When it comes to adult responsibilities, there are few that are more important than paying your rent on time. Typically, rent will be due on the first of the month and if not paid by then, it is considered late. Not paying rent on time results in many consequences, both short term and long term. Here are some of the effects not paying your rent on time can have on your future.
Property Management Companies Keep Track
- Property management companies may serve you with an official notice informing you that you have 14 days to pay your rent in full otherwise they will file with the Landlord and Tenant Board to have you evicted for non-payment of rent.
- Not paying rent on time can be bad for your credit rating. It’s important that your credit score stays in shape, for many reasons beyond finding somewhere to live.
- Renter’s history is a very real thing. Not paying rent on time will be noted in your renter’s history and can be entered into a data base that is accessible North America wide.
- The long term effects of being late on rent can cause you to have a hard time finding somewhere to live. When you begin searching for a rental property in the future, the landlord or property management company is going to look at your payment consistency, speak to your previous landlords, and determine whether or not you’re approved to sign a lease with them.
If you’re interested in installing a waste area that is raccoon proof on the outside of your property, talk to your landlord or property management company. If you live in multi-unit building, make sure you’re doing your part to dispose of waste properly, your fellow tenants and landlord will appreciate your cooperation.