As the cost of living rises, we take a look at how renters can reduce financial stress without turning to payday lenders or credit card debt.
2.5 minutes
If you’re struggling to pay your rent on time, you’re not alone. A recent deep dive from PYMNTS Intelligence reveals that for many Americans, the rising cost of living has made it harder and harder to cover monthly expenses like rent, car payments, and utility bills. According to the report:
But it’s not all doom and gloom—there are plenty of effective strategies that can help you manage rent and ease financial stress. Read on to learn how modern solutions can offer relief (and how you can help us make an impact!).
Some landlords are willing to offer more flexible payment schedules, particularly if you have a solid history of on-time payments and stable employment. Even if you can't cover your full rent by the first of the month, you might be able to spread payments out over the following weeks.
A growing number of landlords and property management companies use platforms that allow tenants to pay rent in installments. This technology is making flexible rent payments more and more common. Just be sure to read the fine print; some service fees are steeper than others!
It never hurts to ask if your rent can be split into smaller, more manageable payments that align with your paydays.
Relying on payday loans or credit cards to cover rent can lead to spiraling debt, with interest and fees often far exceeding the original amount borrowed.
Instead, see if your employer offers paycheck advance options, which are increasingly being offered as part of workplace benefits. This allows you to access a portion of your earnings before payday, helping to bridge the gap if rent is due before your check arrives. Just make sure you understand the terms and can comfortably repay the advance.
✨ If your employer uses Exhale, you can apply for an advance of up to $1,600[1], which will be repaid automatically through your paycheck based on your income and payday schedule.
If you're struggling to make ends meet, you might qualify for rent assistance programs offered by local governments, non-profits, or community organizations. These programs provide temporary financial relief to help cover rent and utility costs, giving you the breathing room you need to stabilize your finances.
Even if you don't qualify for direct assistance, many programs offer resources like financial counseling, which can be invaluable in helping you manage your budget more effectively.
At Exhale, we’re paying close attention to the challenges renters face today. As renters’ needs change with the economy, our team is constantly looking for new ways to help you manage your finances.
Are you a renter who wants to make your voice heard? Take our renters’ survey to help shape our next Perk. The first 5 respondents will receive a $15 Amazon gift card. In addition, everyone who complete the survey before November 30, 2024 will be entered in a drawing to win a $25 Amazon gift card.
