Stretch Your Dollar: What to do if your housing funds are running low

Stretch Your Dollar

It’s the first week of the month and that means rent is due. It’s money that may not be there with so many people out of work right now. We are stretching your dollar with what to do if your housing funds are running low.

We’re living through unprecedented times as more people find themselves out of work, filing for unemployment and waiting in long lines just to put food on the table.

And now with the new month, rent is due.

If you know you’re not going to be able to make rent, the earliest you can let your property manager know, the better for both you and them. Brian Carberry is the managing editor at Apartment Guide with some tips for renters worried about keeping a roof over their heads.

He says if money is running low, tell your landlord. See if you can agree on a payment or deferral plan until you get back on your feet.

Or try this: “Another thing that some managers and landlords are allowing is for some renters to take a portion of their security deposit that they put down when they started the lease. To cover some or all of their May rent or June rent, whatever it might be.”

Just remember, the security deposit is typically used to cover damages when you move out. Tapping into it now may mean that money comes out of your pocket later.

The good news is, evictions are mostly being put on hold during the pandemic, but that doesn’t mean a free ride.

“That doesn’t mean you’re not going to have to pay that rent back, a lot of people are looking at this as a free pass and that’s really not the case.”

Bottom line – you have to say something if you foresee a problem in the coming months as we really don’t know how long this will last. The sooner you’re honest and get ahead of it the better. But you have rights as a renter. If you think you’re being unfairly treated, contact the state’s Housing & Urban Development Office over at hud.gov.

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss

More Don't Miss