Financial experts advise spending 30% of your gross income on rent. Unfortunately, that’s not always possible, as rent prices have increased steadily over the years. Research shows that the average rent has increased by 8.7% every year since 1980, which is much higher than the inflation rate.
While you may be able to cover daily grocery and utility payments, these increases can leave you struggling to keep up with your rent payments.
Read on as we explore 13 ways you can help pay rent this month.
Go Through Your Lease
Take time to read and go through every detail of your rental lease. Find out what happens if you miss a payment or are late. Most landlords will proceed with evictions 90 days after issuing the notice. Some landlords are understanding and may not evict you if you miss a rent payment but make up the next month’s payment.
If you’re struggling to pay rent, talk to your landlord and request more time to pay. You can discuss waiving late fees or making an installment plan to pay the arrears.
Consider Negotiating With Your Landlord for Lower Rent
If you have a history of consistent rent payments, consider negotiating with your landlord to accept flexible payment terms or offer a lower rent. Some landlords are considerate and willing to negotiate if you have trouble paying your rent.
Explore Rent Assistance Programs
While rent assistance programs take time to be approved, they are worth exploring if you can’t keep up with your monthly rent payments. Research your local National Multifamily Housing Council’s list of rental payment help providers.
Apply to Government Rental Assistance Programs
The government has several programs that can help with long-term rental assistance. For example, Section 8, the Housing Choice Voucher Program, will pay most of the rent and utilities of privately owned units. They will pay your landlord directly and pay the difference.
Programs like the USDA Rural Development Program, Housing and Urban Development Program, and State Assistance can also help with your rent.
Find a Roommate to Share Housing Costs
Getting a roommate can significantly lower your housing costs. Be careful when choosing a roommate; you’ll need someone you can trust and are comfortable around to share responsibilities. Ensure you have a written rental agreement that stipulates the amount each member should pay and when.
Move Back in With Your Family or Parents
Sometimes, life gets challenging, and your only option is to move in with your friends or family. That can help you save money and figure out ways to pay your rent in the coming months.
Consider Downsizing to a Smaller Unit
If you live in a two—or three-bedroom property and are struggling to pay the rent, consider moving to a smaller unit to save money and have enough to cover your rent. While you may incur extra moving costs, it can help save money in the long term. Alternatively, you can move to a cheaper neighborhood in the city. That will reduce your rent and utility bills.
Find Ways to Cut Down Costs on Other Expenses
Are you overspending on useless subscriptions, paying hefty insurance premiums, wasting energy by leaving your lights on, or going out every night for dinner? Cutting these expenses can help you save money to offset your rent arrears.
Ask Your Landlord About Tenant Referral Fees
Some landlords offer you money in exchange for a rent discount. Ask your landlord if this is something they would consider. Note that this will likely work if you live in an apartment complex.
Use a Portion of Your Emergency Funds
An emergency fund provides a reserve to fall back on when you can’t afford to pay your rent. Tapping into it will give you a few months of relief to think of alternative ways to cover your rent.
Take on Extra Side Hustles or Jobs
If you’re surviving paycheck to paycheck, consider taking on a side hustle or an extra job to supplement your income. You can sell digital products, become a rideshare driver, monetize a YouTube channel, or start a dog-walking business.
Get a Short-Term Personal Loan
If you’ve tried the above options and nothing seems to work, consider securing a loan from your family, friends, or the bank. Ensure you read the loan agreement before signing any papers. The loan will help you clear rent arrears and give you enough time to find other sustainable ways to cover your rent.
Get Rent Paid
These are some ways you can explore to pay rent. By doing your research and being proactive, you can find the right strategies to offset any rent arrears and maintain housing stability.
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