Tag: loan for rent

A State by State Guide On the Average Rent Across America

Posted on | by Cheryline Lawson
Magnifying glass, wooden blocks with the word Rent, coins and a miniature house.

So many Americans have to deal with the high cost of housing, which does not match up to their weekly or monthly wages. The average employee in the United States earns about $25.70 per hour used to pay for a modest and humble 2 bedroom apartment. This hourly amount is 3 times more than the national minimum wage, which is an average of $7.25 per hour. Some areas of Hawaii, New York City, California, Alaska, Virginia, Washington DC, Maryland, and Colorado have high rental payments. The lowest average rent is in states like Wyoming, North Dakota, Iowa, Wisconsin, Alabama, and Mississippi.

A State by State Guide On the Average Rent Across America

Let us take a look at each individual state and the average monthly rent.

The Average Rent in Oklahoma

In Oklahoma, there is a low cost of living. Residents only need about $16,000 per year to cover basic needs including rent. The median rent in Oklahoma City could cost about $899 per month.

Missouri

Missouri is a great state to live in and Kansas City especially has a lot of people who relocate from other cities across the United States. The average amount needed for basic needs is about $27,750 annually. The cost of renting a home or apartment is $1,172 per month. For renting a studio, it is about $459.

The Average Rent in Kentucky

The beautiful city of Lexington in Kentucky opens its doors to local residents and people moving from other places. On average, the monthly rent for a house or apartment is about $1,149 per month. For an efficiency or studio, it is $509. Depending on the area, the average annual cost of basic necessities is $24,906.

Arizona

Phoenix is a great city in the United States to live in. With only $23,205 per year as income, you can cover basic needs. The average monthly rent payment in the city of Phoenix and other large cities within the state of Arizona for a studio apartment has increased by 7% and is $1,145. A one bedroom apartment is going for $1,275.

North Carolina

This beautiful city of Raleigh in North Carolina and the other major cities in the state allow for a decent lifestyle. Monthly, rent is $1,484. You need about $27,563 to cover your basic annual needs.

Hawaii

A two-bedroom apartment in Hawaii would cost $1,880. Hawaii is known for being one of the states with the highest housing cost. So that kind of rent is not unusual. To be able to afford this kind of rent, the renter would have to make $35.20 an hour. This is 4 times that of the minimum wage in the state at $9.25. If you are a family of 4, it means you would have to be a breadwinner making at least $80K per year. For single people, it is $35K per year.

The Average Rent in Maryland

In most parts within the state of Maryland, a two-bedroom home costs an average of $1,780 for renters. The average per hour income for this renter would be $28.27. In Silver Springs, Maryland, the monthly rental payment is an average of $1,620. In the city of Baltimore, the average rental cost is $1,330 per month. For those living in Anne Arundel, the combined yearly income would have to be $99,570.

But, bear in mind that the cost of living in Silver Springs is higher than in the city of Baltimore, even though they are in the same state. This is true for all the states within the United States. There is always going to be an obvious disparity.

States of the United States of America Average Rent
Nebraska In Nebraska, the average rent is $970. You would spend about $21,000 annually for basic needs.
Colorado In Colorado, the median rent per month is $1,480; especially in areas like Denver, Aurora and Colorado Springs. Other rural areas have lower rents.
Indiana The rental payment each month on average in the state of Indiana is $950. However, you can find cheaper rent as you go outside of the city.
Tennessee In Tennessee, the monthly rent on average for the entire state is $997.
South Dakota The second lowest average rent in the United States is in South Dakota at $835 per month.
Rhode Island $1,240 is the median rent paid by residents in Rhode Island.
Iowa If you want to live in the state of Iowa and rent an apartment, you should expect to pay $845 per month.
Connecticut The people in Connecticut pay an average of $1,398 each month for rent.
North Dakota The median rent in North Dakota is $866 per month on average.
Georgia $1,118 is the median rent in the state of Georgia. It also depends on where in the state you live as is the case in most other states.
Oregon To live in the state of Oregon, expect to pay a monthly rent of $1,336 on average.
Alaska $1,299 is the average monthly rent paid by Alaska residents.
Vermont You can expect to pay an average rent of $995 each month in the state of Vermont.
Delaware $1,420 is the median rent paid by residents in the state of Delaware.
New Hampshire The residents of New Hampshire pay an average of $1,289 for rent each month.
Wyoming If you want to relocate to Wyoming, the average monthly rent is $899.
Utah $1,217 is the median rent for those living in the state of Utah.
Montana $990 is the average rent each month for most residents of Montana.
Maine In Maine, most residents pay an average of $1,320 for their monthly rents.
Louisiana Monthly rent in the state of Louisiana is $889 on average.
Nevada The average monthly rent for Nevada is roughly $1,298.
Mississippi $895 is the median rent paid by renters in the state of Mississippi.
Alabama If you want to move to the state of Alabama, you would pay at least $990 per month for rent.
New Mexico $985 is the average monthly rent paid by residents in New Mexico.
New Jersey $1,589 is the average rent that most New Jersey residents pay per month.
Arkansas $798 is the average monthly rent in the state of Arkansas.
North Carolina $1,567 is the average rent per month people in North Carolina pay.
Wiskonsin You can expect to pay at least $983 for rent each month in Wisconsin.
Pennsylvania In Pennsylvania, residents pay $1,140 on average for monthly rents.
Virginia $1.410 is the average monthly rent for most Virginia residents.
Minnesota The average rental payment for residents each month in Minnesota is $1,140.
Missouri The average rental payment for residents each month in Missouri is $1,272
Kentucky The average rental payment for residents each month in Kentucky is $1,149
Maryland $1,780 is the average rent per month for residents in major cities in Maryland.
Hawaii $1,880 is the average rent per month for residents in Hawaii.
Florida $1,459 is the average rent per month for residents in Florida.
California $2,390 is the average rent per month for residents in California.
New York $3,750 is the average rent per month for residents in New York.

The Average Rent in California

In the state of California, the monthly average income is $10,200 and the rent is about $3,5778. An annual amount for basic needs is approximately $28,600. And average earnings of $69,350 annually. In Santa Ana, California, the average rent is $2,390 per month. Ever thought about a loan for rent? This is a possibility that you could consider if you ever get into trouble finding your rent.

New York

It is expensive to live in New York City. But outside of New York, such as New Jersey or Long Island, the average rent is not the same. For example, in Buffalo, New York, the rent is $1,600 per month and in Manhattan, it could go as high as $3,750. To afford living in Manhattan, NY, you have to earn at least $45,442 per year.

The median rent in New York city is $1,700.

Examples

Census median rents are influenced by the affordable housing segment. And in some cases are too different compared to market rents. Especially in cities like San Francisco, California where Census-derived monthly rent is around $1,759 and the average rental market rate reaches $3,377 per month. The same is true for Boston, Massachusetts ($1,528 vs. $3,105) and Manhattan, New York ($1,701 vs. $3,750).

The median income in Miami is seriously burdened in comparison to the median rent, which takes more than half away! And who would have thought that burgeoning Miami would be exactly like the still-recovering Detroit?

Florida

Florida is a very popular state in the United States to live in. You can earn as much as $6,990 per month and pay a median rent of $1,380. Your annual income could be $82000. And to satisfy our basic needs, you would only require $25,000. Miami is one of the cities preferred by Latin American immigrants. Here, the average rental cost for one person is $ 1,459 per month in average neighborhoods and up to $ 2,200 in more exclusive areas.

Michigan

The city of Detroit in the state of Michigan, with 675,000 inhabitants, is the largest on the border between the United States and Canada. The average rental cost here is $975.

The Average Rent in Washington

Seattle has less than a million inhabitants. But in recent years, it has become one of the cities with the highest growth in population thanks to the jobs that the technology sector generates; Amazon is based there. In Seattle, the average cost of rent for one person is $ 1,358.

Texas

In Houston, the average rental cost for one person ranges from $ 1,278 to $ 1,627. It depends on the area. And a furnished studio for one person can be found for $ 1,315 to $ 1340 per month.

The Average Rent in Illinois

In Chicago, the third-largest city in the United States, the average monthly rental cost for one person ranges from $ 1,590 to $ 2,300 depending on the area.

West Virginia

In West Virginia, the lowest average rent is between $758 and $889 per month. This is almost a third of what it costs to rent an apartment in the state of California.

Massachusetts

Boston has a population of 678,000 inhabitants. But its metropolitan area added to its surroundings (Greater Boston) reaches 4.9 million people. In Boston, the average cost of housing for one person is $ 1,809. Massachusetts is one of the most expensive in the nation. Here, the average monthly electricity bill is $ 298.00.

The Average Rent in Washington, DC

Washington DC is not part of any state and depends directly on Congress. Has 680,000 inhabitants but is part of a metropolitan area that includes counties in Virginia and Maryland. Here, the median home rent for one person is $ 1,485 per month.

Ohio

Every location within the state has different rental payment amounts. For example, Toledo, Ohio residents pay an average of $818 to $898 per month. While in Cleveland, Ohio, the average rent is $945.

Rare Exceptions

The thing is that you can’t even say that the top 10 cities are rare exceptions. More than two-thirds of the cities are moderately burdened by the cost of the rent. This means that the median income occupies between 30 and 49.9% of the median income. So yeah, if you think you pay a lot for rent, you really are not alone. Again, being burdened with the cost of rent doesn’t necessarily mean that you can’t save a few coins.

The Norm

It is normal to compare the cost of living including rent by different states and cities, if you wish to relocate or move from one city or state to the next. It is even essential to do so. The idea is to have a very precise and clear picture of which destination will treat you the best. Remember that it all depends on each person, income, city of interest, the particular apartment you like and other variables.

In Summary

There are ways you can save on rent, no matter where you live within the United States. Need money for rent? You probably were not aware that you can get a loan to finance your rent.

Loanry

Emergency Eviction Loans to Keep You Home

Posted on | by Myra H | Leave a Comment on Emergency Eviction Loans to Keep You Home

There are as many reasons for an eviction as there are people to evict. The reasons vary, but they basically come down to two: renters for whatever reason can’t pay the rent, and/or the renter or his/her animals destroyed the structure being rented. Either way, emergency eviction loans are in the cards.

Unfortunately, bad stuff happens all the time. And one of the worst things that can happen is that you lose the roof over your head. However, this can be prevented. We understand that life can catch you off guard, but you need to have a backup plan. ALWAYS. Especially when it comes to keeping your home. You should always budget, and if it’s possible, have extra money put aside for rent, if it comes down to it. But that’s not always possible. And this is where emergency eviction loans come into play. Long story short, if you are here looking for a way NOT to get evicted, you came to the right place. Loanry has your back.

However, if you currently don’t need a loan, and you just came here to find as much as you can about eviction, you’re again in the right place. Loanry’s experts share all their financial knowledge FOR FREE. And if you inform yourself on time, there’s no way you’ll absolutely need a loan to pay your rent. So let’s begin with this lesson.

Reasons For Eviction

Before we get into the legal mumbo-jumbo regarding evictions, let’s go over some of the reasons a renter could be evicted. The most common reason people need money for rent is because they used the rent money to pay medical bills. They had an operation or an accident in which they were injured (work accidents are the most common.) Now they’re frightened and madly need emergency help with rent.

Car accidents are usually the second reason renters need a loan for rent. People need a new or used car to get to work. If they live in rural or suburban areas, a bus or cab isn’t generally an option. Buses don’t run in the country, and you may as well spend the money on a car instead of a cab.

If the insurance money is enough to get a car of some type, all well and good. Sometimes it isn’t. Sometimes the insurance won’t pay, especially if they find you at fault or the car is totaled. You might find yourself in need of emergency eviction loans to pay for a car as well as rent.

Sometimes people are fired from their jobs unexpectedly. Other times a computer glitch messes up the schedule, and you’re only scheduled for three days per week.

It’s an unfortunate fact that singles, couples, and even their kids work two jobs to make ends even fake meeting. When one partner loses a job, the other jobs must stretch to cover what was lost. Most times it doesn’t. This can end up meaning the single’s or family will need help paying rent now. They might need a loan to pay rent.

The First Step In Eviction

The landlord has to terminate your tenancy before he can evict you. This means a written notice must be given to you. Laws vary from state to state, but generally you have 90 days to pay up or move out. This means you have time to catch up on the rent. Emergency eviction loans will help.

If you can catch up on the rent, repair what the dog destroyed, then you can stay. The eviction notice will be canceled, and you won’t go to court at the end of the 90 days. State laws are strict, and landlords must follow them to the letter. If you can’t get a loan to pay rent, the landlord will then file an eviction lawsuit. You must be served with the eviction papers in accordance with state law.

Notice To Quit

The landlord might give you a notice to “quit” or move out for the following reasons:

  • Pay rent or quit. This means you have (in most states) three up to five days to pay up or get out.
  • Cure or quit. If you’re in violation of your rent agreement by making excessive noise or keeping a pet when your rent agreement states no pets, then you have a certain amount of time, usually five to seven days, to “cure” the violation or move on.
  • Unconditional quit. You won’t even have a week to leave. You must leave immediately. This will happen if you’ve repeatedly violated your rent agreement by doing something illegal (drugs,) repeatedly failed to pay rent, or destroyed the place.

No Cause Termination

You could be on time with the rent and not need money for rent, your apartment or house could be in pristine condition, and your habits unobjectionable. Only if you don’t have a fixed-term agreement can your landlord toss you out for no reason at all.

The landlord is required by law, though, to give you enough notice to quit the premises. In most states, 30 to 60 days is the norm. States vary in this regard, so ask a lawyer how much time you have.

If you live in a rent control city, then the landlord has to prove he has just cause to terminate your rent agreement. The laws governing this are called “just cause eviction protection”. Ask a lawyer if your city falls into this category.

An Eviction Lawsuit

If you’ve failed to obtain a loan for rent or fixed the problem for which you’re being evicted, then the landlord must serve you with the proper papers at the proper time. When the legal amount of time has passed, then the landlord will file an eviction lawsuit with the court.

You will be served with the papers which will include the time and date to appear in court. You must appear in court on the date and time. If you don’t, the judge will rule against you.

You might have the judgment set aside if you can prove the landlord

  •  evicted you in retaliation for asking for needed repairs,
  •  not maintaining the property in reasonable living conditions, or
  •  improperly filed and/or served eviction papers

Ask a lawyer for advice in proving these things if they exist.

Escorting You Off The Property

We’re sure you’ve seen people’s belongings out in their yard awaiting their pickup. In most states, this is highly illegal. Following the court order, the landlord will give a copy of it to the sheriff’s office. You will have a set amount of time to remove your things to storage or another living arrangement. The sheriff’s office will come at that time to escort you off the property.

Tenant Rights

We’ve discussed the proper eviction protocol from a landlord’s point of view. However, tenants have rights, too, such as:

  • Proper notice. A landlord can’t just stick a yellow post-it note to the door saying “get out.” Nor can s/he tell a friend to pass on the message or email it to you. S/he must follow the legal pathway to eviction.
  • Time. The tenant must, by law, be given time to respond to the eviction notice, pay the rent, facilitate repairs, or stop doing objectionable things. This is a good time to get emergency eviction loans if you need help paying rent now.
  • Proper filing. The eviction notice must contain the proper details such as the tenant’s name and address, the reason for the eviction such as failure to pay rent, and the name and address of the responsible party to whom rent should be paid.

If these things weren’t done properly and according to your state’s laws, then consult a lawyer. S/he will make sure that you’re not being railroaded and will alert the court that you’re making a good faith effort to make the situation right.

How to Get Out of This?

As scary as those yellow notices taped to your door are, you do have access to resources to get you out of this situation:

  • Pay the rent. Many people max out their credit cards, borrow against their life insurance or their 401k, or borrow from family and friends. This is when you need to check into a loan to pay rent or emergency eviction loans.
  • Repair any damages. If your dog ate something he wasn’t supposed to eat, then take out an emergency help with rent loan to repair the damages.
  • Appeal the eviction. If your landlord improperly or illegally gave you an eviction notice, then appealing it might allow you to stay in your home longer. If you live in private housing, then a civil suit might be brought against the landlord. Public housing offers tenants other routes to appealing the eviction. Check with the U.S. Department of Housing website to find your state’s housing rules and resources.
  • Seek legal advice. Online lawyers will answer your questions for a small fee within 12 to 24 hours.

Renting Without a Lease

It’s possible to rent a property without a lease, but you still retain the rights of a tenant with a written rental agreement. Let’s say a family member owns a property and needs a tenant. You move in. You are now called a tenant at will.

Oral Agreement

It’s called an implied lease when you rent a property without a written agreement. If you pay each month, then you have a month-to-month implied lease. You retain renter’s rights even though nothing is written down.

Notice of Termination

Your desire to terminate your tenancy must coincide with the date you pay rent. This may be due to the need for rental loans, or you’ve located a more desirable property. Whatever the reason for the termination, you must give your landlord proper notice (usually a month). There will be no penalties due to having no written lease.

Deposit

Almost every landlord, including the landlord of a tenant at will, requires a deposit for cleaning when you move out and for repairing any damages incurred during the rental. Most landlords return the deposit in a timely fashion, although landlords of tenants at will tend to return the deposit sooner than other landlords.

When a Landlord Sells a House a Tenant at Will Rents

There’s almost no greater shock than hearing that the house you rent as a tenant at will is being sold. Images of boxes and suitcases outside the house immediately run through said tenant’s mind. Relax, though, because all is not lost. You have rights, even if the house is being sold.

Talk to the new owner. It’s not many new owners who would toss a renter out when the rent could be put toward their new mortgage payment. Also talk to the present landlord. He might be able to work your tenancy into the contract at closing. You might not need help paying rent now at a new place.

It might ease your mind to know that you won’t be forced to move out when you hear about the sale of the house. Oral agreements, like their written brethren, are protected by law. This means that the new owner must honor the terms of the oral agreement for the time the agreement lasts.

If all else fails, then the owner of the house is required by law to give you at least a 30-day notice of the sale of the house. This varies from state to state, so check with your city or state. If the situation doesn’t suit your circumstances, though, go ahead and secure a need help paying rent loan for a new place.

Conclusion

The circumstances leading to an eviction are scary and frustrating enough. To see that yellow notice taped to your door might seem like the end of the world as you know it. While it might seem that the law is on the landlord’s side, take heart. You have rights as well as resources that can help such as emergency eviction loans.

It’s surprising how many people are unaware of rental loans. Most people go to a bank, their human resources department at work, or they tap into their savings or 401k plan at work when they need emergency help paying rent. Another avenue to help is personal loans, although they can be labeled anything from auto loans to medical bill loans to a loans for rent.

Loanry

How Long Does it Take to Get Evicted for Not Paying Rent?

Posted on | by Lauren K | Leave a Comment on How Long Does it Take to Get Evicted for Not Paying Rent?

Paying rent is a reality for millions of people every month. Some have no trouble keeping up with rent payments. Others struggle each month to come up with the payments they need to make. For those that have trouble paying rent, it may be easy to fall behind and can end up facing eviction. Knowing a thing or two about eviction rights, and ways to get help paying rent can help you to stay out of trouble and avoid eviction.

How Soon Can You Be Evicted for Not Paying Rent?

When it comes to eviction and getting evicted for not paying rent, there are a few basics that everyone should know. Your landlord cannot simply tell you to leave without notice because you have not paid rent. There are steps that must be taken in order to legally evict someone that has not paid rent. First and foremost, he must notify you in writing that you have not paid rent. He then gives you a certain amount of time to pay or face eviction for not paying rent.

Generally, your landlord will give you a specified amount of time to either pay the rent you owe, come to an agreement about rent payment, or to leave the premises. In most cases eviction take about a month. Although, you need read below regarding your rights to see exactly what needs to take place during this time period. It’s not easy to evict someone. It depends on the agreement in your lease and the specific eviction process that your landlord adheres to.

How Eviction Works

Clipboard in hands businessman write legal documentsThe eviction process starts first with a written notice. It outlines why the tenant is getting evicted, if there are any ways that the eviction can be avoided. It also includes what need to be done to rectify the situation. Your landlord can send a notice of eviction for a variety of things. The most common is violation of terms of the rental agreement. Another common cause for eviction is being evicted for not paying rent.

If your landlord gives you an unconditional quit notice the renter has no chance to pay rent or rectify the situation and must vacate the premises immediately. These are only filed when the tenant has repeatedly violated the rental terms. It can also be filed for having been late on rent on more than one occasion. Other reasons might be having been engaged in illegal activity or having damaged the premises greatly.

The first step is always going to be a notice of eviction. If you are given the chance to repay rent you can. You can also be given the chance to repair or replace what has been broken. In some cases, you will be given terms that can be met in order for you to stay in the rental unit. In other cases, you may not be given any terms to meet and you will be asked to leave immediately. After the landlord has provided a notice of eviction, you can either meet the conditions of the notice, or sue to counter the eviction notice.

What Should I Do if My Landlord is Trying to Evict Me?

If your landlord is trying to evict you there are a few things that you can do. You wish to leave the premises and are not planning on staying and have received a notice of being evicted for not paying rent you can always work to settle with the landlord. In some cases you can settle for less than what you owe and can leave the rental unit without having to worry too much.

If you want to stay you can always meet the conditions of the eviction notice and stay in the rental unit. This might mean repaying rent or repairing things that have been damaged. You can always do that and continue to stay in the rental property. However, if you wish to stay but cannot afford to pay rent all at once, you also have a few options.

You can often talk with your landlord, providing that you have not had to work out a payment plan before. Talk with them about a repayment plan that you can actually keep to. This might be a plan that allows you to pay a little extra each month.

A landlord that allows you to pay sums that the landlord has agreed upon, or that allows you to get a rent loan or other lump sum to pay off the rental balance. Being evicted for not paying rent always leads you to exploring your options.

Eviction Notice Document and toy house on table.

Focus on a Plan and Budget

If you do come to an agreement with your landlord for a repayment plan you always ask for the agreement to be written. This will protect you. Mainly if the landlord decides to go back on their agreement and decides to evict you again. You should also take the time build a budget for rent so you don’t end up in the same situation after you’ve fulfilled the repayment plan.

What are My Eviction Rights?

You do have some rights when it comes to eviction. Even with notices that require you leave and have no way of working out the ability to stay. First, your landlord must provide you with a written notice of eviction. You cannot be evicted without a written notice to tell you why you are being evicted. There are a few different types of notices that you can get based on your eviction.

There is first a 3 day notice to pay or vacate notice. These give you three days to pay before you are required by law to leave.

You may also get a 3-day notice for waste or nuisance. It is then about things like trash on your property or being too loud or annoying to other neighbors.

You may also get a 10-day notice to comply with terms or vacate. This means that you have ten days to meet your rental agreement. That includes the number of people that are living in the home, the number of pets, etc. It also includes repairing things that are destroyed in the home.

There are also no cause notices that allow the tenant 20-days to leave no matter what.

Your landlord has to talk to you about the notice. He must let you know why you are being evicted. You also have the right to challenge the eviction if you choose to. In some cases you can sue your landlord over the eviction. This is part of what you can do to stay on the premises or to get rid of the eviction off your record.

Can You Be Evicted if You Pay Partial Rent?

When it comes to being evicted for not paying rent you may be able to reach a partial payment agreement. It truly does depend on the landlord as to whether or not they are going to evict you for not paying rent. In most cases, landlords will accept partial payments under a few different circumstances. They may accept a partial payment if:

  • It is the first time that you have not been able to pay your rent fully.
  • If you have a partial payment agreement that you have already worked out.
  • If they trust you to pay the remainder of the rent.

Partial payments are a good way if you cannot pay the full rent. Keep in mind that you landlord needs to give his agreement to these partial payments. There are not really any laws that regulate partial payments and they are at the full discretion of the landlord that is accepting the partial payment.

What Should You Do When You Can’t Pay Rent?

Being afraid because you may get evicted for not paying rent, you should first and foremost talk with your landlord. Doing it before you get to the point that your rent is late. Being a good tenant and having paid on time up to this point, your landlord may help you work out a payment plan. He might also help you to get through it until you can pay. Your landlord may allow you to pay later, or to make a partial payment. He could also allow you to set up a payment plan to avoid being evicted for not paying rent.

If you cannot pay your rent on time it is always best to talk with your landlord. It can help you see what you can do to get your payment back on track. It is always best to make sure you discuss your options before you just miss a rent payment. You should also talk with your landlord about what your lease says. There are ways to save on rent and some landlords surprisingly are willing to help. Otherwise, cut your monthly cost anyway you can. There might be some clause that relates directly to late rent payment you may be able to make.

How Can You Get Help Paying for Rent?

If you are having trouble paying rent and fear being evicted for not paying rent you can always contact a few different agencies. That may help you pay. Your state may have individual programs that help pay rent once a year if you are not able to make your rent payment.

Some federal programs are in place to help with emergency rent payment. They help keep you in your home. You can also consider getting a roommate. Cutting costs in other areas or asking relatives to help are also good solutions.

You can also do a quick internet search. It might help you find out if there are any websites to help you pay your rent. You want to look for sites that say org or gov to prove that they are legitimate sites. On top of that, you may be able to go to your local housing authority. Check if there are any local charities that help with rent. You may also be able to visit local churches and food banks for help with rent. You are not likely to get your full rent payment but you may be able to get a few hundred dollars toward your rent payment.

Can I Get a Loan to Pay Rent?

As a last resort if you are afraid of getting evicted for not paying rent you can take out emergency or pay day loans to help pay your rent. Loans to pay rent are not something that you should do every month. However, they are helpful if you are struggling one month. You can get emergency loans for rent from several different lending agencies. The most common is going to be payday lenders or cash advance lenders. These loans need to be paid back as quickly as possible to help prevent getting further into debt.

You may also be able to get a personal loan for rent from your bank to help pay for your rent until you can pay it on your own. Personal loans are going to be a bit more flexible than other loan types and may be better for your credit than something like a payday or cash advance loan. Personal loans are a great way to get the money you need without wrecking your credit.

In Conclusion

Paying rent is something that is difficult for many people to meet each month. There is hope however for those that need help paying rent. Taking time to talk with your landlord may be all you have to do to get your rent settled and to get your issues resolved. Paying rent should not be something that scares you or gives you anxiety, with the right loan options you can get your rent caught up and can get back to living without fear of being evicted for not paying rent.

Loanry

How to Plan a Budget for Rent: Frugal Living

Posted on | by Ethan Taub | Leave a Comment on How to Plan a Budget for Rent: Frugal Living

When the time comes for you to venture out on your own and take on your own rent, you must first develop a budget that will totally cover your costs for rent.

Worksheet to Plan A Budget For Rent

There are free worksheets available to plan for a budget for rent. When you decide to draft a budget, you should always consider the amount of money you bring in regularly. Also consider how to add the costs of your living expenses. This will determine if you have enough of an income for all of your expenses.

To get your rent budget plan done follow these 3 simple steps:

Step One

Start with getting all your living expenses together and add them to the worksheet.

Step Two

Learn about the ways to SAVE on Rent.

Step Three

Adjust your expenses and focus on saving until it fits the 50/20/30 Rule for Budgeting below compared to your INCOME

These 3 simple steps are explained in detail below. So, Let’s get started…

STEP 1. Add Up Common Rent Expenses

Before you can build a budget for rent, you must gather expense data that you will be responsible for in that apartment or home. You will need to reach out to different utility companies. Also consider the other services needed to quote prices on these expenses. These expenses include both living expenses and additional expenses. Those are not necessary but often associated with renting expenses.

Living Expenses

The essential expenses that must be considered initially when you have a budget for rent include the initial rent cost, electric, gas (if necessary), water, cable, internet, and renters insurance. Certainly, the last three expenses are not as essential as the first four. However, they are necessary for entertainment and security purposes. If you work at home, the cable and internet may even be a necessity for your income.

Rent

This expense is the initial and core expense to consider when renting. This expense should remain the same each month unless there was a change in the lease at the time of renewal. When you can’t make your rent payment or find yourself making lots of late payments, you could quickly become evicted or not have your lease renewed. Ensuring that this expense is paid first is essential.

Electric

This expense, too, is essential and must be considered a priority. The difference with this expense is that it is based on usage. It can vary from month to month. You should considerate the electricity you are using so that you can keep this expense as small as possible.

Power cable wrapped around one arm.
Gas

If gas is necessary to heat your rental property, then it is as essential as electricity. The location you are renting will either be all electricity or a combination of both. When you purchase gas for the property you are renting, you purchase it by the tank size, which can last much longer than a single month. However, depending on how much you order at once, you will need to budget that expense.

Also, if you own a vehicle, purchasing gas is a necessity. You should budget the amount of a tank of gas for your vehicle. Then determine how many days you can use this tank for your daily commute. If a tank of gas will last you two weeks, then you should budget a minimum of two tanks of gas for the month. With gas prices always changing, budget this amount at the highest tank of gas you have purchased in the last three months. It is important to purchase by the tank because budgeting by the dollar amount may not get you as far two months later as it did today.

Water

Water is essential for life. Not only do you need water for personal consumption, but it is necessary for laundry, cleaning, and cooking. This expense is always billed monthly. It has the ability to change depending on how much was consumed during the billing cycle.

Cable/Internet

Often billed together, these two expenses are more for entertainment purposes and the use of electronics. For some, however, they are a requirement and an expense necessary for budgeting when renting. if you work from home or plan to use the internet to power your electronics, then it is necessary.

Renters Insurance

While renters insurance is not required, it is highly recommended for those who are renting. In the event of a tragedy or natural disaster, an uninsured tenant who has damages to personal items will receive no compensation. The landlord’s policy will only cover the structure of the dwelling. Some landlords require a rental insurance policy to be purchased prior to renting to protect their tenants and avoid confusion at a later time.

Additional Rent Expenses

Additional expenses refer to those that can differ amongst tenants when they are building a budget for rent.

Pet Surcharge

If you have a pet, you will need to include any charges that you receive outside of your standard rent expense. When you begin to plan a budget for rent, make sure that this charge is included.

Garbage Pickup

Some rental properties have garbage included in their utilities. It is not always standard, however. If you live in an area with garbage pickup, you must include this expense into your monthly charge.

Pest Control

While pest control is not mandated for landlords to carry, some do require that their tenants cover a pest control expense. You may decide to opt into this expense yourself if you feel it necessary and it is not provided.

Parking

Some properties have parking included in the rental agreement, but others do not, making it an additional expense.

Storage

For those renting smaller properties like apartments, they often do not have enough space to store all of their belongings. Because of this, many tenants find themselves needing to rent a monthly storage unit. This is another monthly expense to consider should you find yourself needing this service.

Step 2. Ways to Save on Your Rent

If you are looking to save on your rent, there are several tips you can consider. Especially to minimize living expenses and keep you under budget.

Maintain Your Heating and Cooling Temperature

Since the goal for the electric bill is to keep it as minimal as possible, you should maintain the thermostat to keep your system from being overused when the temperatures change. When it is cooler outside, you should keep the heat lower. When it is warmer, you should keep the air closer to 75. If you keep your apartment super chilly when it is warm and too cozy when it is cold, your system will use a lot of electricity to maintain the desired temperature. It will then raise your electric bill.

Energy Efficient Lightbulbs

Still maintaining that electric bill, you should keep the LED energy efficient light bulbs. They use less energy than standard light bulbs and have proven to keep electric bills lowered.

Cold Water For Laundry

Washing your laundry is a necessity when you rent. If you have an in-house washing machine, you should always wash your clothes on cold water. This help you prevent the electricity from warming water and using unnecessary electricity.

Dryer Balls

If you purchase inexpensive dryer balls, your clothes will dry faster, minimizing use and saving more electricity.

Step 3. The 50/20/30 Rule for Budgeting

When you decide to start a budget, you need to ensure you have additional money for savings and daily purchases. Those going beyond your billed living expenses.

Many in the younger generation are experiencing the budgeting benefits of the 50/20/30 rule. It is a simple and easy way to budget money, ensure bills are paid on time and help you become financial efficient.

The Big 50

First and foremost, fifty percent of your overall income should be set aside for the absolute necessities. Those are mainly living expenses. This category is more than just the scheduled rent check, but the various expenses previously outlined that are associated with living expenses. i.e. water, electricity, and others. These expenses are the same expenses required by anyone who is renting either an apartment or a home. All of these expenses may come to be less than fifty percent of your income, and if so, that is great.

Should these expenses exceed this fifty percent, you may need to consider a different apartment or property to rent. Going over this initial amount will give you a higher risk of over-extending yourself. You would then also risk the change of going over budget. Should you find your income compromised in the future, it will be much harder to stay afloat and get caught up due to high living expenses.

Saving 20

The second part to plan a budget for rent is to take twenty percent and deposit it into savings. It is important to begin your savings immediately if you have not already begun. If you are an hourly employee and find yourself short one month, you will have savings accounts to help you cover your living expenses and keep you from getting behind.

This is the portion of your income that will help you get ahead in your future. Maybe when you decide to purchase a home later, pay for a wedding, or any other major expense that requires a significant amount of savings.

Although you may think it is too soon to think about retirement, it is something that must always be considered. Should you never need your savings for any major purchases, or not need the entire amount, this savings can be used at a later time. Whatever you want to use your savings for. You always need savings in the event of an emergency or lack of employment.

Personal 30

It is understandable that you will want to live a little bit. Whether you want to do some shopping, dining out, or any other expense that is not a necessity. You will have the remaining thirty percent available for these personal purchases. With this portion of your income, you should pay any non-essential monthly subscriptions such as cell phone plans, memberships, and other luxuries that are not essential to your essential living.

Keeping these expenses at or under thirty percent will keep you from over-extending yourself. It will also help you never going over budget. You will then be able to pay down any outstanding debt quicker.

How Much Should Rent Be Based Upon Salary

Now that you know what your expenses are going to be when you build a budget for rent you need to consider if your income is enough. Consider what you should be making in order to afford a particular location or just a general rent. Then you will determine if you need it supplemented in order to afford the expenses.

The initial rent expense itself, in general, should not exceed more than a quarter of your monthly income. When you have to build a budget for rent, you should not be over-extending your income. You have more stability if you have a salaried income where your checks will be equal and disbursed at the same time. If you are basing your income off of tips or hourly wages, you should really consider keeping your budget more on the minimal side, should you encounter a slow month or fewer hours.

Finance Options if You Can’t Make a Rent Payment

If you find yourself in a situation where you are unable to make your rent payments and you need some rental assistance, you have options available to assist you with your rent payment.

Section 8 and other Rental Assistance Programs

There are several government rental assistance programs for your renting needs. Section 8 rentals are agreements made between the landlord and the Public Housing Agencies. When a rental property is designated as Section 8, these landlords have standards and requirements that must be met deeming the property both safe and affordable. In order to determine if you qualify for public housing, you will need to apply for the program. You can do it either online or in person at the agency.

Emergency Loans to Help Pay Rent – 3 available options

If you find yourself in a bind due to less than expected income or emergency expenses, you can always take out a loan for rent. If you need help paying rent, you can take an emergency loan for rent by the following:

  1. Through a personal loan with the bank – If your credit ranges from fair to good, you may be approved for a personal loan from your bank or credit union.
  2. A personal loan with friends or family – When you are counting on a family member or friend and you are comfortable asking for a loan…then this sensitive option available. Here’s how to asking friends and family for a rent loan the right way.
  3. A personal loan with an online lender– If your credit is below average and you have no other source for emergency funds, you can use an online rent lender finder service to assist you with loan offers from online lenders and peer-to-peer lenders.

Final Thoughts

If you are looking to start renting soon, you need to plan a budget for rent with these 3 simple steps.

Make sure that you know all of the expenses that you will be responsible for, as well as the income that you will be using to account for these expenses. When you sit down to develop your budget, always enforce the 50/20/30 rule so that you can keep yourself from going over budget and finding yourself overextended with debt. Once you have calculated this data and know what your budget is, you are ready to begin renting. Should you find yourself in a situation where you need help paying rent or need a loan for rent, there are options available.

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