Rent Calculator
Calculate total rental costs and determine if you can afford a rental property
Our comprehensive rent calculator helps you understand the true cost of renting, including utilities, fees, and other expenses. Use the 30% rule and other guidelines to determine rental affordability based on your income.
Rental Costs
Utilities & Additional Costs
Rental Analysis
Enter rental information to see analysis
Quick Presets
Studio Apartment
Typical costs for a studio apartment
1-Bedroom Apartment
Typical costs for a one-bedroom apartment
Single Family House
Typical costs for renting a house
How Rental Affordability Works
The 30% Rule
The widely accepted guideline is that housing costs should not exceed 30% of your gross monthly income.
Formula: Maximum Rent = (Gross Monthly Income × 30%) - Other Housing Costs
This rule helps ensure you have enough money left for other essential expenses like food, transportation, and savings.
Note: In high-cost areas, this rule may be difficult to follow, but it remains a good target.
Total Housing Costs
Remember to include all housing-related expenses in your calculations:
- Base rent payment
- Utilities (electricity, gas, water, internet)
- Renters insurance
- Parking fees
- Pet fees
- Storage fees
One-time costs: Security deposits, application fees, and moving expenses should also be budgeted for.
Frequently Asked Questions
What if I can't follow the 30% rule in my area?
In expensive markets, many people spend 40-50% of income on housing. If you must exceed 30%, ensure you have stable income, minimal debt, and a solid emergency fund. Consider roommates or less expensive neighborhoods.
Should I use gross or net income for the calculation?
The traditional 30% rule uses gross income, but using net income provides a more conservative and realistic approach. Our calculator shows both perspectives to help you make an informed decision.
What about renters insurance?
Renters insurance is highly recommended and often required. It typically costs $10-30 per month and protects your personal belongings and provides liability coverage. Many landlords require proof of coverage.