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Updated about 6 years ago,
KCMO Section 8 advice... how do you raise the rent?
Hey I want to look into raising the rent on my property and I'm looking for some advice/ help on this. So I've got a 4/1 that's rented out to Section 8 in KCMO. I bought it from a turnkey if that matters and its 2 blocks east of Troost Ave. near Marlborough Heights and close to Rockhill Manor. Seems like an ok area with a lot of rental inventory. I'm realizing though with the yearly inspections and repairs a lot of my profit is suddenly gone and I need to try and maximize my returns.
Anyways, I've already read on the forum that the Section 8 powers to be are difficult to deal with and luckily I have a property manager to deal with that. With all of my other properties in different locations I raise the rent a little bit every year so that it keeps up with market rent but maybe stays a bit lower. I'm just finishing up my first year of owning the property and realizing though what a process it is to raise them... and that it has to get approved and be based on comps. I stupidly figured that there was just a standard rate and not that it was such an art form to figure out what you can charge.
Just wondering if anyone has any tips with raising the rent with Section 8? Is it better just to keep the same rate for a few years and then do a bigger jump a bit down the line since or is it possible raise it a little bit every year? Asking my PM too of course but wanted to see what other help or opinions are out there first!!!!