The federal eviction prohibition has been extended by the Centers for Disease Control and Prevention until October 3, 2021, which is good news for tenants in a bind. While you'll have a few more months to save up the money you'll need to start paying rent again, it may still need longer. There are ways to make ends meet if you struggle to pay your rent.
Contact Your Landlord Before Missing a Payment
A tenant having trouble making rent payments should immediately approach their landlord or property management. If you have an excellent connection with the landlord and have always paid your rent on time, they may be prepared to work with you.
There's still time to repair a damaged landlord-tenant relationship via honest communication. If you take the initiative to address the matter, you can find a solution with the landlord. Most landlords would rather not have to evict a tenant and risk having an empty apartment.
The timing of this is crucial: You must get in touch with your landlord or property management as soon as possible to discuss a solution. Only after a missed payment has been made might make matters worse. If you tell your landlords or property managers what's happening as soon as possible and as often as possible, they may be more ready to assist you.
Submit a Request for Funding
Unexpected financial difficulties can be frightening, but local and governmental support systems are available to help. An excellent first step in finding financial aid is becoming familiar with your area's community services.
For instance, you may look for local Emergency Rental Assistance programs through the National Low Income Housing Coalition's searchable database. 211.org is a helpful tool for figuring out where to turn for assistance with food, utilities, and medical care if you're having trouble doing so.
Short-term rent aid and other funding programs may also be available through local NGOs and community groups. Many Salvation Army and Catholic Charities USA centres, for instance, provide one-time rent assistance awards. It could be beneficial to investigate the varying prerequisites of such programs and associations.
Sharing Housing With Loved Ones
If that day comes, having a place to stay with someone you know is preferable to not having a place to stay at all. When things are tough, one option to help cushion the blow is to move in with relatives or friends so that you have more immediate control over your living expenses.
If you've lost your job and are having trouble paying the rent, moving in with a relative or friend may provide you with breathing room to focus on finding new work. The most obvious benefit of sharing living quarters with loved ones is the reduction in monthly housing costs that results from dividing up rent, utility bills, and other costs among more people.
If you're fortunate enough to live with someone who doesn't demand market-rate payments for your rent, this will provide you more breathing room in your budget and make it simpler to meet your financial objectives. Create a realistic budget and financial strategy to make the most of your current situation.
Can Missing Rent Payments Hurt Credit?
A single late rent payment will not negatively affect your credit score. However, if you continue to skip payments and your landlord decides to submit the missing payments to collections, it might harm your credit score.
Companies frequently check your credit history before deciding whether or not to do business with you, so any harm to your score might make getting future credit more difficult. You can only buy a car, acquire a mortgage, set up utility services, or receive a loan with good credit.
Landlords may use a tenant's rental history, including late payments and eviction, as a qualification criterion when considering an applicant for a rental unit. If you have a good rental history, such as late or missed payments, landlords will be more likely to rent.
Summary
You shouldn't freak out if you've trouble making rent payments and are seeking alternatives. You can manage your finances and maintain a good credit score by using the available resources. If you're having trouble making ends meet, you should avoid missing your rent payment at all costs.
Suppose you're having trouble making rent or mortgage payments but don't want to lose your home. In that case, several options are available to you, including talking to your landlord, contacting community and local aid organizations, staying with friends or family temporarily, or acquiring a second job.
Although it may not seem possible now, these options can help you overcome the difficulties you are now facing.
