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Updated over 7 years ago,

User Stats

55
Posts
13
Votes
Peter Forrest
  • Washington, DC
13
Votes |
55
Posts

Tenants paying half the market rent in DC

Peter Forrest
  • Washington, DC
Posted

I got my first 4-unit building in Washington DC a couple of months ago.  I am trying to get rid of the tenants who are paying half the market rent, and put section 8 tenants in the building.  The current tenants are paying less than half of what section 8 pays. For example, I have tenants paying $630, but I can get $1500 from section 8.  What is the best way to either raise the rents on these tenants or evict them? The property is under rent control, because I have other properties (single families).  The property currently costs about $3000 to run, and in total I am getting $2000 from the current tenants. When I fill the vacant unit, the revenues will jump to about $3500.  I put in about 130K in equity into this building so I am currently upside down. Washington DC is obviously tenant-friendly, but we got some great people here on BP so I figured this is a good place to start.

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