What happens if I miss a rent payment?

If a resident misses a rent payment at an Apartment Investment & Management property, several consequences may arise. Typically, the first step is for the management team to contact the resident regarding the missed payment. This can take the form of a reminder notice or a call to ensure the resident is aware of their outstanding balance. It is important for residents to check their lease agreement, as it usually outlines the policies related to missed payments, including any potential fees or penalties. After a certain grace period, which varies by property, late fees may be applied to the outstanding rent. Continuous non-payment could lead to more serious consequences, including eviction proceedings, depending on local laws and the specific lease terms. Residents are encouraged to communicate with management if they are experiencing financial difficulties, as there may be options available, such as payment plans or other arrangements. For specific information regarding policies and procedures, residents can refer to the official AIMCO website, where they may find relevant resources and contact information to discuss their situation in greater detail.