Is it possible to know in advance, at least, approximately how much section 8 will pay in rent on a monthly basis?
Thank you in advance
Yes, either the section 8 tenant or their section 8 rep can tell you that information.
The amount that is paid with a section 8 voucher varies a great deal according to fair market rent values for your area , tenant income, and the percentage the housing authority (or whichever organization is managing the section 8 program) has decided to pay for vouchers. With recent drastic cuts from HUD many housing authorities are cutting the percentage they will pay in order to not have to reduce the number of vouchers they give.
So the short answer is it varies a great deal from person to person and the only way you can know is to ask the tenant or housing authority for a number.
One thing that gas not been mentioned us that the Housing Authority can / will reduce the payment amount to the landlord for tenant paid utilities and certain tenant supplied appliances. The Housing Authority has a chart showing the amount for specific adjustments for this.
In speaking with Section 8 tenant prospects, I have found that they generally aren't aware of that; they just know the voucher amount or the number of bedrooms for which they have been approved.
Contact your specific housing authority. In my neck of the woods the FMV for a 3 bedroom house is over $900. In reality our local housing authority lists the maximum reimbursement for this number of bedrooms as $675 and has for years, although a landlord can request an increase on rent on a yearly basis and MAY get an increase of, perhaps $25 or so every couple of years of requesting.
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