Philadelphia PHA (Section 8) Fair Market Rent Determination

[Max T.]

I have no experience with the Philadelphia housing choice voucher (section 8) program. But I have done some research. I'm considering partnering with this program for a possible next investment and have come across this just released fair market rent determination guide:

Are these numbers guaranteed? If not, how can you figure out how much you can rent your unit for? I've heard that the PHA doesn't tell you until the end of the process, which can take quite a while. This is all done after you screen your prospective tenant. For example - I am looking at a property with 1 and 2 bedroom units in 19144 and trying to determine what I can rent them for through HCV.

If you have experience with the program here in Philly (Philadelphia) can you chime in? Please don't bother if you are in a different area as I'm aware things are done quite differently here.

[Kevin Paulk]

@Max Flambert To answer your question the rents are not guaranteed. In like step 3 or 4 of the process, and yes after you find and screen the tenant. PHA completes a reasonable rent evaluation of the area and then negotiates a reasonable rent with the owner. What I usually do is, I complete a market rent analysis of the area and then I'm able to have a range of what the property could rent for. Also PHA takes into account your amenities when determining the rent for the property.