Last Updated on January 27, 2024
The price of rent varies from state to state and country to country.
It is so dramatic that the price of a three bedroom flat in one state might hardly get you a room in another.
This means there are no fixed figures on rent and determining how much you should pay often proves tricky.
However, financial experts advise that you do not pay more than 30% of your salary or income for rent.
It can be further broken down by putting aside 25% for your rent and the remaining five percent for other utilities that make living more comfortable.
Your income is a reliable determinant as you shouldn’t be living beyond your means.
The rent is definitely too much if it is more than 30% of what you earn.
Other than the amount you are willing to pay for rent, you can know the price for an apartment is too much for you by the cost of transportation when commuting from the apartment to other places.
If an apartment demand long commutes to say your place of work, you should factor in the costs of transportation in the price of the rent.
You are paying too much if the rent of an apartment that is far from your work or school is the same with an apartment that is closer.
If you think the rent on an apartment is too high, you can find out the rent paid on other apartments that are nearby.
There should not be so much of a difference between the rents of apartments close to each other.
However, you should also factor in the perks that come with your apartment.
For instance, you might enjoy free parking, gym room, and other ‘free’ benefits, all these affect your rent.
An apartment broker is a wealth of information when it comes to rents on apartments.
You can get to know if your rent is outrageous from a good apartment broker.
You can also have a look at houses for rent in Barcelona or any other part of the world you are in on online accommodation platforms.
This way you’ll see what’s the average price for what you are renting.
The perks that come with your apartment also affect your rent.
Your rent is definitely too high if you are not making use of these perks as they are the reasons for the higher price.
For instance, if your apartment has a free gym and parking space but you do not make use of these amenities, your rent might just be too high.
Your lovely rented apartment does not have to come at a cut-throat price.
You can find apartments with good amenities that do not require you to break the bank.