 TITLE: How to Rent Your First Apartment CONTENT: Decide on Your Apartment Budget\n-------------------------------\nIf you've never rented an apartment before, your first task should be determining how much rent you can afford. Apps and websites that provide scales to adjust your price range can be helpful, but you'll need to dig deeper when you're getting started. It's vital you avoid leases that are above your budget, and deciphering what that amount is can take a bit of forethought.\nFirst, sit down with something to write with or a blank spreadsheet and figure out your income and expenses. Note your exact monthly income after taxes or, if your income is less predictable, what your average monthly income is over several months to get a clear picture of how much you have to work with.\nNext, list out all your monthly expenses. Have recent bank statements and credit card bills handy to help you go through your typical spending. Start with your regular monthly expenses, such as student loan payments, insurance premiums, car payments, subscriptions and credit card payments. Add in necessities like gas and groceries, and discretionary expenses such as restaurant and takeout meals, clothing, gifts and travel costs. Finally, include the amount you set aside for savings each month.\nYou'll also need to account for any apartment-specific spending that awaits you, such as utility bills and renter's insurance (the latter costs about $15 a month on average). You may also be furnishing your new place, so don't forget about furniture, kitchen essentials and other necessities. Even if most will be one-time purchases, you'll need to figure it into the big picture if you're paying your own way.\nDeduct all your monthly expenses from your income to find out how much is left over: This should be a reasonable representation of how much you can afford in rent. In general, your rent shouldn't exceed 30% of your gross (pretax) income; landlords will check this, too, by calculating your rent-to-income ratio.\nAnalyzing your budget shouldn't be a one-time endeavor. If you don't already have one, create an ongoing budget—which will eventually also include your rent and other apartment costs—to help you stay on track financially as you strike out on your own.\nYou might even be able to find some ways to reduce your budget. For example, maybe you can cancel your gym membership if your apartment complex has its own gym. Or, you might be able to cut back on gas costs by leasing within walking distance of your job. This brings us to the next component of renting your first apartment: location. END