Can’t Pay Your Rent This Month? Here’s What You Should Know

Learn the Different Things You Can Do if You Can’t Pay Rent This Month

Being a tenant nowadays can be a challenge with the constant rise of rent prices since 2019. Although rent costs in the US have only increased slightly this year with a 0.9% boost from last year, it’s still a hefty expense for many people to afford. Add the fact that living expenses fluctuate every month, and it’s understandable why some individuals don’t have the funds to cover their rental payments.

If you are like many people who can’t make this month’s rent, you may think you are out of options to salvage your situation. Fortunately, you don’t have to give up your apartment and look for another place when there are various options available to keep your property for a longer term!

Continue reading for suggestions on things you can do when you don’t have enough money to cover your rental installment:

Look Over Your Contract for Possible Solutions

One of the best things you can do when struggling with your rent is to review your rental agreement for any potential remedies. For example, if the contract states there is a grace period for a late installment, you can take advantage of that benefit and find ways to make extra cash before your time runs out. If you and your landlord made a written agreement about what to do when you are late with a payment, you should double-check your contract in case you’ve missed any details that can help you in your situation.

What if your rental contract doesn’t have any loopholes to cover a late payment? In that case, you can always talk to your landlord about your circumstances and explain why you can’t afford this month’s rent. They can arrange a solution with you that can get you back on track, like making a payment plan or waiving overdue charges.

Get Rental Assistance to Cover Your Payment

If you can’t pay rent this month, here’s what you should know as a current tenant that many Americans may not know: state and local organizations may offer assistance programs that can help you pay your pending payment! It’s worth mentioning, however, that not every state provides financial aid for renters. So, it’s crucial for you to go online and search for any relief programs that could be available in your area. If you live in a state or city that doesn’t give any support, you can try other options, like calling 211 or contacting your local Department of Housing and Urban Development (HUD) counseling agency for advice.

Be aware that HUD also offers subsidized housing that allows you to pay rent at a reduced rate or housing choice vouchers that will let you choose an affordable and safe property. In order for you to qualify for both programs, you must contact your local public housing agency and obtain further information about their requirements. If you aren’t eligible for either program, you still have different options to get rental assistance, such as getting help from local charities or through the Modest Needs organization.

Consider Hiring a Lawyer

There have been several instances where a landlord raised their rent for unfair reasons. If you think you are a victim of the same treatment, you can consider hiring a lawyer to learn your rights as a tenant and fight against this injustice.

When dealing with these offenses, it’s best to work with a lawyer to see what an appropriate response to your situation is. You don’t want to act emotionally and make a bad decision that will give grounds for a landlord to evict you. If you hire a professional lawyer who’s experienced in eviction cases, you will follow a structured path that falls within the law.

Before hiring an attorney, you must run a background check and ensure you work with a competent lawyer. Review their level of success within the field and determine if they have the knowledge to make a proper hearing. Don’t stick with the first lawyer you see online or on television, and compare the different choices available to find an affordable but effective attorney.

Apply for an Emergency Loan

People who are struggling with rental payments have the opportunity to get an emergency loan to fix their financial situation. Naturally, you’ll need to have the budget to afford a loan, but some installment loan options will give you loan terms to comfortably repay your money over time. Just make sure you find a loan with reasonable loan payments that won’t put you in a bigger predicament.

Take a look at some of the various loan types you can apply for that can provide you with financial assistance:

• Personal Loans
• Car Title Loans
• Payday Loans
• Title Pawn Loans
• Credit Cash Advance

Keep in mind that each loan type has different pros and cons for you to contemplate as a borrower. Compare all of your available resources and stick with a loan that meets your needs and preferences. If you want an expert’s opinion on which loan to choose, you can talk to a financial advisor today for their counsel on what can work for you.

Take Advantage of Side Hustles

Let’s say you know your financial situation a month before your rental due date. If you know you won’t have enough money to cover that payment, you can find a lucrative side gig that can help you earn extra cash! By mixing a hustle with your regular working schedule, you can rack up your budget in a few weeks and have the funds set for your urgent deadline.

However, not every side hustle is a significant moneymaking job; you must research the most profitable gigs online to increase your chances of getting plenty of cash. If you want to receive a large amount of money, you can try working multiple side hustles alongside your full-time job. It’s difficult to have a side gig that will pay you quickly, but some occupations can give you money after a few days or the same day you worked your hours.

Some of the most gainful side hustles right now include dog walking, selling pictures, rideshare driving, online tutoring, freelancing, completing online surveys, and delivering packages / groceries. If you want to feel certain about a hustle being profitable, look for their information online or speak with a career counselor about what jobs you can capitalize on for additional cash.

Bottom Line ⎼⎼ Solutions are Always Available When You Can’t Pay Your Rent This Month

Don’t let your financial position force you to leave your home. Regardless of the circumstances that have led you to this predicament, there’s always a viable way for you to bounce back. You can use the aforementioned methods or find others that work for you by going online or talking to a financial advisor. What’s important is that you recognize that solutions exist if you struggle with your rental payments in the near future.