We are looking to rent a 2BR apartment for less than 800. How much income would we need bring in a month?

Asked by Dana Leggette, Chicago, IL Sun Aug 5, 2012

Youngcoupe looking to rent our first apartment.

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Cindy Wilson’s answer
Cindy Wilson, Agent, Chicago, IL
Mon Aug 6, 2012
Dana, seems like you have a few questions and need some assistance. Based on your price point for a 2 bedroom, it's not realistic to find this in the city. Best to target a suburb that is transportation-friendly for your husband and fits your budget. Then find an agent in that area who can advise and assist you. Shopping around on Trulia isn't the best way; many of these rental listings are completely out of date. Best of luck,

Cindy Wilson
Koenig & Strey
1 vote
Jamye Paul, Agent, Chicago, IL
Thu Oct 25, 2012
There are a few properties that I work with that you can find a 2 Bedroom for $800. It just depends on what area of the city you would like to reside. Normally, your income has to be at least two times the rent.
Example: 2 bedroom for $800 = income of at least $1600.

If you would like to view properties in your price range, give me a call.

Jamye Paul
Kale Realty
772-598-9309
0 votes
Razem Chicago, Agent, Chicago, IL
Sun Aug 5, 2012
The problem is that you would be fortunate to find a one bedroom apartment for $800 a month—in most places in Chicago. Add to this a strong rental market and you have a very difficult situation. My suggestions are an early and intensive search.
0 votes
Matt Laricy, Agent, Chicago, IL
Sun Aug 5, 2012
This will be very difficult for downtown. However outside of downtown on the southside is 100% possible. Get a good leasing agent to help you out. Thank you!
0 votes
Randy Schule…, Agent, Saint Charles, IL
Sun Aug 5, 2012
Dana,

As a young couple looking to rent your first apartment it's a great idea to pay as little rent as possible and save as much money as possible to use to purchase a home someday. With that in mind try not to exceed 25% of your monthly income. If that's not possible keep the percentage as low as possible. In many rental situations you'll also be responsible for your utilities. Make sure you're aware of all the expenses prior to execution of a lease.
0 votes
Robert Nowak, Agent, Chicago, IL
Sun Aug 5, 2012
Your housing should be one third of your income or $2,400/mo in this case.
0 votes
Sarah Ziehr, Agent, Chicago, IL
Sun Aug 5, 2012
Hi Dana,

Most Landlords require that your income is 3x the rent, so for an $800 a month apartment you should be bringing in around $2400 per month.

Search for rentals by map @ http://www.innovativepropertyconsultants.com
Email me directly sarahz@jamesonsir.com
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