Before you sign that lease, heed these rental budgeting tips

Apartment dwellers are prone to stretching their financial resources to make their monthly lease payments, and with rents moving up in many markets more are likely to find themselves facing a pinch.

A survey found about 60% of participants spent more than 30% of their income on their rent, the percentage personal finance experts say should be the maximum. Twenty percent admitted to spending more than half of their monthly income on rent.

So sharpen a pencil or open a spreadsheet, renters: Here are some budgeting tips to consider when searching for the apartment of your dreams or trying to better budget around the lease you're already in.

The Basics

The most important thing when you're looking for an apartment: have a list of things you need to have and a list of things you'd like to have. Hit the needs first.

Ideally, base rent (not including utilities) should account for about 30% of a renter's net income. About 10% should be spent on utilities and other necessary living staples, such as cleaning supplies and toilet paper.

But if you're debating whether to spend more on rent, consider how other living expenses will affect the amount available to pay for the roof over your head.

Monthly expenses for credit cards, car payments and other personal loans should come between 10% and 20% of income; car insurance or transportation costs should account for 15%. Clothing should make up about 8%, food about 18% and recreation and entertainment about 5%. It's recommended that renters save at least 10% of their income.

To identify personal spending trends, it might be a good idea to keep a money journal, keeping track of all spending for a week to see where expenses usually fall.

If transportation costs are low, for example, or debts like student loans are paid off, perhaps a larger rent isn't out of the question. If the goal is to save while renting, however, having a more expensive apartment might foil a plan to sock away funds.

After the Math

Now, while rent is an important consideration, renters don't always mind paying more for certain amenities. Being near public transportation, for instance, could prompt a renter to spend more. Renters also might spend more based on an apartment's safety features.

But if rent is eating up too much of a person's salary, perhaps it's best to consider finding a roommate.

In fact, if possible, try to find an apartment that is 10% less expensive than you can afford, to allow some "breathing room." Since often apartment communities will raise rent significantly at the first lease renewal, assume that rent will rise about 10% at the end of the lease.

Other Budget Factors

• Consider other non-rent expenses. Fees, including pet rent, laundry machine usage fees and single option cable television or telecommunications offerings could impact a renter's budget. Also watch out for extra fees including gym use fees, pool use fees, lost key fees, extra parking spot fees or garbage pickup fees.
• Watch out for shared utility expenses. Some apartment buildings will split the costs of utilities including sewer, water, electric and garbage evenly among rental units; if this is the setup, look to see what charges were billed to the unit's last resident.
• Don't forget insurance. The apartment decision will affect the cost of renters and auto insurance. Check beforehand with the insurance company about likely premium costs in the zip code.
• Know the rules. Some apartments will offer specials contingent on on-time rent payment. In those cases, a late payment might cause rent to jump to the "market rate." Know the penalties for late payments, and avoid them by paying on time.
• Think about how long you'll stay. The costs of moving add up, considering the application fees, credit reports, first month's rent and deposit, utility hook-ups and other deposits -- not including time off work, furniture and cleaning supplies. Spread those costs over a 2- or 3-year stay, and there are savings to be had.