Tips for Leasing to Section 8 - Coastline Equity
Anthony A. Luna • June 23, 2022
Tips for Leasing to Section 8 - Coastline Equity
Top five tips for Leasing to Section 8 Prospects
While leasing residential properties it might not be uncommon to run into the question: Do you accept Section 8? If you haven’t had experience leasing to Section 8 tenants, you will find it beneficial to take note of the following tips so you’re ready whenever a situation like this arises.
Have clear communication with applicants.
Make sure they are aware that section 8 is approved but that all properties are subject to several leasing criteria that must be met by all applicants. When a prospective tenant asks if you accept Section 8, the answer should always be “Yes.”
Monthly income can continue to be a requirement for applicants with section 8
Remember that you can only look at the portion of the rent that the tenant will actually be paying out-of-pocket (not the entire rent itself, especially not the portion that the government will be paying on their behalf).
Voucher Usage
If a voucher is going to be used as income, the prospective tenant must already have the voucher in their possession. Don’t agree to terms based on the likelihood that the voucher will be issued in the near future.
Corroborate before signing off
Make sure the accepted number of bedrooms on the voucher matches the number of bedrooms in your unit. If the voucher is approved for a 2-bedroom apartment, it cannot be used for your 3bed/2bath condo.
Keep honest and continuous communication
Don’t do anything that can be perceived as purposefully making it harder for someone with Section 8 to apply for a lease. Doing so can hinder your relationship with the tenant and can affect the company's. If you have concerns over Section 8, contact the prospective tenant’s previous landlords to make sure they had no major issues. Just be sure to incorporate this practice into all your tenant screenings across the board so that you’re not making the process more difficult only for voucher holders.
Keep this list handy and review it before your next leasing opportunity. We hope that it will put you in a better position to navigate the process. After all, the speed at which you can turn over your vacancies is important but so is protecting your investment from unnecessary liability!
Check out our most recent video on Section 8 right below!
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