How to Pay Rent When You’re Unable to Finance It Advertiser disclosure: You’re our top priority. Every every time. We believe that everyone should be able to make financial decisions without hesitation. While our website does not include every company or financial product that is available in the marketplace however, we’re confident that the advice we provide, the information we provide and the tools we create are impartial, independent, straightforward — and completely free. So how do we make money? Our partners compensate us. This may influence which products we review and write about (and where they are featured on the website) however it doesn’t affect our suggestions or recommendations which are based on hundreds of hours of research. Our partners cannot be paid to ensure positive ratings of their goods or services. . How to Pay Rent when You aren’t able to pay rent prices have soared across the country. Consider free or low-cost aid before you turn to higher-interest avenues. By Melissa Lambarena Lead Writer | Credit cards, debt Melissa Lambarena is a lead writer for the credit card group at NerdWallet. She has enthusiastically covered the subject of credit cards for more than six years. Her prior experience spans nine years as an editor for various websites and publications. With her efforts, she strives to assist readers in extracting benefits from credit cards in order to meet financial goals like increasing their budget, establishing credit, traveling to dream destinations and repaying debt. She explores these topics along with others in the Millennial Money column featured in The Associated Press. Her work has also appeared in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa holds a bachelor’s degree in sociology from The University of California, Los Angeles. And Tiffany Curtis Lead Writer | Health and wellness Tiffany Lashai Curtis is a chief writer for the Personal Finance team within NerdWallet. Her previous position was as the health writer at Livestrong.com and freelance journalist for magazines such as Refinery29, Business Insider and MTV News, where she concentrated on the issues that affect communities with marginalization. In her role as a health facilitator she has led discussions for groups 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 for the personal finance team at NerdWallet. She was hired by NerdWallet as a writer in 2014. She has spent over six years contributing to shopping, budgeting and strategies for saving money before being promoted to editor. Courtney has been featured as a authority on retail by “Good Morning America,” Cheddar and CBSN. Her previous experience includes writing freelance for California newspapers. Email:

A majority of the products we feature come from our partners who compensate us. This influences which products we feature and where and how the product is featured on a page. But, it doesn’t affect our opinions. Our opinions are entirely our own. Here is a list of and . Rent prices are rising. In reality, the median monthly asking rent in the U.S. rose above $2,000 in May that’s a significant jump from pre-pandemic rents according to a report from Redfin of market tracking data going back to 2019. While it’s a common recommendation to spend no less than 30% of your gross income from rent, it’s not the case for everyone. Many people’s limited income is being stretched to the limit by the increasing cost of everything. If you’re struggling to pay rent, think about some of the steps below to help reduce the stress. Explore free options first If you are currently struggling to pay your rent, the first step is to reevaluate your spending plan and “find” cash where you can. Reduce your consumption of — like streaming services that are multiple or eating out, lower 401(k) contributions, reach out to creditors for assistance and seek low-income programs for food and utilities as suggested by Jeffrey Arevalo, a financial wellness expert with GreenPath an organization that is a non-profit credit counseling agency. There are a few options that are free or close to it. Take advantage of assistance programs. Making an application for unemployment or other assistance programs could take time but it’s sure to be worthwhile. Talk to your landlord. Discuss your situation and ask for more time until a check is made. It is also possible to request the installment option or waived late fees. Your landlord may be willing to help in particular if you’ve got an established track record of timely payment. “It’s worth trying,” says Arevalo, who notes he’s worked with clients who have had success with this step. Whatever terms you negotiate, get them in writing. Call 211. Local nonprofits and religious organizations might provide rental assistance. United Way helps access those services upon . Be aware, however, that resources might be scarce during national emergencies. Ask for help. Your loved ones — and strangers with steady income, in general could be willing to assist. During hard times the community could be a lifesaver. You might consider joining online communities in your neighborhood or city or looking for mutual aid groups which offer financial aid for things like housing and food. Alter your living arrangements. If your lease permits the subletting of your home or a room. Or move in with a loved one and work together by divvying up rent costs. Moving can come with its own expenses and, if you’re under a agreement, you’ll need to weigh the cost of . Talk with your landlord to determine the options for negotiation. Ask for advice. A credit counselor can look over your finances to determine . And if you’ve tried to work out an arrangement with your landlord or rental agency but have been unsuccessful the tenant unions in your region will help you understand the rights of a tenant. Make use of savings or investments in the event that you have them. It’s generally not advisable to invest money designed for your future however, these aren’t normal times. If an emergency is threatening to expel you — now and right now, in the current — the normal “rules” aren’t always the case. If you own a tax-deductible brokerage account, you might look into selling stocks. Otherwise, the next potential option might be a withdrawal from your 401(k) or individual retirement account, says Andrew Rosen, a certified financial planner and the president of Diversified Financial Planning, a financial planning firm. Also, stealing your retirement savings isn’t a good idea however, you might be able to limit the financial consequences. In the event of an emergency you can take advantage of you can take advantage of a loan from a 401(k) (if available through your employer -will not result in tax penalties, fines and credit checks. But, you should think carefully before you decide to take this route. If you’re truly overwhelmed by debt and the rent is just one of the financial obligations you’re unable to pay, you might be thinking about alternatives. “Most people don’t realize that generally speaking, your retirement savings are secured in a bankruptcysituation,” Rosen says. Choose the least expensive high-interest debt . You can try for financing some of your expenses to help pay rent, for instance opening a credit card with low interest. But without sufficient income or a good credit score (typically a FICO score of at 690 or more) You may be limited to high-interest options for financing. Take a look at the following options, in order from least to the most costly: You can borrow against your existing credit card’s limit. Targeted offers like the and let you borrow against your card’s credit limit with a fixed interest rate and term. The money is deposited into an account at a bank without the requirement of an initial credit check or origination fee. Rent can be paid with the credit card you have. Some providers allow it, at an amount. For instance, they allows you to charge your rent on your card and will then issue the landlord a check on your behalf in exchange for the 2.9 percent processing fee. Consider the potential costs of this cost before committing to this method, and be aware that if it isn’t possible to pay it back in full within a billing cycle, you’ll incur interest on the rent payment regardless of the . As a last option, think about a cash advance. It can provide quick cash up to the amount of the limit you have available, however you’ll be paying for it, which is in the form fees that are high and the interest that begins accruing the moment you pull the cash from your bank account or ATM. Cash advances can also impact your credit score through increasing the amount of credit you use, which is a important aspect to credit scores. It’s still a possibility should you require it and it’s probably less expensive than turning to a alternative, which might not be an option if you’re not receiving pay checks. More information about our authors Melissa Lambarena is a credit card writer at NerdWallet. She has had her work featured in The Associated Press, New York Times, Washington Post and USA Today. Tiffany Lashai Curtis is a lead writer on the personal finance team. She has over 5 years of experience in reporting on the issues that impact marginalized communities. 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