Fear of the future, anxiety, overthinking, and feeling lost are all symptoms of inability to pay rent. These feelings have been hitting so many people, especially in the last couple of years. When you cannot afford rent, whether you have fallen on hard times or simply have not managed your money properly, it is an incredibly stressful situation. Thankfully, there are plenty of efficient ways that you can try to deal with the burden of your rent. In this article, we are going to walk you through some of them.
Consider These Tips if You Can’t Make Rent
Starting off, it will harm no one if you find a roommate to split the rent check with. Even if you do not like the idea of having a stranger living with you, it is still much better than living on the streets. Find someone willing to cooperate with you and share responsibilities. Another option to consider is hosting. So many people, especially foreign students, tend to rent a room in a host family’s house. It is a win-win deal where you get help with the rental costs.
Be Friendly, Talk to Your Landlord
“We need to talk” is often considered a nerve-racking phrase. Still, it could be a necessary evil in your case. You should be completely honest with your landlord about your current financial situation. Communication is key, so explain that you are having financial problems and what you are going through right now.
And yes, maybe some people will not understand or care, but perhaps this time it will work out in your favor. You may be able to find a middle ground that will meet both your and your landlord’s needs.
Make Sure You Understand Your Rights As a Tenant
Eviction rules and regulations differ from one state to another. Therefore, the best way to learn about your rights as a tenant is to consult with a lawyer. They can help demonstrate your rights as a tenant and notify you if there are any changes in your state.
You should be aware that some landlords may try to evict you through “self-help evictions.” This involves changing the locks, disconnecting utilities, and refusing to pay for maintenance. You should know that these practices are illegal almost everywhere. Your lawyer will explain to you how to deal with such a situation and what steps you should consider.
In addition, do not forget to check your lease to see what your legal agreement says about paying rent. Often leases provide a grace period or describe your landlord’s options for recourse, such as late fees.
Emergency Funds
It is time to get your savings out of that piggy bank. If you have been wise enough to create an emergency fund, that will hopefully get you out of some trouble. In case you’re wondering, an emergency fund is that amount of money that you set aside for emergencies …Duh! It could be used for a variety of needs from unexpected healthcare bills to housing problems (and more). This money could help you survive until you can find a better solution, like moving to another house with a lower rent rate or applying for housing support.
Consider Moving to Another Place
Still facing the same problem? Maybe this individual-house relationship is just not meant to be. I mean think about it, it is consuming too much of your energy and money. So, maybe it is time to move on and find another rental. It is a tough decision, yet an important one.
You can always hunt for a less expensive apartment as a short-term alternative to help you get by. With lower rent, you will get to manage your living situation as well as your budget at the same time.
Manage Your Other Expenses
In some scenarios, you may be able to make arrangements with your other financial obligations to free up extra funds to meet your rent payment. Start removing needless expenses from your budget like the costly subscription services you can do without for the short term.
Seek Financial Support from Family or Friends.
It is ok to ask a trusted friend or a close family member for a little help. Everyone, including you, needs help from time to time. Your situation may improve significantly if you can borrow some money or get a loan from family or friends just to settle your rent issue. You will want to set a repayment plan with whoever lends you money. That way you will be showing them that you are serious about paying them back.
What Should Not You Do?
Now that you have a solid background of what you should do if you cannot pay rent, let’s have a look at what you should avoid doing:
No Procrastination
In general, if you have the money in your bank account but your rent payment is not due for a few days, it is a good idea to pay it early. This will support your relationship with the landlord and encourage him to help during the hard times. Alternatively, if you know you will not be able to make the payment this month, contact your landlord right away to work out a solution.
No Bounced Checks
A bounced check will likely irritate your landlord, harming your relationship and your chances of renewing your lease in the future. Furthermore, you may be charged late fees or a bounced check fee. Which can add extra drama to your situation.
Bottom Line
In short, any renter would be stressed if their rent was not paid on time, but there are good solutions to consider. If you know you will not be able to make your rent payment, notify your landlord right away. They may offer a payment plan or another arrangement that benefits both sides. You can also seek loans from loved ones. In the same fashion, you can use your emergency savings, find a roommate or even move to a cheaper rental. Lastly, no matter what your current situation is, never give up. If there’s a will, there’s a way to figure it out most of the time.