Should You Rent to Section 8 Residents?
When it comes to deciding if you should rent to section 8 tenants the answer is, it depends.
Let’s look at the benefits. The benefit of renting to a section 8 resident is that you are getting a guaranteed income stream from the government.
Next you want to evaluate the cons of renting to section 8 resident. When renting to a section 8 resident you have to comply with an additional lease agreement, periodic inspections, additional paperwork when sending out notices and the rental amount is limited to a formula used by the housing authority.
For some, the additional leg work is worth the guaranteed income, for others it is not.
Another important factor to consider is the potential attitude of the resident. First it is important to realize that their isn’t any proven correlation between a section 8 resident and their attitude, however some people have concerns that someone who is receiving government assistance doesn’t have any skin in the game and therefore is less likely to care for the property. This could be true, but it could also be untrue. Most of the time participants in the program strive to be excellent residents so that they can stay in the program.
My advice is to ask local landlords about their experience with the program as experiences may vary from region to region.
If you have any additional question or if you would like to hear about our experience please feel free to contact at 503.919.0471.