Affordable Montreal Apartments for Rent
A large number of newly constructed condos and Montreal apartments for rent are equipped with almost every luxury we can wish for. Some have gas fireplaces, modern furnishings, swimming pools, spacious rooms, and many other comforts that any apartment renter can hope for.
These amenities need to be taken into account if you're considering renting such a place. Are they important enough to warrant a hike in the monthly rent? In addition to other expenses, can you afford a rental amount that is perhaps $200 or more than you pay now?
While some people may consider any Montreal apartment for rent as more than just a place to live, how do you determine how much you can afford every month without ending up in a financial hole?
Affordable Apartment Rental?
One suggestion is that your apartment rental should not cost you more than 25 percent of your gross monthly income. For example, if your annual salary is $30 000, which is about $2500 a month, the maximum amount you should spend for rent per month is $625.
Before you move into your new Montreal apartment, consider that any increase in the rent will affect your monthly budget. Allocating as much as $200 or more towards your rent means you’ll have less for other expenses like utilities, entertainment, food and your savings.
In addition to the rent, there are other things you need to consider:
- Is this neighborhood safe?
- Is it close to your job?
- Are there stores, banks, or the post office nearby?
- Do you have close access to public transportation?
- If you own a car, does the building have indoor or outdoor parking spaces?
Hidden Moving Expenses
Moving costs can be a real budget buster, especially for the first month. Renters often get a real shock when they encounter the hidden and/or unexpected expenses such as hiring a moving company and putting down a security deposit.
You may also be subjected to a credit check and be required to prove that your gross monthly income is at least three times your monthly rent. This is to ensure that you'll be able to pay the rent each month.
Below is a short list of some hidden and unexpected expenses, and pre-moving procedures which many renters either may not be aware of, or that they forget in the hustle and bustle of moving:
- Security deposits, which can be up to a full month's rent.
- Credit checks.
- Utility costs.
- Deposits for pets; there may also be restrictions imposed on pet size.