(StatePoint) Nationwide average rent will exceed $2,000 for the first time in 2022. This makes it difficult for millions of people across the country to keep paying their rent. In fact, a recent Freddie Mac survey found that 70% of his renters were worried about paying their rent in the short term.
If you’re struggling to pay your rent, there’s good news. There are many resources available to help renters stay home.
Here are six actions you can take to keep your rental going.
1. contact the landlordIf you know you will not be able to pay the rent, explain the situation in writing to your landlord. Your landlord may be able to offer you options such as changing the due date of your monthly rent, reducing your rent payments, or creating a repayment plan.
2. Consider a more affordable apartment. If you expect regular problems with paying rent, finding a cheaper apartment may be a good solution. can be difficult. When starting your search, don’t forget to consider the fees and travel costs you may incur. Moving within the building or to another property managed by the same company may be one way to avoid joining fees.
3. find a roommate. If you have the space, hosting a roommate can significantly reduce your monthly rent and utility bills. Always follow the terms of your lease when adding roommates to your apartment. This may include having them sign a formal lease.
Four. Access short-term rental assistance. Local housing authorities and some national organizations have short-term rent relief funds that you can apply to help cover the cost of rent until you get back on your feet. The Consumer Financial Protection Bureau (CFPB) has a list of assistance programs for renters.
Five. Understand eviction protection. Be aware of the eviction protections that apply if you can no longer pay your rent. The CFPB has a list of states with safeguards that prevent landlords from evicting tenants for nonpayment of rent.
6. Work with your Renter Resource Organization. There are many non-profit renter resource organizations nationwide that can help you if you are facing housing-related challenges. These entities provide services and resources that help maintain housing, such as eviction prevention and landlord-tenant mediation. They can also assist in finding alternative housing and provide financial planning advice. Services offered may vary by provider. To find an organization that can help with your situation, contact Freddie Mac’s Renter Hotline at 800-404-3097.
For more information on renting, including resources to help you determine how much you can rent, visit Freddie Mac’s My Home. myhome.freddiemac.com.
