Is 990/month rent too high?

[sjd1995]

Hi there, just wanting some opinions with no judgement please.

Currently earning £28k salary, wanting to rent my first apartment as my mum doesn’t work so paying a lot of bills and food etc.

The 1 bed apartment I’m in love with is in Leeds centre and comes with a lot of perks:

• free Yorkshire travel pass
• on-site free gym
• fully furnished but freedom to decorate
• weekly cleaner (I could do without)
• free super fast broadband
• common areas, study areas & rooftop terrace

I don’t have any significant debts (less than £1000) and currently have just shy of £10k for a house deposit so I wouldn't need to save huge amounts every month.

I don’t have a car (and wouldn’t need one), I don’t plan on having children and hopefully getting a raise to £31k in the next 12-18 months.

When I say the decor and finish on the apartment is absolutely stunning and I’m obsessed. I feel like I deserve it but just not sure about price and income! Please be gentle, TIA.

Agents usually want you to earn 30x the monthly rent annually, which you just miss out on, so I don't think they'll let you rent it.

Good luck in finding somewhere!

It’s tight.
But in your shoes I would definitely be moving out.

There’s no harm in getting something cheaper for a year and then reassessing at the end to see if you’re happy with the amount and if you’d be able to pay more for a better place

Good luck

put it this way, i pay 785 for a 4 bed detached house in leeds - the rent sounds too much of a commitment for one person to me.

I am in London and I don't know Leeds but I had a quick look on Rightmove and looks like there are a lot of these kind of apartments for rent. Quite a few around £700 monthly with different perks included. I know you are in a difficult situation and you want to move out ASAP but you need to work out your finances and make a rational decision.
You may need to speak to a mortgage adviser to understand the minim deposit you can put down to qualify for a mortgage.The more rent you pay the further away you are from owning your own home.Well done for saving £10K towards your deposit.

As a rule of thumb try to not let your rent be more than a third of your take home. It may not be as simple as that on your own but I'm sure there are cheaper options. That's more than my mortgage on a 4 bed home (much further south than Leeds). It's a high rent yes, don't get swept up by the perks!

Do you use a Yorkshire travel pass at the moment? How much would you pay for it?

How much would you pay for internet?

You said you wouldn't pay for a cleaner so no money saved.

Do you currently go to a gym?

The link a PP put up had a link to similar properties. How does this compare?

this one is £600 a month with bills (apart from council tax) included.

That will be tight, a few years ago I was paying £1025 in rent and I was on £45k a year, honestly I struggled and it felt tighter that comfortable.

Just finished work and didn’t quite expect this many replies

Thank you everyone who shared their experiences, recommendations and kind words! I’m still weighing it up unfortunately - but for people asking:

• there’s no fixed contracts, they just need 2 months notice before you move out
• although my income is 28k thats not inc overtime:
(The OT I’ve done since beginning of this financial year has averaged at £300/m)
• people have mentioned house share; (although it’s a great idea for some) I’ve considered that and it’s not for me. I’m 26 and have never lived alone
• I’m still very close to my foster fam, visit them in Norfolk & London a LOT so that’s what I consider holiday. Been abroad many of times but it’s not something I need

Hope I’ve covered the general issues people have raised. Again, I’m so grateful everyone took the time to weigh in their opinions and experiences and I’ll definitely be taking them into account while I continue to think about it

I am my own worst enemy when it comes to making decisions like this!

Too expensive to be paying near 50% of your income. I’d find something else a bit cheaper but definitely move out

Just seen your update. If your overtime is guaranteed I’d do it, as £300 extra will make a difference

www.sharetobuy.com/properties/?location=Leeds&location=Leeds&lat=53.801277&lon=-1.548567&radius=10&rentOrBuy=1&homeForSale=&propertyTypeId=0&minBedrooms=&maxBedrooms=&maxMonthlyCost=&maxDeposit=&minFullMarketPrice=&maxFullMarketPrice=&hideRadiusOptions=1

Have you considered this @sjd1995

I can understand wanting to live alone rather than share.
I do think aiming at paying as little as you can now, to maximise your savings for deposit is the route I would take in your shoes. Give up some luxury in the short term for more financial stability longer term.

That’s a really high rent for your income, you won’t have much leftover once all bills and food is paid. You also really need to be able to save, 10k is not a lot for a house deposit, you should be looking to double that. Also 3k pay rise in 12-18 months is not huge, that won’t bring in loads extra per month take home pay once taxes etc are taken off. You’d be better off renting something cheaper and building up your savings.

You really sound like your heart is set on it. It wouldn’t be the most sensible move you make. Even with overtime it will be tight once you’ve paid bills etc is there a service charge or is that included? They can be high!

Living in a city centre will be fun but not so much if you have no money to enjoy it? I also agree £10k is a great start in saving for a house but in reality won’t go far. There’s always added costs so I’d want to be saving more.

Considering you can buy a one bedroom apartment in Leeds for £125k serviced apartment purpose built

Id say your bonkers to spend £12k a year in rent

you get travel
you get gym
you get a communal area and a roof top area
all positives

When I was in my 20’s I was sick of awful shared accommodation. I moved to Notting Hill into a lovely flat. I couldn’t afford it long term but it made me happy. I left home at 18 and had really been poor as a student. I just wanted somewhere nice. I still have fond memories of my time in Notting Hill.

Maybe enjoy it as a short term let, just to have the experience, then be looking for something more normal and manageable that lets you achieve your long term goals.

I think it's tight. When you factor in council tax, utilities, insurance and any other regular outgoings it's not going to leave a lot spare for clothes, holidays and other fun stuff.

Over half your net pay on housing costs is a big proportion.

Is it an AST? If so you are locked in for six month minimum. If not you are paying a premium for the flexibility of short term letting and may well find your neighbours change frequently, as it would appeal to those requiring temporary accommodation while working in the city but who then move on.

@Ritasueandbobtoo9 Notting Hill is lush - I visited a couple of weeks ago. Judging by people’s comments I would more than likely stick to short term. BRILLIANT username by the way, fantastic movie - I was brought up where that was filmed in the first years of my life!

@LakieLady i agree, it would be tight. I’ve factored in everything possible and rounded up costs just to be sure. I’m not a holiday kinda guy, I travel around the UK to see friends and family and stay in their spare room for long weekends etc. I’ve very career focussed at the mo. Nights out and fancy meals arent an attractive to me (boring I know! ). I’ve spent a long time living in an awful town, awful neighbourhood and awful house. Too ashamed to have friends round - I think I’d be skint but happier.

@Nobloat21 again, I agree. Short term seems more suitable for the experience. Who knows, might make me even more frugal in the long term even after I move out - that makes it an investment ? Haha

I’m still dumbfounded at how people are taking the time to weigh in and even search the internet for apartments in Leeds. Thank you everyone! Hopefully next time I post I will have made my mind up.
Whichever decision I make, I’ll think it’s the right one. If not then it’ll be an important learning curve!

From a landlord's point of view, an income of 28K compared to a rent of £950 is not realistic and would likely be turned down on affordability grounds. The market is competitive & there are more attractive tenants out there.

Sorry, that's not what you want to hear.

My flat rents for £750 pcm & I would turn down anyone earning less than mid-thirties (or combined income if from a couple).

Knowing you can get a one bed flat down at the docks with all that’s going on down there for just under £700, I would say you’re nuts.

Your gym membership isn’t going to cost the extra and will you use the travel pass much if you’re in the city?

I'm going against the general consensus.

You are clearly financially savvy if you have already saved 10,000- well done!

If this flat saves you internet, gym, travel costs, makes you feel safe and secure, and you feel amazing everytime you go through the door, then go for it. That has value too- especially if it is the carrot you need to get out of the situation you are in now.

There is very little risk here. It sounds like you are switched on enough to know if you are stretching yourself. If you want to leave, there is only a short notice period, and by the looks of it, there are plenty of places to go.