Section 8 Rentals:
Both poor and rich require a safe and sound living environment. Less affluent people, who are unable to rent a decent apartment with their limited means, have a solution in the form of section 8 rentals. Due to the absence of rent control laws, government came up with this solution to help less affluent people acquire a rental in decent localities. Section 8 rentals aim to help low income families, disabled and elderly obtain a living space by financing a part of their rents or by providing incentives to prospective landlords.
Section 8 rental provides an option to tenants to live in privately owned living spaces. Public housing, which is, sometimes, located in rough neighborhoods with higher crimes rate, can be unfavorable for some families and weak members of the society. In order to widen the options for vulnerable segments of the society, section 8 allows the tenants to use section 8 choice voucher scheme to obtain residence in private apartments or property.
How section 8 rentals work?
State governments receive funding from federal government in lieu of housing assistance. With these funds, state government finances a portion of tenants rent and utility expenses. The portion of rent and utility expenses financed by section 8 program can be up to 70% of total tenant costs.
Advantages of section 8 rentals?
- For tenants, section 8 rentals are undoubtedly a blessing. Rentals can be expensive. Often, the majority of a family’s income is spent on rentals with little left to improve the lifestyle. With section 8 rentals, families can spend more on improving their lifestyle then rent.
- Private rentals also help reduce crime rate and reduce the vulnerability of weak sections of the society. More often than not, public housing areas become breeding ground for crimes. By allowing vulnerable sections to live in the housing option of their choice, the incidence of crime involving these vulnerable sections is reduced.
- Section 8 rentals provide low-income families the opportunity to take residence in areas where they are able to have access to enhanced opportunities in terms of education, health, and sanitation.
Disadvantages of section 8 rentals?
- Some quarters hold that section 8 rentals are a waste of scarce resources and taxpayers money. It only benefits a fraction of people. They argue that same money used at national level would benefit a larger number of people.
- The way section 8 rentals are managed has raised concerns about the prospects of mismanagement in administering the program chiefly because the departmental authorities involved in handling the section 8 program are fragmented with overlapping mandates.
- Section 8 rentals can also be disadvantageous to landlords. The perceived value of the property can go down. There can be delays in payments to landlords. In addition, section 8 doesn’t take care of the security deposit.
Despite these disadvantages, section 8 rentals offer the vulnerable segments an opportunity to improve their lifestyle. There are numerous ways for tenants to find property available for section 8 rentals including online ads and agencies. If you are looking for section 8 rental in a specific locality, look no further, give us a call and we will advise you on the best options available.