Some landlords will swear by Section 8 tenants and others wish to stay as far away from the program as possible. Views vary from landlord to landlord and often even from experience to experience as no two tenants are ever going to be exactly the same. There are benefits to listing your property as accepting Section 8 tenants, but there are disadvantages as well. Before jumping in, make sure you know the pros and cons.
Some pros that can be found in Section 8 housing include the fact that rent is often paid on time. Though the government often won't pay the full rent, they'll deposit the amount that's meant to be paid into your account at the same point every month. This keeps you from wondering if you'll get paid. Section 8 properties are often rented very quickly as well. If you've had trouble filling a property, you may want to consider Section 8 housing as a way to keep from allowing the property to sit vacant month after month. An empty rental's mortgage must still be paid, and if a home is left vacant it may be more likely to be vandalized.
The cons that go along with Section 8 must also be weighed carefully. Your property will need to pass a detailed inspection before it can be listed under Section 8 and you will only be allowed to ask so much for the rent. There will be a cap imposed on that rent. Evictions may be more difficult than they would be with non-Section 8 tenants as well.
Before making this decision about your property, it's good to do your research. Read articles, check out blogs, and speak to other landlords that have actually rented to Section 8 tenants. If they're landlords in your area that's even better. Make sure to do your homework on this to make sure you are ready for whichever decision you come to.
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