Risk With Sec. 8 Tenants Buying MF
Wondering If anyone is experiencing Loosing Sec 8 Tenants upon renewal..
Currently have around 10% of tenants that are on Sec. 8 and being hit with loosing them. The tenants part upon renewal is going way up and to a point some can not afford the difference. Their income has not changed or very minimal. Tenants have brought in letters stating - do not sign new lease / you might not be able to afford your part after they go over their status for the new year. Speaking for our tenants the rent is market so that is not the issue.
Looking at properties with Sec. 8 in place and was wondering if need to start looking harder as that income could be lost.