Ok guys, I have a question. I own a SFR that's currently rented to a nice lady who is on Sec 8 to help her out paying the rent. How does Sec 8 calculate the Fair Rent for the house?
Is it based on the neighborhood, the number of bedrooms, income?
Is there an amount that is used for an entire metro area or is it specific to something else?
If the amount that is being paid is under Fair Rent, can the rent be raised to that amount?
Generally, the Section 8 recipient is given a voucher for a certain amount and then they can go shop for options. The amount of the voucher is usually determined by some combination of the recipients income and then the cost of living in that area. If they choose to get a rental that costs more per month than their voucher, they can cover the difference.
I have not ever heard of Section 8 ever putting a rent value on a specific property.
That said, while the overarching concepts are the same, different Section 8 authorities seem to manage their business differently. I've had some that are super easy to work with and others not-so-much.