Current infrastructure bills include provisions that allocate billions of dollars for Section 8. While any given state will only receive a small portion of this funding, it provides opportunities for new landlords to benefit from the stability of Section 8 housing funding.
How does one become a Section 8 landlord, though? How does a landlord help connect disadvantaged people and families with the housing they need?
We'll give you tips on how to become a landlord under Section 8. These tips will focus on Maryland's process, though they might apply in other areas as well.
Section 8 Advertising Requirements
The process of becoming a Section 8 landlord or property management company starts with advertisement. Landlords must advertise their properties as available to housing voucher holders.
These requirements can be met through several venues. Many choose to advertise in local papers to meet requirements. Others, however, advertise online through local housing aggregators.
Choose the advertisement approach that fits your budget and target demographic. Make sure to advertise where you expect Section 8 renters in your area to see it.
Screening Under Section 8
The screening process for Section 8 renters should mirror your usual screening process. Local housing authorities do provide assistance, however, for landlords performing screenings.
Once an applicant makes a request, contact your local housing authority to receive a list of the applicant's current and former landlords. You can contact these landlords for more information.
Beyond that, you can perform any legal form of tenant screening. If you haven't served as a landlord for a long time and don't know the ins and outs of screening law, check out our other landlord tips.
Once you believe you've found a match, contact your local housing authority and indicate that you have found a potential Section 8 tenant. If you don't know who the appropriate authorities are, you can find out on the Housing and Urban Development website. Once you agree in principle to rent, you can initiate final checks.
HUD will perform an inspection of your property to ensure it meets housing quality standards. These cover food preparation space, garbage disposal, and protection from the elements. They can be found in more detail on the HUD website.
The first lease you present to a renter as a Section 8 landlord must last at least one year. After this, you must continue to adhere to Maryland rental laws.
The amount of money you receive from the housing authority for a Section 8 rental will vary with the Fair Market Rent in your area. This value, set by HUD, is set to a reasonable cost for a rental in the area.
The tenant and the housing authority will cover the rent together. The specific values will vary from recipient to recipient.
Start Renting Today
When a landlord provides Section 8 properties, renters and landlords both win. This process helps attenuate homelessness and poverty in America.
If you need help with getting into the Section 8 program or any other element of property management, contact us soon. We can help any rental investor with any issue.