Current rental rates and Section 8

[Lisa Santoroski]

I purchased my first 2 family about a year ago and my 2nd floor apartment will be vacant again in a couple months. I get many calls asking if I'll accept Section 8 so I'm considering it. I'm asking $1400 for a 3 bedroom apartment, but I've talked to people who say they have a voucher for a 3 bedroom for $1550. I went to HUD website and the fair market value for a 3 bedroom in my area is $1627. I'm not sure if I want to rent to section 8 unless they pass my screen with flying colors, because I have a wonderful tenant on the 1st floor and I don't want to rent to bad tenants that could possibly disturb her. I know not all section 8 tenants are bad but the majority I've spoken to don't sound like the best. And rents are not as high in this are as what's listed on the HUD website. Many are renting for only $1200 or less and yes they are 3 bedrooms. If I list it at $1600 then I will lose all possible non section 8 renters because it will be too high. How do I determine what amount to set the rent? I'd hate to end up renting to a tenant with section 8 and knowing I could have gotten more money. If I'm listed for $1400 and they have a voucher for $1550, can I increase the rent to that if I choose them?