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RENT CALCULATOR
Use this calculator to determine HOW MUCH RENT or monthly payment an applicant
can really afford to pay each month. Many rental owners mistakenly only take
into account the amount of INCOME a resident receives monthly to determine if
they are financially able to pay the rent. An equally important factor is how
much does the applicant pay monthly in EXPENSES. This calculator takes both
factors into account to determine how much rent can the applicant really
afford.
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* These fields are automatically calculated from other information inputted.
The expense amounts you put into the calculator are from information you take
from the rental application, credit report and from estimates of averages by
residents in your local area and in your properties. If you do not have a clue
about spending estimates, here are some minimal national averages you can put
into the calculator. Vehicle expenses - $100 per car; Utilities (if resident
is responsible): Electric & Gas - ask local utility company for averages;
Telephone - $25; Cable TV - $25; Water/Sewage - $20; Food - $100 per person;
Health Care - $60 if not paid by employer ($20 if employer paid), Renter's
Insurance - $25; Child Care/Tuition - $250 per child; Pet care - $25 per;
Misc. Expenses - $100 per person. The above formula is adapted from the book
LANDLORDING by Leigh Robinson, that is featured in our web site catalog.
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