“How much rent can I afford?” and “Is that out of my price range?” are two phrases we often hear from renters searching for apartments in the Twin Cities. Affordability is a primary consideration for any renter — it’s often at the top of the list!
According to RentData.org, in 2021 Minnesota had the 32nd highest rent in the United States out of the 50 states and six territories rental data was collected from. In the Twin Cities metro, the average cost of rent for a studio apartment was $898 per month. One through four bedrooms cost on average the following per month: $1,054, $1,308, $1,838 and $2,156, respectively.
At REE, our goal is to fit you with a Twin Cities apartment that meets all of your needs including your budget.
Apartment Rent Calculator Equations:
Finding a great apartment is one thing but what about affordability? Before signing the lease, there’s a lot to consider. Apartment communities often use equations to determine what’s affordable for prospective renters. Some communities use a 3 times rent calculator formula, meaning a renter’s monthly income should be at least 3 times what goes to paying rent.
At REE, we recommended that your income is at least 2.5 times your monthly rent amount. Our simple apartment rent calculator will help you determine the optimal rent in the Twin Cities apartment market for your personal budget.
After determining your price point and what REE apartment communities may be a good fit for you financially, learn more about available units, their sizes and location, building amenities, and more by tapping on the community that interests you. Want more information? Contact us today!