There are many advantages to renting to Section 8 tenants. The benefits include decreased turnover, guaranteed rent and a wide pool of tenants. Each housing authority has their own requirements, but typically any landlord can participate in the Section 8 program, including private owners and property managers. Remember, your property is not classified as a Section 8 rental property; you are simply renting to Section 8 tenants.
Here is what you can expect:
1. As a landlord, you will need to complete an application and provide personal information. Make sure your property is priced correctly. Upon signing a lease, the local housing authority will review your rental rates to ensure that they fall in line with rates for comparable units in your area.
2. Your property will be inspected to ensure that it meets HUD’s Housing Quality Standards (HQS). An inspector will visit your rental property to make sure it meets all local building and safety codes. The inspector will let you know if you need to make changes prior to the tenant moving in.
3. The next step is to advertise your property. There are many free and paid sites out there. GoSection8.com is the largest and most trafficked Section 8 rental site, but you don’t have to stop with us. List your property with Zillow, Trulia, Craigslist, Trovit, ByOwner and don’t forget to place it with your local Housing Authority.
4. After you find a tenant, complete a separate lease agreement with them. It is very important to have a well-designed lease. The Housing Authority typically does not get involved in the standard lease forms but should be notified if the tenant falls behind on rent. (Check out our previous post on How to Screen Potential Tenants)
5. With Section 8, the housing authority and the tenant each pay a portion of the rent. Typically, Section 8 tenants pay their portion on time. Since failure to do so can cost them their housing voucher, Section 8 tenants can be even more reliable than private tenants.
If you are new to Section 8, follow these simple steps to ensure your success. To learn more about the Section 8 program visit the Resources section of the GoSection8 website and click on the link What is Section 8?
