How to Pay Rent when You Can't Afford It Advertiser disclosure: You're our top priority. Every every time. We believe that every person should be able make financial decisions with confidence. And while our site doesn't feature every company or financial product available on the market, we're proud that the guidance we offer, the information we provide and the tools we develop are impartial, independent simple, and completely free. So how do we make money? Our partners pay us. This may influence which products we write about (and where they are featured on the site), but it does not affect our suggestions or recommendations which are based on hundreds of hours of study. Our partners do not promise us favorable review of their services or products. . How to Pay Rent When You Aren't able to afford it Rent costs have skyrocketed across the United States. Consider free or low-cost aid before you turn to higher-interest avenues. By Melissa Lambarena Lead Writer | Credit cards and debt Melissa Lambarena is a lead writer for the credit card team at NerdWallet. She has been enthusiastically covering topics related to credit cards for more than six years. Her previous work experience spans nine years as an editor for various publications and websites. Through her work, she aims to help readers extract value from credit cards to help them achieve financial goals such as expanding their budgets, building credit, going to dream destinations and repaying debt. She explores these issues as well as others in The Millennial Money column featured in The Associated Press. Her work has also been published on The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's degree in sociology from University of California, Los Angeles. University of California, Los Angeles. and Tiffany Curtis Lead Writer | Health and wellness Tiffany Lashai Curtis is a leading writer for the financial team of NerdWallet. The writer was previously the health editor for Livestrong.com and freelance writer for publications like Refinery29, Business Insider and MTV News, where she concentrated on the issues that affect communities with marginalization. As a wellness facilitator, she has led conversations for organizations like Planned Parenthood and Harvard University. She is based in Philadelphia. Dec 1 2022 Edited by Courtney Neidel Assigning Editor | Personal financial planning spending, budgeting, shopping Courtney Neidel is an assigning editor to the core personal finance department at NerdWallet. She was hired by NerdWallet at the beginning of 2014, and worked for the next six years writing on budgeting, shopping and strategies for saving money before being promoted to editor. Courtney has been interviewed as a authority on retail by "Good Morning America,"" Cheddar, and CBSN. Her previous experiences include writing freelance on behalf of California newspapers. Email:
A majority of the products we feature are provided by our partners who pay us. This influences which products we write about and the location and manner in which the product is featured on a page. However, this does not influence our evaluations. Our opinions are entirely our own. Here's a list of and . Rents are soaring. In fact the median monthly rental in the U.S. rose above $2,000 in May that's a significant jump from pre-pandemic rents according to a recent analysis by Redfin of rental market tracking data going back to the year 2019. While it's a common guideline to not exceed 30% of your gross income from rent, it's not for everyone, since many people's income is stretched to the limit by the increasing costs of, well, everything. If you're struggling to make rent, consider some of the following steps to ease the strain. Explore free options first If you're having trouble paying rent, the next step would be evaluate your budget and "find" the money you can. Cut back on -- such as streaming multiple services or dining out -- lower 401(k) contributions Contact creditors for assistance and seek low-income programs for utilities and food according to Jeffrey Arevalo, a financial health specialist with GreenPath an organization that is a non-profit credit counseling company. Here are some options which cost nothing or close to it. Take advantage of assistance programs. Applying for unemployment or other assistance programs may be time-consuming but it's sure to be worth it. Talk to your landlord. Tell them about your situation and request to be given more time until a check arrives. You can also ask for payment in installments or waived late fees. Your landlord may be willing to help, especially if you have an history of making payments on time. "It's worth a try," says Arevalo, who notes he's been working with clients who've had success with this step. Whatever terms you negotiate put them in writing. Call the number 211. Local religious and non-profit organizations as well as local nonprofits may offer rental assistance. United Way helps access those services when needed . However, be aware that resources might be scarce in national emergency situations. Ask for help. Loved ones -- and people who earn a steady income, to be precise could be willing to lend a hand. In times of need, community support can be life-saving. You might consider joining online communities in your neighborhood or city or searching for mutual aid groups that provide financial assistance for things like housing and food. Alter your the arrangement of your living space. If your lease permits you to sublet your apartment or rooms. or move in with a friend or loved one and work together by sharing rent costs. Of course, moving may have its own costs, and if you're under agreement, you'll need take into consideration the costs of . Talk to your landlord to see what is negotiated. Get advice. A credit counselor can review your financial situation for . If you've attempted to negotiate a deal with your landlord or rental agency but failed the tenant unions in your community can assist you in understanding your rights as a tenant. Lean on investments or savings If you have them. It's generally not advisable to draw money from accounts that are designed for your future however, these aren't normal times. If an emergency is threatening to expel you -- now and now, in the present -- the normal "rules" don't always apply. If you have a taxable brokerage account, you could consider selling stocks. Another possibility is to withdraw from the 401(k) or an individual retirement account, according to Andrew Rosen, a certified financial planner and the president of Diversified, a financial planning firm. Also, stealing your retirement account isn't the best idea however, it could be possible to mitigate the financial repercussions. If you need to make an emergency decision, a loan through a 401(k) is, if it is offered by your employercan help you avoid tax penalties, fines as well as a credit check. But, you should think carefully before you decide to take this route. If you are truly overwhelmed by debt and the rent is just one of many financial obligations you're not able to meet, you might think about alternatives. "Most people don't know that in general, retirement accounts are safe during bankruptcysituation," Rosen says. Pick the cheapest high-interest debt . You can try to finance some of your expenses to help pay rent, for instance, opening up a low-interest credit card. But without sufficient income or credit (typically a FICO score of at least 690), you may be limited to the most expensive financing options. Consider the following, starting from the least expensive to most expensive: Borrow against the credit card you already have to limit. Targeted offers like the and permit you to borrow against your card's credit limit with a fixed interest rate and term. The funds are deposited into an account at a bank without the need for an initial credit check or origination fee. Pay rent with the credit card you have. Some services facilitate , for an amount. For instance, they will allow you to charge your rent on your card and will then cut your landlord a check your behalf in exchange for a 2.9 percent processing fee. Consider the potential costs of this cost before committing to this method, and be aware that if you aren't able to repay it in full within the timeframe of a period of billing, you'll pay an interest charge on your rent payment in whatever . As a last option, you could consider a cash loan. A can offer quick cash up to the limit you have available, however you'll be paying for it, which is in the form a steep fee and the interest that begins accruing the moment you pull the cash from your bank account or ATM. Cash advances may also affect your credit score by increasing your credit utilization, a important element for credit score. It's still a possibility should you require it and it's likely cheaper than a loan alternative, which might not be an option in the event that you're no longer receiving pay checks. More information about our authors Melissa Lambarena is a credit cards writer at NerdWallet. The work she writes for has been featured in The Associated Press, New York Times, Washington Post and USA Today. Tiffany Lashai Curtis is a lead writer on the team for personal finance. She has over 5 years of experience writing about the issues that impact marginalized communities. On a similar note... You can even go deeper into Personal Finance Make all the appropriate financial decisions

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