Don’t Have Enough Money To Pay Rent? Here’s What You Can Do In Times Like These

People are suffering at the hands of COVID-19 in so many ways than one. In particular, joblessness is on the rise, with many individuals not being able to pay their rent for this and the coming months.

At this point, emergency funds are being consumed by almost everyone, with no idea of when they will receive their unemployment benefits. The worst part is that most people have not been in this position before and don’t even have enough money to put food on the table, much more to pay for their rent.

Discussing unemployment rates

More than 10 million Americans have already filed complaints of unemployment in March, and as days are passing by, things are getting more difficult for people who are living in rented homes.

A new campaign, which is calling to either postpone the rent receivable or to cancel it entirely, has taken the internet by the storm. It’s not shocking since the income streams of most people are exhausted, and even their savings funds have already been consumed.

Is the CARES Act providing the relief it promised?

Through the CARES Act, the federal government played its part in paying off the homeowners with federal loans to provide them financial relief. This loan will allow the homeowners to postpone the payments they usually make per month by 180 days.

For people who live in rented spaces, the government has taken some serious steps, as well. Through the CARES Act, the government has banned forced evictions until the coronavirus crisis is over.

Meanwhile, no other relief is being offered to the rent payers at this stage as the whole population of those living in rented spaces is more than 40 million. It is hoped that the local or federal government will soon create a plan to help out the renters further in getting away from this tough situation.

Work out a plan with your landlord

A word of advice is to contact your landlord before the rent is due and work out a payment plan that suits both parties. It is a wise move that will make things easier for both you, and it will also signify good faith as you’ll be coming in clean before the payment is even required.

Also, reaching out to them in advance is a good option for you if you pay your rent on time, for you can remind your landlord of your timely payments. Another good option is to ask them if you could pay the rent in installments as you have close to no resources and even little savings at the moment.