While the lockdown is completely necessary, it has also put a stop on all economic activity. With no revenue streams, people have found it difficult to finance their daily expenses. A 2018 study found out that 95% of millennials are not saving adequately and therefore this lockdown has hit millennials harder than most.
Pay cuts, layoffs and delayed salary payments are common news since the business has had to shut up shop due to the virus outbreak, and millennials are struggling to deal with the first economic crisis of their lives.
Many people move out of their hometowns in search of better job opportunities, and as a result, end up staying as tenants. It is this rent expense that is proving to be the most difficult. They have meagre savings, and with a lot of them not getting their salaries on time, it has been difficult to clear off their housing payments.
The government recently appealed to landlords asking them to postpone rent collection by a month. While this may bring some relief to tenants amid the coronavirus outbreak Millennials say not everyone is following the directive. Even in the cases that they are, the money needs to be paid at some point of time and that is a cause of concern in itself.
So with everything closed and with little left in the bank, how have Millennials dealt with rent this month?
“Well my landlord is pretty understanding, so he sent me a message saying that we could sit and talk once this whole situation is over. As of now he’s only asked me to pay 1/3rd of the monthly amount. Thankfully I was able to manage that from my savings” – Vidushi, 20
“Despite the order, my landlord has been continuously asking me for the full amount. He’s not even agreed to a delay. Well since I’m a student and I was moving out of the house anyway, I’ve asked him to cut the monthly rent from the deposit amount. It was the only way to pay rent on time.” – Samarth, 22
“Paying rent has been more difficult this month as I had to face a temporary pay cut at work too. I redeemed some of the mutual funds I had invested in and borrowed money from my parents to clear the expenses for this month” – Asmeet, 25
“I didn’t have much of a problem with the rent this month. I moved back to my hometown temporarily before the lockdown. So a lot of my daily expenses like conveyance and groceries are cut down as I’ve been working from home. While I have had to use almost my entire salary to clear off the rent dues, it’s been manageable since that’s the only expenditure I had to incur month” – Poorva, 28
Well, that’s how most millennials are dealing with their rent this month. Share with us your stories in the comments section below!