If you're a landlord, one of the most important parts of your job will be finding suitable tenants for your properties. Of course, this is often easier said than done. Sometimes, there simply aren't many renters to be found, and at others, your screening process may fail to predict what someone will actually be like as a tenant.
If you'd like to open yourself up to a wider pool of potential renters, you might have considered becoming a Section 8 landlord. If you're unfamiliar with what this is, or you'd like to learn more about how you can become one, then this guide will help. Read on to learn everything you need to know about Section 8 and becoming a landlord that's part of this program.
What Is Section 8 Housing?
Section 8 refers to Section 8 of the Housing Act of 1937. It's a law that's designed to allow low-income tenants to be able to rent properties that they may not otherwise be able to afford.
This is achieved through a partial rent subsidy administered to private landlords by the government. It is also known as the Housing Choice Voucher Program.
The aim of Section 8 is to allow households that fulfill certain criteria to be able to rent properties of a certain standard. Regulations on the act vary from state to state. For the most part, it is accepted by landlords on an opt-in basis.
Section 8 in North Carolina
In the state of North Carolina, Section 8 operates on an opt-in basis. If you want to officially register as a Section 8 landlord, you'll need to fulfill certain criteria and uphold certain standards.
Your properties will need to be inspected on a regular basis, as you'll need to keep them in good condition for the duration that you're in the program. The way the program works is that your tenant will pay around 30% of their monthly adjusted gross income for rent and utilities, and the balance you'll receive from your local public housing agency. If you're interested in listing your property, you'll need to contact your local housing authority to begin the process.
Benefits of Becoming a Section 8 Landlord
Although registering your properties as Section 8 rentals is entirely voluntary, there are many benefits to this decision. By becoming a Section 8 landlord, you're widening your pool of tenants in a big way. This means your properties will be easier to fill, and you'll improve your occupancy rates.
As well as this, contrary to popular belief, Section 8 tenants supply you with guaranteed income at each rent payment. This is because part of the rent you receive is coming directly from the government. Finally, adding yourself to the list of Section 8 landlords will give you the satisfaction of knowing you're providing assistance to those who are vulnerable and unable to afford proper housing.
Section 8 Landlord Tips
If you're looking to become a Section 8 landlord, you might need some guidance along the way. At Carolina Property Management, we've got years of experience assisting landlords with whatever they may need. Get in touch today and see how we can help you.