Raising rents on Section 8 tenants in Illinois
I have a section 8 tenant that is due for lease renewal in 5 months. I would like to keep raising rents each year to keep up with inflation but this is my first section 8 tenant. Anyone have experience on the process? He's a pretty good tenant and I would like to keep him.
On another note, how much are you typically raising rents on your properties each year? I would like to shoot for a 2-3% increase with each lease renewal. I am only doing 12 month leases on the homes I have in Illinois. I have one in another state with a long term lease but I'm selling that one this spring. Thanks in advance for any advice.
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- Property Manager
- Virginia Beach, VA
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You can request a rent increase with as long as the tenant has been there at least 12 months. SEC 8 will go through the rent reasonibleness and affordability tests all over again. As long as you meet them, your increase will be improved. I've never had a problem getting them improved. I've increased as much as $100/year.
- Patti Robertson
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