Clients often ask us about the Section 8 program rental program, and if their property would benefit from participation in the Program. Today we’re going to address those questions. Section 8 is a government-funded program providing rent vouchers or free money to tenants who don’t have the financial ability to pay market rent for housing and utilities.
This is a wonderful program for landlords once you get past the complicated “start-up” process that’s in place. Setting up a Section 8 Program does take some work. There are a number of required trips to the local county office to effectuate the program. Your property does need to be inspected, and it must qualify for the program. Tenants also need to qualify in order to rent your Section 8 property.
In many circumstances, the rental rate we get for a property through a qualified Section 8 tenant supersedes the market rate value of that property. For example, in Miami/Dade and Broward County, the voucher for a 1 bedroom unit provides up to $900 in Broward and just under $1,000 in Miami/Dade. A voucher for a 4 bedroom home can provide a landlord with almost $2,600 in Miami Dade County! Often, we can help clients purchase property in communities with rental rates that make the purchase a high quality investment decision. The key to deciding if this program is a right fit is by looking at the property itself. You need to compare its market value to the amount of rent we can obtain through a Section 8 program.
If you want more information about the Section 8 program and how it can help you make more money for your investments, please contact us at Florida Property Managers in Coral Gables.