Are you experiencing a budget squeeze when it comes to keeping current with monthly rent?
If so, you’re not alone.
Throughout the country, many people are having trouble keeping up with monthly rent payments. That’s because of skyrocketing rent increases due to pent-up demand from the pandemic and a shortage of supply of rental apartments and homes.
Over the last year, U.S. rents have risen nearly 18% on average, according to a report from Apartment List, an apartment listing service.
Why is Rent Rising Now?
Given current challenges, how do you know if rental counseling can provide help?
Typically, rental counseling is a good option for those in situations when:
You’ve had an unexpected change in income. Many people we talk with find it tough to stay current with rent and other bills after an unexpected reduction or loss of monthly income. Teaming with a trusted resource is a good way to get ideas to move forward after an income loss.
You could use guidance with monthly spending. Getting a handle on a household’s monthly spending habits is helpful for those falling behind with rent payments. Many of us need some guidance for the best way to track expenses and income each month to understand how to budget for monthly payments.
It would be helpful to understand resources for renters. Exploring assistance options such as community assistance, eviction protections and other services is critical for those facing challenges. As an example, this website provided by the Consumer Finance Protection Bureau is a good place to start for renters looking for local resources. Rental counselors can provide you with access to community organizations as well as state or federal programs that may be available for help.
You’re handling credit card, medical or other debt. Back rent payments are often just a part of a financial challenge. Many people are managing past due credit card debt, medical or other loans. Rental counseling can be helpful to get a handle on your options when prioritizing monthly rent against other debt payments.
You’re considering “rent-to-own” or other homeownership options. If you’re considering a rent-to-own home contract, or exploring other avenues toward homeownership, trusted guidance sets you up for success. A housing counselor can help you review your options and discover what works best for your situation.
A Trusted Resource
995Hope offers resources to help improve your financial health and keep you on a productive path, regardless of the challenges you might face.
Rental counseling from 995 HOPE is also a good option. Certified, caring counselors are ready to help you:
- Know where and how to apply for help and assistance
- Help create or facilitate communications with your landlord or property manager
- Explore options to take in the face of financial hardship
- Develop a plan for action that addresses your full financial picture
If you are struggling to keep up with your rent payments, there are steps you can take to understand the options that work for you.