How Much Should I Budget Towards Housing?
Conservative budgets suggest allocating 25% to 30% for housing expense. If you lease with a spouse or roommate, both incomes are considered. This chart helps you decide.
General Rent Ranges
The following represents about 90% of the area apartments in those markets. A small selection will be found above and below the amounts listed.
|Greater Dallas||Greater Ft. Worth|
|One Bedroom||$650 – $900||$650 – $900|
|Two Bedroom||$700- $1100||$700 – $1100|
|Three Bedroom||$950 – $1600||$950 – $1600|
Amenities: Options range from microwaves to ceiling fans, from efficiencies to four bedrooms, from pools to tennis courts and more!
Economical: The lower-end rents provides basic housing, much of it professionally managed. About 25% of the rental housing in the area will be in this category.
Median: The middle-range rents offer more modern accommodations which may include amenities such as dishwashers, mini-blinds and ceiling fans. Greater emphasis is given to property upkeep. About 45% of the rental housing fits this category.
Premium: The top 30% of rents are usually newer buildings and may include top-of-the-line appliances, washer and dryer, resident business center and have garages available. Management services may offer extensive amenities.
Security Deposits: Security deposits range from $100 to a full month’s rent, most commonly being approximately $250. Some apartments require separate deposits for roommates. Credit application fees are generally $25 – $45. Verifiable Income – Verifiable gross monthly income at least 3 times the monthly rent. For example, a rent of $500 would require a minimum of $1,500 gross monthly income.
Credit Check: We advise the client that a credit check will be conducted by the apartment community or management company representing the community.
Criminal Background Check: We advise the client that a criminal background check will be conducted by the apartment community or management company representing the community.
Rental History: Any previous rental history will be verified and mortgage payments may be included as rental history. Additionally, some communities are also conducting criminal background checks.
Leases: All apartments require a written lease. Lease terms are typically 6 to 12 months. Most leases are written for 12 months. Shorter lease terms are available at premium rates. J. Ellis Apartment Locators also has information on short-term and corporate housing offering options of furniture, utilities and even maid service.
Utilities: Rent will often include sewer, gas, trash and pest control. Water and electricity are almost always paid separately by the renter. Your J. Ellis Apartment Locators’ Rental Consultant will provide you with all local utility information and assistance.
Moving Tips: J. Ellis Apartment Locators’ exclusive Moving Book provides you with helpful moving tips and checklists along with information on transportation, storage facilities, discounts at area businesses and much more!
Furnished Units: There are some furnished apartments, or furniture rental companies will furnish individual pieces or your entire apartment.
What About Pets?: Many apartments allow pets. Pet size is commonly restricted to 20 lbs. and 12 inches in height, however larger pets can be accommodated by a few communities. The pet deposit will range from $300 – $500 per pet, often with all or a portion of that deposit being non-refundable. There may be additional rent as well.
City Information – To learn more about any of the following areas select below: