Getting Under Market Rate from Section 8 in Newark NJ
Hello, I own a 3/3/2 in Newark NJ that I recently renovated to 4/3/2. I inherited my second floor tenant from the previous owner who had a personal relationship with them. They are currently paying $1200/mo., of which Section 8 covers $829. A quick bit of research shows that 3-bedrooms in the area go for around $1700 at most, $1400 at least. Outside of that, I filled the apartment upstairs at market rate and I'm concerned that chatter between the tenants could create tension in regards to price. Realistically what can I do in this situation? I'm inclined to think it's unlikely for the city to adjust the rent so dramatically, although their promise with Section 8 is to provide market rate to landlords.
Any insight?