Section 8 Fair Market Value of Rent
I am looking to rent out an apartment in Newark, NJ to a section 8 tenant (my first time). Does anyone know exactly how the fair market rent value is determined?
Is it done independently by an appraiser - or can I supply them comps directly to support the rent I am requesting?
Lastly - it is a 3 bedroom apartment (although 1 of the bedrooms is smaller and currently does not have a closet). Would this be seen as a 2 bedroom apartment which would lead to a fair market rent value being based off other 2 bedroom apartments in the area although it is being utilized as a 3 bedroom apt?
I look forward to hearing your thoughts!
Most Popular Reply
@Thomas Visaggio If you were asking $1,100 and they had an $800 voucher you are essentially asking for a $300 cash portion. But you cant charge a section 8 tenant more just because they have a voucher thats gonna land you in hot water. List your unit and consider both cash paying and voucher tenants. Evaluate the applications and choose the applicant most likely to pay and least likely to give you problems.