How to Find Section 8 Tenants
Finding Tenants Is Easy... Finding Good Tenants Is Difficult
Section 8 tenants have a reputation of trashing a rental property. That can quickly cause a property to decline in value, so it's important to find good tenants that qualify for Section 8 as much as possible. The issue is that once you begin accepting tenants that qualify for this program, you must treat them as you would any other tenant. If you have a legitimate reason to reject them, then you can do so. If you do not, then you must accept them as a tenant.
In order to make your live easier, you're going to want to set high rental standards before you've qualified for the program. If you have already qualified, then you're stuck at what your standards were when you were approved. Higher standards may decrease your occupancy rates, but they will protect the long-term value of your property.
To get started, you'll need to speak with your local public housing authority. Each community has certain standards that must be met in addition to the national HUD standards that are in place. In return, you'll typically get higher rents and protection from income problems that a tenant may have.
How Easy Is It To Market To Section 8 Tenants?
There are a number of websites that will allow you to list your Section 8 qualified housing for free to generate interest in your property. Premium listings, however, may generate a larger applicant pool so that you can screen in the more reliable tenants that will come your way. Make sure that you check previous landlord referrals whenever possible to gauge how a particular prospect will treat the property if you accept their application.
The benefit of having a strong screening process is clear: there is no lifetime benefit to the Section 8 housing benefit. As long as a household qualifies for the program, they will continue to qualify for it as long as their income does not exceed 50% of the median income for the county/province where they currently live. When you find a good tenant, you'll have a guaranteed level of income that will exist for as long as that household wishes to stay there.
Begin the process today of developing a strong screening process with criteria that makes sense. Treat every Section 8 applicant as you would any other person applying to live in your units and you'll be able to find the best tenants that will treat your property with care.
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