What to do if you’re unable to pay the rent, continued

Category: Housing


If the first of the month is coming up and you know you won’t have the money to pay for the rent anytime soon, here’s what you can do:

Ask about getting out of your lease early

If you feel that your situation is more long-term and you know it’s going to be a while before you’re able to afford the rent again, ask if it’s possible to get out of your lease without any penalties. You may be able to find a much cheaper place with monthly rent that is affordable. Some landlords will be willing to let tenants out of their leases early and without penalties, but often with certain conditions. For example, if they’re able to find a new tenant to immediately occupy your apartment once you move out, they may be willing to make this exception.

Get a roommate

If getting out of your lease early isn’t an option, or you simply don’t want to move, consider getting a roommate if you’ve got the space to spare. Even just one roommate will substantially lower your rent; it will automatically cut your rent expenses in half. If you’re getting out of your lease early and moving somewhere else, consider becoming someone else’s roommate.

Move into a smaller apartment

Even if you can’t get out of your lease early, you may be able to switch into a smaller, cheaper apartment if you live in an apartment building with a lot of vacant units. Moving expenses should be minimal, but the monthly savings can be tremendous if you’re downgrading the size of your place.

Housing assistance

If you need help paying for rent, you may qualify for a grant that you won’t have to pay back. Some organizations offer short-term assistance and one-time grants, whereas others may be able to provide more steady assistance for eligible individuals and families. Some of the different organizations that you may be able to receive help from include the Housing and Urban Development (HUD), Modest Needs, the HOME program, and the Salvation Army. If you live in a rural area, you may be eligible to receive housing assistance through the USDA Rural Development Program. Other programs can help you long-term or can help you find housing that’s more affordable for your budget, such as subsidized housing and the Section 8 Housing Choice Voucher program. If you need help finding out what is available in your area or what type of assistance you might qualify for, contact your state’s Department of Social Services or Department of Human Resources.

Do you need extra help taking care of monthly bills and expenses? If you’re receiving periodic payments from an annuity or structured settlement, Peachtree Financial Solutions may be able to help. While the payments you’re receiving may be useful, they may not be enough, especially if something in your life has changed since you initially began receiving your settlement payments. While opting for a lump sum at the time of your settlement may have been okay then, circumstances may have changed and receiving a lump sum now might be extremely beneficial. Peachtree Financial Solutions can get you a lump sum of cash by purchasing some or all of your future payments. Contact us today to learn more about selling future payments and receiving money sooner in a lump sum payment.

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Nothing above is meant to provide financial, legal, or tax advice. You should meet with appropriate professionals for such services.

Tags: leases, monthly payments, rent, roommates

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