Blog Post

Budgeting For A Rental Property

info • Mar 10, 2020
When the time comes for you to move in to a rental property, the cost can sometimes be overwhelming. Here are some tips on budgeting for your move and determining how much you can afford in monthly rent. 

For most rental properties, it is customary to pay security deposit and first months rent before moving in. The deposit is typically equal to the same amount as one months rent, but cannot be used as an actual rent payment. This is solely to stay on file for any damages/repairs/cleaning at move out. In addition to that, there is most likely an application fee. This fee is applied to running a screening on all prospects so we can ensure we are moving in the best tenants and keeping our properties as safe as possible. 

If you are trying to decide how much you can afford while you are searching for a property, please keep in mind there are external costs associated with renting, it is not just a rent payment once a month. One thing to definitely consider is going to be the cost of utilities. Typically utility companies will make you put down a deposit for them as well. This cost varies from company to company. It is always a good idea to call ahead and have them give an estimate so you can prepare for that payment. If this comes as a concern to you, you may want to search for rental options with more utilities included in the rent. Other than utilities, you will most likely need renters insurance. Depending on what agency you decide on and how much coverage you have, this cost can be relatively small, however it is still something to add in to your monthly budget. In addition, when searching for a property be sure to ask if there are any charges for parking, amenities or payment methods.  

Most rental companies have a requirement on your monthly income to rent a property. For example, we require at least 3x the month rent. This ensures us that you have enough to pay rent and utilities with some left over for general living expenses. If income is something you are worried about, you can consider finding a roommate or seeking rental assistance from your local housing authority. 

It is pretty standard that most online rental postings have the price listed with them so you can easily eliminate your choices. However, keep in mind that unless you are on a companies dedicated website the listings may not be 100% accurate. We recommend calling in for the most up to date information on listings. 

Have questions but you are not finding what you are looking for? Please give our office a call at 765-637-0208 to speak with one of our agents. 
We look forward to hearing from you soon!

BK Management Now Serving: West Lafayette, Lafayette, Crawfordsville, Linden, New Market, Indianapolis, Fowler, Brook, Boswell, Hoopeston, Covington, Veedersburg 

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By Triston Myers 08 Mar, 2023
We are bringing back employee spotlights! Today, we are featuring Kelden! He has been with BK Management for seven months now, and is one of our full time leasing agents! He has been a great addition to our team and brings a lot of laughter to the office! Kelden’s customer service skills are truly exceptional. He is always eager to answer the phone and help current and potential residents out in any means necessary. Finding a place to lease can be stressful at times, but Kelden does a great job giving our residents peace of mind by helping them find a perfect fit!
How To Prepare Your House For Showings
By info 11 May, 2021
Getting ready to move? We totally understand that showing your unit to prospective tenants can be an inconvenience. We want to provide you with some ways that can help speed up the process so hopefully we do not have to show it as many times! When signing a lease with us, you agree to giving us a notice if you plan to renew or not. In the case that you decide you aren’t staying, your unit gets listed on our website immediately for future renters to see and showings will commence. If we are showing a unit that is well taken care of and inviting, prospects are more willing to rent that because it feels like home. On the contrary, if we are taking them into a messy unit with less than happy tenants meeting us at the door, this usually turns them away immediately which means we will have to show it more often to get it leased. Below is a list of things you can do to help us get your unit rented: All clutter is picked up Garbage is taken out Floors are swept, mopped, vacuumed, etc. Dishes are done and put away Bathrooms are in sanitary condition Bedrooms are picked up Laundry piles are put away All outside areas are cleaned up and yard is taken care of We enjoy our tenants and hope that you stay with us, however we do understand that circumstances do change and we would like to make the transition as smooth and possible! BK Management Now Serving: West Lafayette, Lafayette, Crawfordsville, Linden, New Market, Indianapolis, Fowler, Brook, Boswell, Hoopeston, Covington, Veedersburg
Employee Spotlight
By info 22 Jan, 2021
Meet Kate! She has been a valued member of our leasing team for a few years now. Kate is currently a senior at Purdue University studying Organizational Leadership and Supervision with a minor in design and innovation. She is dedicated to helping all of our residents with whatever the situation may be and excited to meet you at your next showing! Here is a short interview so you can get to know her a little better! What is your favorite part of your job? "My favorite part of working at BK is building relationships with new fellow co-workers and above all, current and future tenants to give them the best experience possible while renting with us." Do you have any hobbies? How do you spend your free time? "Some of my hobbies include spending time with friends and family, traveling, reading and petting dogs." What are three words that you think describe BK Management best? "Three words that I think best describe BK are giving, understanding and personable." What advise would you give incoming tenants? "Some advise I would give incoming tenants is to follow our social media pages to stay up-to-date on all things BK!" If you could go anywhere in the world where would it be? " If I could go any place in the world, it would be back to Coburg, Germany to catch up with some amazing friends I met on an exchange student trip in high school!"
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