How much do I need to earn to be able to rent a flat?
December 21st, 2009
I currently earn 8,000 a year but when I’m 18 I should be earning just over 9,000.
Is this enough for estate agents to allow me to rent a flat?
I’m 17 at the moment but I am not planning on renting a flat until I am 18 (this May).
Passive Income
You can afford rent at any salary if you can find one renting for what you afford, normally it is about 40% of your gross pay, and still have enough for food, pay utilities, buy clothes, etc.
So 9000 x 40% = 3600 for rent. divide by 12 for monthly amount = 300 per month you can afford for rent.
Look for an apt. that rents for 300 or less per month.
I work at an estate agents, and we generally require the tenant to be earning 3x the monthly rent.
If you can find a flat that you can fit in your budget, then yes. But I doubt you could find one you could afford on that salary. Look in the rental section and see what the rental costs are and see if you could afford it. Your other options would be to share one with a roommate or better yet, stay where you are at until you can get a better paying job. Learn to make a budget and include everything you will spend in a month on bills, food, clothes, entertainment. Start now by writing down everything you spend, down to the last cent and see where your money is going. Good Luck!
Like others have said, generally rent should only be 1/3rd of your total monthly income, so about $250, if you make $750 a month. Look into renting with a roommate, or stay where you are until you can make more money. I doubt you can live anywhere on that tho.