How to Pay for Rent When You’re Not able to Pay Advertiser disclosure: You’re our top priority. Every time. We believe that every person should be able to make sound financial decisions with confidence. Although our site does not include every company or financial product on the market however, we’re confident of the advice we provide, the information we provide as well as the tools we design are independent, objective simple, and completely free. So how do we make money? Our partners pay us. This can influence the products we review and write about (and where they are featured on our website) However, it does not affect our advice or suggestions, which are grounded in thousands of hours of research. Our partners are not able to promise us favorable reviews of their products or services. . How to Pay Rent When You aren’t able to pay rent prices have soared across the country. Look into low-cost or free aid prior to turning to high-interest options. By Melissa Lambarena Lead Writer | Credit cards, credit cards, Melissa Lambarena is a lead writer on the credit cards team of NerdWallet. She has been enthusiastically covering credit card-related topics for over six years. Her previous work experiences include nine years as an author for various websites and publications. In her writing, she hopes to help users extract value from credit cards to help them achieve financial goals such as stretching their budget, building credit, traveling to their dream destinations, and repaying debt. She explores these topics and others in and the Millennial Money column featured in The Associated Press. Her work has also been published in The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa holds a bachelor’s degree of sociology, from The University of California, Los Angeles. as well as Tiffany Curtis Lead Writer | Health and Wellness Tiffany Lashai Curtis is a chief writer for the financial team of NerdWallet. The writer was previously the health writer for Livestrong.com and freelance journalist for magazines such as Refinery29, Business Insider and MTV News, where she focused on problems that affect marginalized communities. In her role as a health 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, budgeting, shopping Courtney Neidel is an assigning editor to the core personal finance department at NerdWallet. She joined NerdWallet at the beginning of 2014, and has spent over six years contributing to shopping, budgeting and money-saving tips before she was promoted to editor. Courtney has been interviewed as a authority on retail by “Good Morning America,” Cheddar, and CBSN. Her previous experience includes freelance writing on behalf of California newspapers. Email:

The majority or all of the items featured on this page are provided by our partners who pay us. This affects the products we feature and where and how the product appears on a page. However, this does not affect our assessments. Our views are our own. Here’s a list and . Rents are soaring. In reality the median monthly rent in the U.S. rose above $2,000 in May that’s a significant jump from pre-pandemic rents according to a new analysis from Redfin of market tracking information going back to 2019. Although it’s a well-known guideline to at least 30percent of gross income on rent, that’s not realistic for everyone, since many people’s income is stretched thin by the rising costs of, well, everything. If you are scrambling to pay rent, you should consider these steps to reduce the stress. Look into free options first. If you are currently struggling to pay your rent, the next step would be reevaluate your spending plan and “find” cash where you can. Cut down on things like multiple streaming services or eating out — reduce 401(k) contributions and contact creditors for assistance and seek low-income programs for food and utilities according to Jeffrey Arevalo, a financial health specialist with GreenPath an organization that is a non-profit credit counseling firm. There are a few options which cost nothing or even close to it: Tap into assistance programs. Applying for unemployment or other assistance programs may take time however it will be worth it. Contact your landlord. Explain your situation and ask to be given more time until a check is made. You could also request an installment plan or avoid late fees. Your landlord might be willing to assist in particular if you’ve got a history of timely payment. “It’s worth a shot,” says Arevalo, who has worked with clients who have been successful with this method. If terms are agreed upon, get them in writing. Call 211. Local non-profits and religious groups could provide rental assistance. United Way helps access those services on . Be aware, however, that resources could be cut in national emergency situations. Ask for help. Loved ones — and strangers with steady income, in general — might be willing to lend a hand. In times of need the community could be a lifesaver. Consider joining online community groups in your city or neighborhood or searching for mutual aid groups which offer financial aid for things like housing and food. Modify the way you live. If your lease allows it, consider subletting your apartment or a room. You could also move in with a loved one and help each other by sharing rent costs. Moving may come with its own expenses, and if you’re under contract, you’ll have take into consideration the costs of . Also, speak with your landlord about what’s negotiable. Get advice. A credit counselor will review your finances for . And if you’ve tried to negotiate an arrangement to your landlord the rental agency, but failed the tenant unions in your community can assist you in understanding the rights of a tenant. Make use of savings or investments in the event that you have them. In general, it’s not recommended to draw money from accounts that are meant for your future, but these aren’t typical circumstances. When an emergency threatens to take you away — right now and today, right now — the normal “rules” aren’t always the case. If you have a tax-exempt brokerage account, you could think about selling your stocks. Another possibility is to withdraw from a 401(k) or an individual retirement account, according to 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 mitigate the financial repercussions. If you need to make an emergency decision it is possible to take out you can take advantage of a loan on the 401(k) is, if it is offered by your employercan help you avoid taxes, penalties and credit checks. But, you should think carefully before you decide to take this option. If you’re truly struggling with debt and renting is just one of many financial obligations you’re unable to meet, you might be thinking about alternatives. “Most people are unaware that, generally speaking, your retirement accounts are protected in a bankruptcysituation,” Rosen says. Choose the least expensive high-interest debt . You can try for financing some of your expenses to pay rent, for instance opening a low-interest credit card. If you do not have a 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 most costly: Take out a loan 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 with a bank, without the need for a credit check or origination fee. Pay rent with the credit card you have. Some providers allow it, at a price. For instance, they will allow you to charge your rent to your card and will then cut your landlord a check behalf of you, in exchange for the 2.9 percent processing fee. Be aware of the cost of that cost prior to deciding on this option, and be aware that if it isn’t possible to pay it back in full within the timeframe of a billing cycle, you’ll incur interest on the rent payment regardless of the . Among your last resorts, you could consider a cash loan. It can provide quick cash up to your limit, but you’ll be paying a high price for it in the form of the cost of a high fee as well as the interest that begins increasing the moment you take the cash from your bank account or ATM. Cash advances may also affect your credit score by increasing your credit utilization, which is a crucial aspect for credit score. It’s still a possibility in the event that you need to, and it’s probably less expensive than going to a bank , which may not be an option in the event that you’re no longer receiving a paycheck. >> MORE: About the authors: Melissa Lambarena is a credit card writer at NerdWallet. Her work 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 more than 5 years of experience writing about topics that affect communities that are marginalized. 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