Looking for advice on section 8 Chicago (Suburbs) area
Hi there!
I have been a landlord for 3 years and I have been working with a section 8 tenant. The family is wonderful, I have never had an issue.
M issue though is with the program. I have not been able to raise rent at all because they have a moratorium in place, and now more even so with all the cuts to social programs.
Now I am getting hit with more real estate taxes. I am facing a $200 increase per month. I'm still clearing out about $300 a month, but I am losing $200 due to taxes...I definitely need to raise rent. Market says I could get about $1,800 to $1,900 a month and I am still at $1,500.
My contract expires in November but there is the moratorium with section 8. However, it seems like for new tenants the program does allow current rates. In other words, I can't raise rent to the current tenant, but if I get rid of my tenant and get another one it seems like I would be able to charge the current rates; not sure.
I'm in a west Chicago suburb.
Any word of wisdom is appreciated.
Thanks!
Most Popular Reply
@Miguel Castillo Not sure how your specific agency may work, but have you submitted your own comps to support your market rate vs. their determination?