Most people who rent, no matter what type of housing unit it is, will have to pay a security deposit before they can move in. This is often a detriment to those who need to rent a place because they are high and difficult for many to come up with. It’s especially difficult for seniors to come up with them because they live on a fixed income. The good news is that seniors can be helped with obtaining a security deposit.
Most landlords require a security deposit to provide them with a safety net. The money is held for the duration of the time the person lives in the unit. If the person moves out and doesn’t pay their last month’s rent, damages the unit, or does something else that the landlord may not like, then it would be taken out of the security deposit. For example, if someone destroys the carpeting or leaves big nail holes in the walls, the landlord would determine how much that costs to repair and then deduct that from the person’s security deposit to pay for it.
Oftentimes, the security deposit is equivalent to one month’s rent. This means that it could be $1,000 or more, which is difficult for people to come up with, even if they can afford the monthly rent amount. That additional fee is something people may struggle with if they don’t have a healthy amount of money put away in savings. This is when they will need help coming up with the security deposit.
Help for Seniors with Security Deposit
It may take trying different routes to come up with the security deposit. Be open to the possibilities, as people may have suggestions to help you. There are some programs that may help, but there are not many. This is something that most people have to determine how to do on their own. There are always options available. It comes down to finding the one that will work for your situation.
Housing and Urban Development (HUD) – This is going to be the best route to getting help with a security deposit for a senior who needs financial assistance. HUD is a federal agency that provides more housing assistance around the country than any other entity. They do help people with a security deposit if they have a low income and are a citizen or legal non-citizen. There is a HUD office in each state. Contact your state’s HUD office to inquire about getting help with a security deposit so you can move into a new place. To get more information and find your state’s HUD office, click here.
Housing Authority – Every state has a housing authority office, as does many cities. Check with your local or state housing authority to see if there are programs that will help you with a security deposit as a senior. They will have information about programs that could help and likely referrals they can provide you with. Their mission is to help the people in that state or city with all of their housing needs. They especially provide programs and services to those who have a low income to try and reduce homelessness. Most also offer emergency shelter services, which could be helpful if you are being evicted and need immediate security deposit assistance. To get more information and find your state’s housing authority office, click here.
Temporary Assistance for Needy Families (TANF) – This program is federally funded and helps people by providing cash assistance. Your state’s TANF program may offer security deposit assistance for seniors. Check with your local office to see if they have it and if you qualify. To get more information, click here.
Salvation Army – This organization offers many helpful services all year and all around the country. Check with one near you to see if they will provide help with coming up with a security deposit. They are also a good place to get referrals. To find a location near you, click here.
Friends and Family – Check with your friends and family to see if people will chip in and help you come up with the money or lend it to you. Many people will be compassionate and help you come up with the funds. If they don’t know your situation and you need assistance, they can’t help. Let people know you need assistance and give them the opportunity to help out. If they are your friends and family, they don’t want you to struggle.
Raise the money – There are many ways that people can do some side hustles to raise the money for the security deposit. Determine if you have something you can sell or a service you could provide to get the money. Perhaps you knit, make alterations, bake, etc. No matter what type of skill you have it is likely something you could do a little of to raise the security deposit money.
Churches – These can be great places to get help, especially for seniors in need. Reach out to the churches in your area to see what type of services they provide to help people in need.
Senior Centers – The senior centers in your area likely have a list of referral services that they provide to those who need assistance. Contact your local office to see if there are any places on the list that would help with a security deposit. Senior centers are also often called aging centers.
Additional Option
Those who have explored the above options and feel they cannot find one that will work should consider taking free items and saving up the money for the security deposit. To do this, you would opt for the free food from pantries and other programs and then take the money you would have spent on that to save up for the deposit. Additionally, you can cut off some things for a month to save that money, such as getting rid of cable television so you can save the money for the security deposit.
