Benefits in Renting Your Home to Section-8 Tenants
Many landlords think twice before renting their homes to section-8 tenants. They believe that section-8 tenants can destroy their property.
It is not rocket science that landlords look for quality tenants who have a stable income and a clean lifestyle. And, there are so many horror stories from landlords who have rent their homes to Section-8 tenants. On the other hand, the Housing Choice Voucher Program believes that this tenant pool can be advantageous.
In this short article, you will read about the benefits of renting your home to a Section-8 tenant.
Benefit #1 – Support from the Government
First of all, Section-8 tenants receive support from the government. There are special government programs to help these tenants. When Section-8 renters apply for these schemes and meet requirements, they will be given monthly vouchers. These vouchers can be used to pay rent. However, the home must be within a specific budget. If your home is approved by the Local Housing Authorities, a lease agreement will be signed. The local authority is responsible for paying the tenant’s rent. The voucher is often directed towards the landlord. This means you don’t have to run behind the tenant for money. Most Section-8 tenants qualify for the Local Public Housing Program. They receive payments every month. (In some cases, the tenant will be asked to pay a very small amount of money.)
Benefit #2 – Easy Hunt
If your rental home is meant for Section-8 tenants, you will have a targeted group of audiences. In fact, your marketing opportunities will be unique. According to experienced tenants, the marketing opportunities are present offline and online.
- If you prefer offline marketing strategies, you are definitely lucky! That is because you have a very small group of people to focus on. By posting your advertisement on community boards and grocery stores, you can attract section-8 tenants towards your property. Don’t forget to post advertisements at the Public Housing Authority Building. These offices have special departments for handling landlords with homes for Section-8 tenants. These advertisements will not cost you a penny.
Online advertising has become extremely famous in the past few years. When you advertise your property online, you will be able to attract hundreds of section-8 tenants. Traditional sites for online advertisements are Craigslist and Trulia. There are special websites for section-8 tenants. This includes sites like socialservice.com. You can register and post your advertisement for free. The moment you register at socialservice.com, you will receive many tenant applications.
Benefit #3 – Similar Experiences
Moving on, your property will be exposed to similar kinds of people. This means you don’t have to renovate your home often. Section-8 tenants lead a similar lifestyle. They make similar incomes and look for common things. This makes maintenance and repair easy for landlords. Even when your region doesn’t have many section-8 tenants, fear not! You will definitely find a tenant to occupy your home.
Benefit #4 – Pre Screening
Last but certainly not least, section-8 tenants are pre-screened families and individuals. The government keeps a tab on these people. In simpler terms, they are pre-screened on behalf of you. To become a section-8 tenant, the individual (or family) must meet certain requirements. Officers at the local authority are keen on monitoring these people. They perform frequent income screenings. In fact, they conduct screening of criminal histories too. If a person is too dangerous, they will not be eligible for the Public Housing Vouchers. If a person receives vouchers from the Public Housing Authority, don’t think twice to rent your home to them. They have undergone several rounds of screenings and inspections. In fact, they have not been evicted in the past 3 years.
You can receive the following details from the Public Housing Authority:
- The section-8 tenant’s present address and previous rental histories.
- Details of the tenant’s present and previous landlord. You will be able to receive the landlord’s address, contact number, and name.
- Reports of the screenings (type and results) done on the tenant.
Screenings performed by Public Housing Authorities are both accurate and up to date. As mentioned previously, these authorities have teams to perform screenings on section-8 individuals. These screenings are performed once in every three months. If the person has a very-bad criminal background, the screenings are done more often. Before you give your home to a section-8 tenant, ask for these reports from the public housing authorities.
The ultimate Bottom Line
There are many benefits and drawbacks of renting a home to section-8 tenants. To safeguard your property, engage in thorough verification and background study of the tenant.
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