The Section 8 housing program, also known as the Housing Choice Voucher program, was set up in 1978 to help combat homelessness across the USA. Under this program, federal and state governments assist low- and moderate-income families with funds enabling them to rent housing from private landlords.
Prospective Section 8 tenants qualify for this program based on their family size and gross annual income. Apart from offering assistance to these people, Section 8 housing helps landlords limit vacancies and receive a guaranteed monthly rental income.
If you'd like to benefit from this important program, read this Section 8 guide for landlords.
Present Your Property in the Best Light
Section 8 rental properties must meet certain criteria established by the HUD. Once you advise them that you are willing to participate in the program, they will inspect the home according to a set checklist to ensure it meets their criteria.
You must present your property in the best possible condition if you hope to meet their strict requirements. Be sure it's clean, updated, safe, and well-maintained.
It's worth investing in a few updates like fresh paint, new flooring, and attractive landscaping if you're serious about becoming a Section 8 landlord. These improvements will ensure you sail through the approval process and allow you to charge a higher rent.
Explore All the Available Local Housing Programs
The Arizona Public Housing Authority can assist in two main areas of affordable housing. Working via these intermediaries can help streamline the process for Section 8 landlords.
They employ caseworkers to help ensure landlords receive their income quickly and assist them in cases where tenants owe back rent for their portion of the rent payment. They're also well-versed in the required accommodation standards and paperwork involved for Section 8 landlords, so they can advise you on these points.
Always Screen Section 8 Tenants
The Phoenix Housing Department screens prospective Section 8 tenants to determine their eligibility for the program. Landlords may carry out additional screening processes, provided they do this for all prospective tenants.
All tenants have the potential to cause excessive damage to your investment property or neglect to pay their rent on time. Thorough tenant screening reduces these risks through background checks.
Hiring a property manager is an excellent way to reduce the risks of being a Section 8 landlord. These professionals can advise you when setting rent prices, assist with increases, and oversee tenant screening.
They carry out regular property inspection and maintenance coordination services to help preserve the value of your property and ensure you meet the HUD's stringent standards.
Hire a Phoenix Property Management Company
Guaranteed rental income is the biggest benefit for landlords participating in the Section 8 housing program. You can make the most of this income by following the above tips.
LHM Realty is a leading Phoenix property management company with the experience and skills to help you thrive as a landlord. We can help you increase your rental income through various property management services, including tenant screening, rental valuations, property inspections, and rent collection.
Let us help you simplify your rental business to ensure maximum returns.
