CHICAGO, Nov. 1, 2010 /PRNewswire/ -- As housing foreclosures continue to rise and as mortgage financing is harder and harder to come by, more people are renting their homes rather than owning. With Jimmy McMillan launching the "Rent is Too Damn High Party," rising rent prices are becoming a growing concern. WilliamPaid, an online resource for renters, is helping the more than 90 million renters nationwide maximize their rental agreements and win free rent money.
"We understand that renters are feeling the pinch. Our overall mission at WilliamPaid is to be an ongoing advocate for renters by offering flexible online rent payment options, credit building opportunities and educational information that will help them maximize and enjoy their renting experience," says Evan Silverman, Chief Executive Officer of WilliamPaid. "Perhaps we should launch our own political party – the 'We Will Help You Pay Your Rent' party!"
Tips for Maximizing Rental Agreements:
Some of Evan's top tips for maximizing rent agreements in the current leasing market are as follows:
- Landlords are not the Enemy. When rent prices rise, it's easy to blame your landlords, or look at them as the "enemy" - just out to take your money. In most cases, this is untrue. Landlords want to make their renters happy because they most likely want you to stick around for the long haul. A landlord's dream renter is a reliable one – someone who pays on time, takes care of the place and keeps renewing the lease. Develop a relationship with your landlord and talk to them about potential price increases and see if there is a way to keep the costs affordable for you, while also paying the bills for the landlord. Try an online rent pay service to be sure you pay your rent on- time every single month and "get in good" with the landlord.
- Determine your rental budget before shopping. Like any shopping experience, budgeting for your rent payment before you sign on the dotted line is imperative. Many people get in rental situations they cannot afford because they justify the expense or think that they will be able to figure it out. Don't fall into this trap. Many personal finance experts say you should spend no more than 30-35 percent of your gross income on rent whether you live in a high- or low-cost area. Be sure to figure out your rental budget and try to find a place that is below your maximum price point. That way, you're accounting for any potential rent increases over the years. Use this online calculator to help you build your rental budget
- Build credit while paying rent. Traditionally, apartment renting comes with a disadvantage. Unlike mortgage payments, timely rent payments do not improve your credit rating. By paying your rent online with WilliamPaid, renters are able to build a positive payment history by reporting monthly rent payments to a nationally-recognized credit bureau. This will help you establish a positive payment history before buying a new car, your first home or applying for a credit card in the future. Learn more about paying rent online while building your credit history here.
- Be sure your roommate pays their share. If there's one thing that can threaten a successful rent agreement, it's a roommate who is continuously late with their payments. Set your expectations with your roommate(s) when you first sign the lease and create a rental agreement outlining responsibilities, what each person owes each month and a drop-dead due date. Even if you are the best of friends, it's always smart to have all of this in writing. WilliamPaid offers an online Group Pay service that provides template roommate agreements and online resources that will help you coordinate group payments online. Learn more here.
"Free Rent" Sweepstakes
WilliamPaid is also offering a Free Rent Sweepstakes that will help off-set current rent prices. The sweepstakes will award one winner up to $500.00 that will go towards their monthly rent payment. The Free Rent Sweepstakes will run through November 30, 2010 and is part of a series of monthly sweepstakes that aims to provide rent and other bill relief to winning renters and roommates. Entries can be made at http://www.williampaid.com/sweepstakes or at http://www.facebook.com/williampaid.
For a detailed description of prizes, eligibility, entry instructions, rules and information about the sweepstakes, visit http://www.williampaid.com.
WilliamPaid is an online resource for renters and roommates, providing flexible rent payment options, including paying rent online with a credit or debit card, and credit building services such as having rent payments and past rent and utility payments reported to a credit bureau. WilliamPaid is headquartered in Northbrook, Ill. Learn more: www.williampaid.com.