Section 8 payments as HUD lowers the rate yearly (Joliet)

[Stephen Solum]

Hello BP.  

I am looking into section 8 in Illinois in Will county (Joliet). As I was looking up the HUD advertised rates I have noticed in 2016 through 2018 the amount has been dropping. (Example 2 bed rents in 2016=$1176, 2017=$1142, 2018= $1110). Say you started renting a 2 bed room at the max in 2016 at $1176. In 2017 when you renew the lease do you have to lower it to $1142? Can you keep it the same, can you raise it? From 2016 to 2018 that is a $66 drop a month or $792 a year. I assume it will go down again in 2019.

Some one with more experience than me please educate me. I realize that what I am asking may be stupid or common knowledge, I just could not find anything trying my search words. 

  Also if anyone in Joliet IL has rented to Sec 8, is it worth your time or not?  Thanks. 

[George Skidis]

We have accepted Section 8 in Cahokia, IL since 1993. Our percentage of rentals changes but we are consistently 80 to 90 percent Section 8. Our average Section 8 tenant stays 10+ years unless I made a mistake when screening them. Screening mistakes don't get renewed or they leave early that first year.

One of our residents will celebrate 21 years with us in June.

That being said Section 8 total rents are usually higher than self pay.

Don't forget the tenant can end up being responsible for 0 to 90 percent of the rent. Make sure the tenant can pay their share. This is especially  vexing if they get booted from the program. If they can not pay do not think, do not pass go start the eviction immediately. Their situation will not improve. Don't let you drag them down with you.