Why Have Section 8 Tenants For Your Rental Properties?
One of the best ways to ensure that your unit is always occupied although in a low budget is by having Section 8 Tenants. If your unit has been lying around for a while and has not had a tenant, you may opt to have your apartment or house listed into the Section 8 listing. This gives it more visibility and increases the chances of getting tenants in the future. You can also be sure that you will surely get paid as this is funded by the government.
What is Section 8?
Also called the Housing Voucher Program, Section 8 is an assistance program for certified U.S. citizens or immigrants with very low incomes. This housing project is funded by the U.S. Department of Housing and Urban Development (HUD), with allocations administered by Public Housing Authorities (PHA).
How Does it Affect A Landlord?
Because this program is funded by the government, you can be sure that the payment will be made every month. Although the rental amount for the tenant should not be more than the 50% of their total income, the amount to be paid by the government is limited to ensuring that the leasing rate remains competitive to those within the area and to tenants who are not in the program. There is a security deposit paid by the tenants but it should not be greater than the security deposited by other unassisted tenants.
You may enlist your apartment or home in the Section 8 listing to make it available for viewing. This increases the chances of tenants in the future, as even those who are not in the program may also see a listing of the houses or units for rent.
What are my Restrictions as a Landlord?
Just like any other tenants, those under the program should be treated and provided the same priveleges as non-participants from screening process even up to eviction. The same laws and regulations should be abided by the landlord and tenant while within the program. You may reject a Section 8 tenant's family to lease a unit and a landlord is not required to rent units to people under Section 8.
In a gist, having Section 8 tenants does not change so much of the rules and regulations within your property. You are also given the same authority in keeping the same regulations within the area of vicinity. There are no special treatments made for Section 8 tenants, except for the fact that the government subsidizes a part of thir monthly rent.
The government agencies are only responsible for the eligibility of the tenants for hte program. They also require the tenants and the landlord to complete forms and/or contracts regarding the project. Any other process is in the discretion of the landlord who is given much more benefit and less of a hassle in receiving payments.
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Wishing you much success,
Annetta Powell
Queen of Real Estate
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