Financial hardships create uncertain, stressful times. Not being able to pay one’s way can produce feelings of shame and anxiety. When the unpaid bill happens to be shelter costs, that concern can quickly evolve into outright panic. Rent is the most significant monthly bill many Americans face, and landlords can be a renter’s least forgiving creditor. Stay calm if you find yourself unable to settle up when the 1st rolls around. There are options available to help you weather the storm and stay housed.
Communication Is Key
Rent doesn’t happen suddenly; you should include this critical bill in your budget. Earmark a certain percentage of your income to pay it before the first of the month. If your income decreases or you have an emergency expense, communicate with your landlord or rental agent right away.
Most leases have late clauses. The solution may be as simple as paying a fee when you get back on track. Those clauses often offer a grace period, but not always. Check your lease, and talk to your landlord. They don’t want your crisis to turn into their crisis any more than you do.
Have a Plan
Once your landlord knows you’re going to be late and you understand all of the options, it’s time to make a plan. Your own earning potential is always the best place to start. Can you pick up extra shifts or a part-time job? Can you earn money from home with a particular skill? Have you looked into the gig economy to see if your vehicle can help make you some cash?
If none of that is an option, the next step is to find help.
Help Is Available
When looking for rental assistance, the first thing you want to do is check with the National Low-Income Housing Coalition. The coalition doesn’t offer direct assistance but instead provides a comprehensive database of assistance programs available to you by local, state, federal, and tribal governments.
Turning to your place of worship is also an option. Many churches, temples, synagogues, and mosques offer relief programs for their members. Some offer relief for anyone in the community, regardless of faith.
You also want to see if you qualify for other assistance programs. If you can reduce the cost of your grocery or utility bills – or both – it may go a long way to getting back on track with your rent.
Whatever You Do, Don’t Avoid Dealing With the Problem
Doing nothing and hoping the problem will go away or solve itself isn’t a great plan. Your landlord or rental agent isn’t new to the issues many renters face; they’re not new to working out solutions or, at the very least, being very clear about your options. Knowing where you stand is the first step to getting back on the right path.
