cosigner for your lease. Cosigners are people with strong credit history and steady income who sign the lease with you and take legal responsibility alongside you for making payments on your apartment.
It’s also important to look at how much you’ll be spending upfront and additional recurring costs that you are responsible for which may include the following:
Upfront Rental Costs
- Application fee
- Security deposit
- Furniture (if applicable)
Recurring Costs
- Rent
- Utilities
- Miscellaneous fees (cable, internet, renter's insurance, etc.)
Non-rent Related Costs
- Food
- Cell phone
- Entertainment
- Car insurance
- Transportation
Finding Roommates
Most college students choose roommates to live with because it decreases the cost of rent. Before choosing a roommate it’s important to consider the following:
- Will they be able to afford monthly rent and utilities?
- Do they have pets?
- Can you trust them around your personal belongings?
- Will they sign and abide by the lease terms?
- Are your lifestyle choices comparable?
- How do you plan to split up household tasks?
- Who will they invite over as guests?
All of these considerations should be accounted for before deciding to sign a lease with someone. If you feel someone will clash with your expectations, do not hesitate to seek out a more compatible roommate.
Young Professionals and Families
If you are a young professional or a family residing or looking to reside in Ames, the best way to determine how much to spend on rent starts with establishing a budget. You can get started with a budget by using a simple home budget calculator. Most experts recommend spending no more than 30% of your monthly income (before taxes) on rent. Another way to calculate how much you can afford on rent is to divide your annual income by 40.
The 30% threshold is certainly a recommendation. At the end of the day, it’s important to look at your personal budget and think about the goals you want to achieve in order to decide how much rent you can afford to pay. For the young professional, paying off student loans may be a goal. For the family household, paying for the needs of your family may be the goal.
Renting with Hunziker Property Management
Hunziker Property Management has several affordable apartments and townhomes across the city of Ames available to rent. Be sure to check out our rental listings
and contact us if you have any questions!
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