As a landlord, you want to be able to rent your property quickly to tenants who will actually pay. One way to increase your pool of available tenants is to become a Section 8 landlord. By working with the Pennsylvania Housing Authority, you can get your property approved for this housing program for low-income families, and you will still receive your full rent—but a portion of it will be coming from the state. Here’s a closer look at how to become a Section 8 landlord in Pennsylvania, as well as the pros and cons this option offers.
How to Become an HVC Landlord in Pennsylvania
In Pennsylvania, the Section 8 landlord requirements are pretty straight forward. As long as you follow the correct process and supply all of the documentation, you will be able to accept housing vouchers as part of your rental payments. For example, you will need to:
- Attend a mandatory landlord briefing session put on by the Pennsylvania Housing Authority.
- Complete the certification training provided by the state.
- Gather all of the required documentation, including your renter’s license, Deed of Record, photo ID, W-9 form, direct deposit form, and proof that you are current on property taxes and utilities.
- Complete an application and get your rental rates approved.
- Get your property inspected and approved by a PHA inspector.
- List your property in the Section 8 database and complete a lease agreement.
Pros & Cons of Becoming a Section 8 Landlord in PA
Just like all things, there are some pros and cons to becoming an HVC landlord in Pennsylvania.
- Pro: Guaranteed Rent. Since the government is paying a large portion of the rent each month, you don’t have to worry about the tenant not paying. Additionally, Section 8 tenants are motivated to pay their share because if they don’t they will lose their vouchers.
- Pro: Quality Tenants. One myth surrounding Section 8 properties is that you get low-quality tenants. The truth is that in order to receive housing vouchers, the tenant goes through a pre-screening process by the government to make sure they can pay, and they don’t have a criminal past.
- Pro: Wider Access and More Exposure. There is a large database of tenants in Pennsylvania just looking for Section 8 properties. As one of them, you will open up your options tenfold.
- Con: Property Inspections. To qualify for the Section 8 program, you have to undergo routine property inspections to ensure tenant safety.
- Con: Rent Control. In most instances, you can still charge the regular rent rate for your area. However, you will need to stay within the median rental rate for your area if you want to keep your Section 8 status.
At Bay Property Management Group, we can take care of all of the Section 8 paperwork each month, so you can focus solely on watching your investment grow. If you have a rental property in Philadelphia or surrounding PA counties including Montgomery, Delaware, Chester, Bucks and other nearby counties contact us now to see how we can help.