Hello - we just closed on a fully accessible 3/2 SFR Class B- area in St. Louis County and thinking about going Section 8. The Section 8 Rent Estimate site recommends $1090 but that does not account for the accessibility factor. The house has a wheelchair lift, roll-in shower, wide doors, the works.
How much does the accessibility affect the rent? Thoughts? Suggestions?
It doesn’t. The rent SEC 8 will pay is based on 1) rent for comparable non-SEC 8 houses rented in the same city within 5 miles of yours in the last 6 months and 2) the affordability of the rent for the tenant you select based on their income. Things that increase or decrease your rent are things that cause the utilities to go up or down, such as size, number of shared walls, utilities, appliances, type of heat, any energy efficiency features, etc. Having handicapped accessible features will save a tenant who needs them money, because the law states you have to allow a tenant to make handicapped accommodations at their own expense.
What SEC 8 Rent Estimator are you using? GoSEC8.com has an estimator, but don’t use the average if you have an above average house. I always use the top end of the chart. In my market we are getting $1350 for 3 bedrooms.