Being unable to pay your rent when due can be embarrassing, mainly when you have been frugal or have maintained a track record of on-time rent payments. However, you shouldn’t beat yourself up when you cannot control difficult financial situations like this, which could result from a job loss or perhaps the sudden death of a loved one.
According to Zumper, roughly 8.4 million people worldwide need to catch up on rent. You are not alone, so you shouldn’t fidget getting a quit notice or eviction order from your landlord. I have outlined actionable steps you can take if you can’t pay your rent on time.
Actionable Steps to Take if you can’t pay your rent on Time
1. Review your lease agreement
When you realize that you won’t be able to pay your rent on time, reviewing your lease agreement is imperative to see if you have a grace period or penalty attached for late rent payment. For better understanding, a grace period is when your rent is due and when you can pay your rent without penalty. If you can make it within the grace period, you have nothing to worry about else; you proceed to take the second step I have outlined.
2. Be upfront with your landlord
Communicating with your landlord requires you to be honest about why you cannot pay rent on time. Your landlord might extend the payment period or waive any penalty attached to the rent payment. Here are some tips to guide you.
a. Choose a communication channel: The communication can be made via the phone, face-to-face conversation, or written letter. Ensure you can express yourself comfortably through any of these communication channels.
b. Provide supporting documents: Attach financial records to back up your claim of not being about to pay rent.
c. Honest: You do not want your landlord to have a wrong impression of you in their mind. Be able to explain your financial woes to him so he can understand your predicament.
3. Cut down on non-essential expenses
Now that you are considering freeing up money to pay your rent ensure you cut down on expenses you could do without for a couple of months. For instance, it could be your subscription to your favourite Netflix series, or you could forego the gym membership class for a month.
4. Seek help
Seeking help from family and friends does not make you less of a human. A thoughtful friend or family member might be your knight in shining armour when you seek help.
5. Suggest a partial rent payment
Your landlord could agree to let you pay a portion of your rent and complete the rest payment when you receive your paycheck. You could negotiate a partial fee of $500 and an additional $100 as a late payment. Both parties should agree upon these terms.
Three things you shouldn’t do if you can’t pay your rent
Never do the following if you can pay your rent;
1. Do not send a bounced cheque
Doing this will only cause delays and might lead to mistrust from your landlord’s path.
2. Avoid procrastination
Procrastination is dangerous and could you cause you to lose opportunities. If you know you cannot meet up with paying your rent. Feel free to notify your landlord to reach a possible solution.
3. Don’t blame others
Blaming others for your financial struggles will not solve rent problems.
Frequently Asked Questions
A. How many times can I be late on rent payments?
This depends on the grace period documented on your lease agreement. For some landlords, the standard grace period is five days. For others, it could exceed five days.
B. What happens if I only pay half of my rent?
Your landlord may agree to accept half of the rent payment, demand a full rent payment or continue your process. It depends on what both parties have agreed on.
Final thoughts
Late rent payments can be stressful for tenants, but it’s important to remember that options are available. If you can pay rent within your designated grace period, no further action will be taken. If you anticipate a delay in payment, it is crucial to communicate promptly with your landlord. By informing them of your situation, you open the door to potential solutions, such as payment plans or alternative arrangements that benefit both parties.
The good news is that Rentpady helps you to stay ahead of your scheduled rent. By planning with us, you’re sure to get up to 25% rent subsidy, 24 hours before your rent is due. You can never go wrong with our plans, say goodbye to not being able to pay your rent on time. Go to Rentpady page to get your rent subsidy.