It's estimated that as many as 22.4 million renters can't afford rent. There is a serious housing crisis in this country, and unfortunately, Milwaukee, WI, isn't immune. The good news for residents of our city is that certain government programs, like Section 8, can help them find housing.
The housing choice voucher program can also be beneficial for landlords. But what exactly is Section 8? And how does the program determine rent reasonableness for prospective landlords? In this guide, we'll answer these questions so you can decide if Section 8 is right for your Milwaukee property.
What Is Section 8?
As we mentioned, there's a serious problem when it comes to affordable housing in Milwaukee, WI. To address it, the local government has passed initiatives like Growing MKE. However, they've also adopted federal tenant assistance programs like Section 8 (the Housing Choice Voucher).
Here's how it works: low-income families can sign up for the program. If they qualify, the government will pay a large percentage of their rent. Landlords who join Section 8 will be able to offer their rental houses as part of the program. As such, this form of subsidized housing has the potential to benefit both tenants and landlords.
How Does Section 8 Determine Rent Reasonableness in Milwaukee?
If you want to become a Section 8 landlord, you will need to propose a rent amount to the local HUD. Then, government workers will decide whether or not your rent proposal is reasonable.
So how do they determine rent reasonableness? According to the Milwaukee County Housing Authority, they look at the following Section 8 rent criteria:
- Size
- Type of property
- Quality
- Condition
- Included amenities
If the requested rent amount is determined unreasonable, then the MCHA will engage you in rent negotiations. Consider getting a rent analysis done to avoid this.
What Are the Benefits of Becoming a Section 8 Landlord?
As you can see, it's a lot of work to become a Section 8 landlord while getting your rent request approved. So is it worth the hassle? When you become a Section 8 landlord, you no longer have to worry about tenant screenings.
The government has done this work for you, and because Section 8 families are incentivized to stay on the program, they're more likely to take good care of your property.
With Section 8, you also get guaranteed rental payments from the government. And turnover between tenants is fast since there's such high demand. As such, you won't need to worry about marketing your property.
Interested In Section 8? Contact Performance Asset Management
We hope this guide helped you learn more about how Section 8 determines rent reasonableness in Milwaukee, WI. While this program can be potentially beneficial to landlords, it also requires a lot of work and filing to get started.
Unfortunately, many property management companies aren't equipped to help with Section 8. That's not the case with Performance Asset Management.
Our attention to detail ensures that your property will be profitable regardless of whether you join Section 8 or not. So get in touch with us today to learn more about how we can help you.
