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What apartment can you afford? : Rent Calculator

Searching for a suitable and affordable apartment has many challenges. Whether it’s you’re first time on the market or not, figuring out your budget for rent takes some serious calculations. You don’t want to move into a place and then realize a couple of months later that you bit off more than you can chew. Following a budget when searching for an apartment or house narrows your search down to the most realistic properties on the market regarding what you can afford.

How do I calculate my rent budget?

The standard recommendation for rent prices is to not exceed a rent price amounting to more than 30% of your monthly income after tax. This general guideline came to be as it allows tenants to pay their rental bills and leave appropriate room for other expenses (e.g., transport, food, water, gas, wifi).

You can alter the 30% rule depending on factors such as how important a more expensive apartment is to you, if you have outstanding debts to pay off, or if you are saving up for something. For example, if you’re saving up to buy a car, you could stick to a 20% budget for rent, warranting faster growth for your savings.

Rent Affordability Calculator

We have made this rent affordability calculator to help you quickly understand the range of rent prices you can afford. It works by considering your monthly net income and recurring expenses and then ensuring you have some extra money on the side, giving you a suitable range for rent.

The low, medium, and high-risk rent amounts vary based on how much of your monthly income remains after you pay for rent, amenities, and all of your usual monthly expenses. It’s always better for financial security to have extra money on the side in case any unexpected expenses arise.

Case study – What apartment can I afford?:


“My fiancée and I are looking for our own apartment for the first time, and we don’t know where to start regarding rent prices.

My fiancée and I earn monthly salaries, but we don’t know what it can get us in terms of rent while also being able to buy food, water, gas, and a wifi subscription. We have a dog, and he needs to be fed too.

Also, I am paying off a loan on my car, it’s 300 euros directly to the bank every month.

We also have a baby on the way, so we need to save up some money.

How do we know what apartments we can afford?”


You can insert your combined after-tax monthly salaries into the rent affordability calculator to get an idea of the rent range you can afford. Make sure to add up all of your monthly debts, including the car loan payments, and include them in the calculation for a more accurate result.

Then, we recommend making a budget list of other monthly expenses. This list would include your budget for groceries, transport, water and energy bills, pet food and care, internet, and other shopping. Once you have added up all your estimated monthly expenses, you can add them to the Rent Affordability calculator, which includes them in calculations.

You should also consider expenses that come with renting a place, apart from rent (down payments, common expenses, deposits, utilities, etc.).

The calculator will display a range of prices that we recommend you put towards renting an apartment.

Since you are saving money for your soon-to-be baby, you may want to stick to the low-risk (20%) side of the rental spectrum. This would make saving money faster for you, but your apartment may be a little less lavish than others on the market.

Moreover, keep in mind that apartment rent prices usually change over time and tend to rise yearly or whenever a contract is renewed.

Search for your ideal apartment in Cyprus now on Estate Searcher.

Please note that calculations made on this page are only estimates and should not be taken as financial advice.

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