Today, we’re highlighting three myths of the Section 8 program. We often talk to landlords who tell us they’re hesitant to participate in this housing program, and usually the reasons they give are simple misconceptions. In our experience, landlords can be very successful with Section 8. Here are three of the myths we hear most often, and why we think they’re untrue.
Myth: The Program Costs too Much
Often, landlords are concerned with how much it’s going to cost in order to get a property ready for Section 8 tenants. While it’s true there are some expenses associated with preparing for and passing an inspection for the Section 8 program, those costs are usually on the front end only. Once you place a tenant who is receiving Section 8 or housing choice vouchers, the rent comes in like clockwork every month and you don’t have to worry about the expense of chasing down late rent payments.
Myth: Section 8 Tenants Are Not Stable
Another myth is that you’re going to have constant turnover when you turn your property into a Section 8-approved rental. The opposite is actually true. We have found that the average length of stay for a housing choice voucher recipient is four years. That timeframe gives you a lot of stability for your rental home and helps you avoid long vacancies.
Myth: Section 8 Tenants Are Not Desirable
When you decide to rent your home to Section 8 tenants, you are permitted to establish criteria and conduct a thorough tenant screening. The majority of Section 8 tenants want to stay in the program, so they will be willing to follow the rules and regulations of your lease, and they’ll take good care of your property. If they don’t comply with your lease, they know they’ll lose their voucher, and that’s an excellent incentive for them to prove they are model tenants.
If you have any questions about Section 8 myths, or you’re not sure you want to be part of the program, contact us at Bailey and Hunter Realty, and we’d be happy to tell you more about our experience with it.