We have a newly renovated rental should we try section 8 ?

Question

We have a property that has been newly renovated that has been posted to the normal search engine sites. We are at the top of the market in terms of rent amount for the neighborhood as we have put a lot of money into the property. Should we try to apply for section 8  to allow these tenants ? Washington DC market place

Casey Sutherland · Answer

@Greg Karbett we are in alexandria va. It’s a 2 bed 1 bath duplex.

Kenneth Garrett · Answer

You can list the property at gosection8.com.  This is the easiest way to find a section 8 tenant.  There is no fee.  Check out the fair market value on the website at the housing authority or HUD.  This will tell you the maximum amount of rent the HA will pay.  It still needs to meet the market rent for your area.

Lorin Mones · Answer

Section 8 can be very profitable in DC. A note, make sure you are screening heavily.  I had someone apply that was looking for section 8 for their father. In a two-bedroom apartment. They were offering rent well above the market. Once I did some extra screening I learned the daughter was the father's caregiver and was also planning to move in with a 10-year-old son. I am sure they would have taken care of the property but I was looking for one to two occupants maximum.

Second, it depends on your timing. If you are in a hurry to rent out your property section 8 will slow that down as they need to inspect the property (not sure they have inspectors working during the crisis) before anyone can move in.

All that said, once you jump through all the hoops and find an appropriate tenant they pay well and the checks show up on time. Also, when the tenant moves out you already have all your inspections approved so fewer hoops the second time around and you have a huge pool of potential candidates to tap into so shorter-term vacancy. I will be looking into it again the next time my property is vacant.

James Mc Ree · Answer

You don't apply to Section 8 for your property.  You market your property to find a tenant.  An applicant might be supported by Section 8, in which case you get to work with the program if you choose to do so.

Section 8 does have a list of available properties.  You could leverage that for additional marketing.  You can always call your local Section 8 office to discuss your property with them.  Worst case is you have more applicants to decline if you market through Section 8.  Best case is you find a great tenant!

Patricia Steiner · Answer

Check out the Property Standards for that market; it will tell you the Section 8 rent for a comparable property.  If it's acceptable, then just screen for the right candidate.  I have a client closing on a property that has a long-time Section 8 Tenant in place who has taken excellent care of the house. The seller/current PM failed to submit for a rent increase in the four years the tenant has occupied it. When we did the homework with the Housing Authority, we discovered that what was a so-so rental was actually a pretty great deal when the current standard was applied.  It's worth looking into...

Greg Karbett · Answer

Sec 8 may be more profitable. How many legal bedrooms and which neighborhood are you in?