If you own rental property, you owe it to yourself to add Section 8 housing recipients to your list of eligible tenants. While many people choose not to rent their homes out to people who receive government-subsidized housing benefits, the benefits far outweigh the risks. Once you've decided to accept Section 8 housing recipients, you'll need to let your property management company know. That way, they can add them to their list of qualified applicants. If you're still not sure about accepting Section 8 housing recipients, here are four reasons why you should open your housing to them.
Rent Is Never Late
One of the great things about Section 8 recipients is that the rent is never late. Unlike other tenants, who may be late from time to time, Section 8 rental payments will be direct-deposited into your account on time each month. No more worrying that your tenants are going to be late with the rent.
Full Rental Protection
When you rent to Section 8 recipients, you no longer need to worry about those last-minute emergencies that prevent tenants from paying their rent. Things like maternity leave, medical emergencies, or loss of job can pull the rug right out from under most tenants. When that happens, you're probably going to be looking at an unpleasant eviction and loss of rent payments until you can rent the property again. With Section 8 recipients, the rent will be covered even if there is an emergency situation. The government will make those rental payments until the tenants are able to get back on their feet. That means you'll have consistent rent and rental property that is filled.
When it comes to renting property to non–Section 8 recipients, you need to rent your property for the fair-market value, which may be far below what your home is really worth. However, when you rent to Section 8 recipients, you'll be able to ask for—and receive—a higher rent for your property. That means more money in your pocket each month.
Easy Access To Qualified Tenants
When you rent to Section 8 recipients, you have easy access to qualified tenants. Section 8 tenants come fully qualified for the rental property, which means you won't have to worry whether they can actually afford the rent that you're asking.
Don't lose out on qualified tenants. Talk to your property management company about adding Section 8 recipients to your list of potential tenants.