Whether you’re renting an apartment for the first time or simply relocating, everyone could use a few extra dollars after a big move. If you’re considering a new apartment in Salem, Oregon, or the surrounding areas, make sure your transition is as easy as possible by following these tips:
Calculate Rental Costs
Generally, industry experts suggest that renters should allocate no more than one-quarter to one-third of their income for monthly payments. However, prospective renters should not base their decision on monthly price alone. In some cases, a small premium may be worth it if the location is closer to a job or public transportation. Above all, give yourself enough time to create a budget and calculate your cash flow for a clear picture of how much income is realistically available for rent.
Save on Utilities
Many landlords require renters to purchase renters insurance, but it’s generally a good idea to have it anyway in the event of water damage or another emergency; a bare-bones policy is generally around $10 to $20 per month, depending on the provider and area. To save on electrical utilities, focus on reducing heating and cooling costs; the US Department of Energy estimates that adjusting the thermostat to lighten the load on the furnace or air conditioner for at least eight hours can cut back on utility costs by as much as 1 percent for each degree.