In renting to Section 8 tenants, what should be considered as it relates to minimum income vs. monthly rent?
What else should I be asking in the application process for S8 applicants?
I don’t trip on the income of my section 8 tenants because the housing authority will pay anywhere between 70 percent to 100 percent of the rent and deposit it directly into your bank account. I have them in Oakland Ca. Concord Ca and Cleveland OH
I do care about income, and require my SEC 8 applicants to have some. If they don't have income, they will not get approved for the highest possible rent for the bedroom size. I want to see at least one times the rent amount in income, or at least close to it. So many times SEC 8 tenants are "between jobs" when they apply. I won't accept them. They have to be earning income that is reported to SEC 8 at the time they apply so their income can be calculated in the affordability test.
Thanks for the replies. My thought process was similar to Brian's but I had not thought about Patti's point.
What else are you asking as part of the application process?
Since I require my non-S8 tenants to earn 3x the monthly rent, I require the same of my S8 tenants for whatever their portion is. So, if their portions is around $100/month. They need to gross at least $300/month.