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Updated about 4 years ago, 10/13/2020
Housing Voucher Amounts (Section 8) in South Jersey and SAFMR
Hi all - hoping for some advice on renting out to housing voucher program tenants in southern NJ. Right now I own two properties that each have a HUD 2021 SAFMR of $1900+ each (4 bedrooms each) that will be ready to rent very soon. I have a few questions:
1) How successful are some of you at getting SAFMR rates for your properties? Do housing authorities generally offer less, or do they have to offer this amount? Is a utility allowance usually deducted from the SAFMR? One of my subject properties was rented out previously for $1300/mo to a non voucher tenant - so the voucher amount is substantially higher than market rent, from my experience.
2) How hard is it, in general, to find voucher tenants for 4+ bedroom properties as opposed to 1 and 2 bedroom vouchers?
3) Finally, what's your experience been like with voucher tenants (South Jersey or otherwise) compared to regular tenants?