Propertymanager may be able to answer this but I am curious about the Section 8 tenants. From my crude understanding, Section 8 means the government pays a percentage of the rental fees for the qualified renter. Correct me if I am wrong, please.
Now, does Section 8 have limits on how much the rent is? Meaning is there a limit to how much rent a Section 8 candidate can afford? It would help better understand how to select properties for Section 8 candidates.
If I purchase a property for Section 8, does that mean all other properties I purchase for rental have to be allowed to Section 8? Can I have 50/50 Section 8 properties and non-section 8?
Yes, Section 8 has a limit on what they will allow the rent to be for each property. It depends on a lot of factors, including the family income, type of heat, included appliances (if any), area, etc. One of the best ways to know what Section 8 will typically pay for a rental in your area is to either 1) go talk to Section 8, or 2) talk to local landlords.
You can have some Section 8 rentals and some regular pay. Section 8 is a voluntary program, so you could have any percentage of Section 8 tenants you like.
Your local housing authority will inspect the property taking into account their guidelines and items propertymanager mentioned and present you with an amount they will pay if you accept the prospective Section 8 tenant. It’s up to you to determine if the amount is acceptable or not.
Those are guidelines and have utilities included in the rent. The maximum amount you will be allowed to charge is determined by a local market survey done by the housing authority each year. If you are advertising your property for rent at $750 per month plus utilities, then the rent you are allowed to charge the section 8 tenant will be $750 per month even though the maximum rent guideline may be higher.