Renting To Section 8 Tenants
When it comes to renting out your home to Section 8 tenants, there’s a lot of potential for earning extra income. As long as you meet the requirements and follow the guidelines set by your local housing authority, you can make money while providing affordable housing to those in need. Here are some tips on how to get started:
1. Become familiar with HUD standards – The U.S. Department of Housing and Urban Development (HUD) sets rules and regulations that must be followed when renting property to Section 8 tenants. In order to rent out your home, you’ll need to become familiar with these standards and comply with them.
2. Check eligibility requirements – Every area has different eligibility requirements for landlords who want to rent to Section 8 tenants. Make sure you understand what these are and that your property meets the criteria before renting out your home.
3. Understand the different types of housing vouchers – There are two main types of Section 8 housing vouchers: tenant-based and project-based. Each type has its own rules and regulations, so make sure you understand how they differ before signing any rental agreements.
4. Submit an application – Once you’re familiar with all the requirements, complete a landlord application form with your local housing authority or agency. This will give them all the necessary information about your property and allow them to determine if it’s suitable for Section 8 tenants.
5. Ensure rent affordability – The amount of rent you can charge a Section 8 tenant is based on the Fair Market Rent (FMR) in your area. Make sure you are aware of the FMRs and understand what they mean when setting rent prices for your property.
By following these tips, you can make money by renting out your home to Section 8 tenants while providing affordable housing to those in need. With some research and preparation, this can be an excellent source of supplemental income. Good luck!