Posted by Carl CA on May 03, 2005 at 17:45:13:
Joe,
I would be surprised if the housing authority would make any
payments directly to a tenant. I encourage you to research this. This
is a perfect case of where it really PAYS to know the S8 program for
your area.
Good luck,
Carl
HOW TO RAISE RENT with SECTION 8 ? - Posted by JOE
Posted by JOE on April 30, 2005 at 13:52:15:
I have a sec. 8 tenant paying $995/month for a 3 br/2ba house which is 3 yrs old.
Tenant moved in 8/2004. It will be 1 year in 3 months.
Do you guys raise rent every year or every 2 yrs?
What is a reasonable amount to raise rent?
If I raise rent to $1,050/mo. - will SEC.8 cover the entire amount or will the tenant have to pay me the difference?
thanks
Re: HOW TO RAISE RENT with SECTION 8 ? - Posted by Carl CA
Posted by Carl CA on April 30, 2005 at 14:47:56:
Joe,
Where I am there are two different kinds of S8 vouchers, an income
based voucher and a voucher that pays a set monthly amount based on
number of bedrooms. The set amount voucher is called the “Moving
To Work” program. The income based program is very strict on the
maximum allowable combined rent paid by S8 and the tenant. Moving
To Work is much more flexible on what you can charge.
Two things. I would definitely raise the rent every chance you get,
even if it’s only a few bucks. Always maximize your potential income if
S8 allows it, and if market rents allow it. Second, I would get in touch
with your local housing authority office to find out what kind of
restrictions there are (if any) on raising your rent with this specific
tenant.
Hope that helped.
Carl
thanks - Posted by Joe
Posted by Joe on April 30, 2005 at 21:21:32:
I believe the FMR rent for sec 8 in my area is 1137.
So, I have some room to push it up a little…
I was thinking of raising rent to 1050 from 995 - is that too much of a hike?
Or should I up it to 1030 / mo?
Re: Fair market Rents - Posted by JA
Posted by JA on May 01, 2005 at 01:21:49:
Try this out for size:
I think the above site may have some good information for you.
Re: thanks - Posted by Carl CA
Posted by Carl CA on April 30, 2005 at 21:53:53:
Joe,
Increase as much as the market will bear. If the market (and S8) says
your house is worth 1137, then I wouldn’t rent it out for a dollar less.
Why are you interested in subsidizing a tenant almost $100 per month?
Raise the rent to 1137 and put the extra grand in your pocket each
year. If your current tenant won’t swallow the increase, move on to the
next one.
ALWAYS charge market rent. If you?re not at that level, your effectively
giving money away to tenants who don’t give a hoot about you. If you
want to subsidize someone, how about starting with your family first?
I?m sure your mother would be thrilled with a $1000 gift once a year ?
don?t give it to a tenant?.
Do you see my point?
Carl
That’s 2004 rents you want 2005 NT - Posted by David Krulac
Posted by David Krulac on May 01, 2005 at 08:21:17:
`
well…here is why… - Posted by Joe
Posted by Joe on May 02, 2005 at 17:12:46:
I am charging the tenant 995 b/c thats what I advertised the house at.
The tenant has a voucher for higher than 995, not sure of the exact amount.
I believe she gets to keep any money over 995. Meaning if she has a voucher for 1095, she uses 100 a month to pay for UTILITIES.
I have no problem charging the full 1137 but I also want to keep this good tenant.
However, I am going to push for the full sec.8 amount this year and work out something that works for us all