Rent is getting ridiculous right now, with prices soaring just as fast as interest rates and housing prices. Rent has always risen when it was time to renew, but I only remember mine going up by about $50 a year. Now landlords are going way up, renewing homes and apartments more than $300 above the current rate. While some people can pay, that puts a lot of low-income earners at risk of losing their homes. In the last couple of weeks, several people have told me their rent has risen. They don’t know what they’re going to do. If you have the same questions and want to know what to do about rising rent, follow along.
Start A Side-Hustle
If you have the luxury, it may be worth it to start a side hustle. I’m not usually a fan of getting extra work and jobs just to pay a bill, but this is an exception. Today it is more important than ever to have the money you need to survive. If you know you’re good at something and have a talent you can capitalize on, go for it. Use some social media platforms to help you pave the way for yourself. Even if you are not talented, there are easy side hustles you can get into that will bring in the extra cash you need. Check out online writing jobs, social media evaluator positions, marketing programs, and other home base business. Many of these jobs only require a few hours a week to bring in the income you need.
Purchasing A Home
Purchasing a home and not be accessible to everyone, but if you have the means go ahead and do so. If your market didn’t go crazy during the pandemic, you could be saving so much more money than renting right now. If you’re not able to by today and have time on your side there still home. Keep check in on the rates and see if they come down two months prior to your renewal. If so, and your money and credit are in the right place, jump on the opportunity. If you need help with your credit score or debt-to-income ratio, right now is the time to talk to someone who can help you achieve the desired score and rates so you’ll be ready just in time.
If the above two options don’t work, see if an organization in your community has a rental assistance program. Such programs can help pay up your rent if you should fall behind. Also, put your name on the waiting list for income-based apartments in desired areas if you qualify. If you get money from bonuses and taxes, use it to your advantage. If it’s not earmarked for other uses, put that money in a bank account and use that over 12 months to help with those increases in rental prices.
Rent is too high, but hopefully one of these suggestions was helpful If you have suggestions on what to do about rising rent, drop a comment below.
Shatel Huntley has a Bachelor’s degree in Criminal Justice from Georgia State University. In her spare time, she works with special needs adults and travels the world. Her interests include traveling to off the beaten path destinations, shopping, couponing, and saving.