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One of the largest monthly expenses that the average person has to pay is for their housing. Ideally, you shouldn’t be paying a huge percentage of your monthly income toward your housing costs. But even if you’re within a good range, it’s still possible that you’re paying too much for your rent or that you’re not getting what you should be for the amount of money you’re paying for your rental property. So to help you know if what you’re being charged is fair, here are three tips to help you determine if an apartment is worth the rent.
Ask Around The Neighborhood
Whether you’re considering moving into a new place or you’re wondering about the rent you’re currently paying, it’s a good idea to find out some information about what the other people in your area are paying by asking them. Especially if you’re living in an apartment, you can likely find someone who has a property with the same stats as yours, which makes drawing comparisons very easy. According to Ron Leshnower, a contributor to The Spruce, as long as you speak to one of your neighbors who has essentially the same sized home you do, you should be being charged about the same amount for rent. If there are big discrepancies, it might be cause for concern.
Consider The Amenities
Something that can make any property worth more or less is the amount or quality of amenities that are available as part of your rental agreement. Some of the amenities that could make an apartment worth more, according to Trulia and Forbes.com, include a fitness center, doorman, additional storage, Wi-Fi, on-site parking and more. So if the perks for living in a certain place are considerable, it’s likely that the rent amount will reflect that by being higher than it otherwise would just for the space alone.
Weigh The Location Versus Your Needs
If you’re wanting to get an apartment in a very desirable area, you can expect to pay a rental price that will match. When a property is in an area that people want to live, the landlord can afford to ask for a much higher rent, even if the property itself isn’t ideal. According to Jacqueline Curtis, a contributor to Money Crashers, if the apartment is near public transportation, has a great view, is in a safe neighborhood, or is in a particularly convenient location, rent prices will likely be high, even for a small space.
If you’re trying to decide whether or not an apartment is worth the price of rent, consider using the variables mentioned above to help you determine whether or not a property is worth the financial investment for you and your needs.
