The U.S Department of Housing’s section 8 programs assists low-income families by paying their rent through vouchers that offset the price of residency. Roughly 2 million American families are awarded section 8 vouchers each year. The funds are distributed by local Public Housing Agencies who determine how the program operates per area. While some landlords have concerns about accepting section 8 vouchers there are many advantages to having section 8 tenants.
- Consistent Rent Payment: One of the most discouraging aspects of being a landlord is the fear of unpaid rent. Tenants with section 8 vouchers are allowed to select and reside in housing that falls within a certain price range, that the government housing authority guarantees to pay to the landlord each month. In some situations, the tenant is still responsible for paying a portion of the rent, with a strong incentive to do so, as they run the risk of loosing their section 8 vouchers for delinquent funds.
- Consistent Tenant Pool: Opening your home to tenants with section 8 vouchers puts you in contact with an entire pool of potential applicants of whom you previously would not have considered. Since the demand for section 8 housing is so large there is often no shortage of tenants. By making the decision to accept section 8 tenants, you place your property at a decreased chance of vacancy
- Pre-Screened Potential Tenants: Although Section 8 screenings focus primarily on income verification, screenings often uncover facts about the applicant’s background. These facts include, the tenant’s previous addresses and landlords. If the applicant’s background shows any signs of a criminal record, the government rarely provides them with section 8 housing according to eligibility.com. Tenants with prior history of drug related evictions are strictly prohibited from receiving vouchers.
If you are looking for consistent rent payments and tenant pools along with pre-screened potential tenants, renting to a tenant with a section 8 vouchers may be the right option for you. While this rental style may still be unfamiliar to some landlords, there are multiple government provided benefits to ease the process of renting your property. If you need further assistance in understanding section 8 housing or want more help understanding your options contact one of the experienced realtors at Rent It Network.