Section 8 in Tampa Bay
Some local legislation you may be unfamiliar with! Unincorporated Hillsborough (and Pinellas) county requires all long term rentals be eligible for Section 8. If you've never wanted involvement with the sec8 program, this can be alarming, but there are some nuances to understand. Sec8 renters need to meet all the qualifications that you advertise. THA may or may not be able to meet your advertised monthly rent rate, so if you were to approve the tenant based on criteria and background, but find out that THA can only meet you at 1550/mo instead of the advertised 1600/mo, you can either take the reduction or deny the renter based on price, and keep searching for renters who can qualify for your advertised price.
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#1 Short-Term & Vacation Rental Discussions Contributor
- Investor
- Greer, SC
I really don't think people can discriminate just because of section 8 if they meet the other criteria.
I waive the income requirement since section 8 pays for all or part of their rent.
I have 3 Section 8 properties and have had really good success with the program.
I’m a strong advocate when it comes to THA section 8 participants and I always encourage them. At the moment, THA is granting in most zip codes within (Hillsborough, Pinellas, Polk, and Pasco counties) a higher than avg. rental rates, which in terms are great for an investor looking to generate a higher cash flow.
In my humble opinion, section 8 has tremendous value in growing your investment portfolios FAST, I’m an investor myself and section 8 was paying when other landlords suffer throughout the pandemic.
If you looking to grow your portfolio and make the highest possible profits you will need a knowledgeable, reputable, and experience property manager. Let’s connect!
I am a Commissioner on the Panama City Housing Authority, and I would just like to say thank you to all of you here for discussing and considering Section 8 housing. Affordable housing is a great need in cities large and small, and I know we have hardworking families and adults who are excellent tenants and just need some assistance for the basics (food, clothing, shelter). THANK YOU!