This question comes up a lot – and a year or less ago if you had asked me if I wanted Section 8 tenants I would have adamantly said “no way”. Since then, however, I’ve learned a lot more about the pros and cons to Section 8 and now I am much more willing to consider it. Plus, I’ve realized there are some times when it may even be the better way to go.
The Bigger Picture of Section 8
Most everyone seems to be familiar with the basics of Section 8 tenants. In case you aren’t though, the gist of it is the government offers financial help for low-income individuals or families so they can secure housing for themselves. The government pays a set share of their rent each month and the tenant is responsible for the rest. The government tends to offer a nice pretty penny, if I do say so! At least from what I have seen as far as how much they pay versus the tenants. Anyway…
The general idea with Section 8 tenants is that they are, in fact, low-income and that increases the risk for the quality of their tenancy. It is assumed Section 8 tenants will cause more damage to the property and not take care of it. The reality is this won’t always be the case, and there are a lot of Section 8 tenants who will take immaculate care of a property. However, it is realistic to assume the risk to be higher of getting less-than-stellar tenants than if you were renting in a nicer part of town to higher income individuals. So there is my disclaimer to everything else I say- not all Section 8 tenants are or will be bad quality. Not at all! There …read more