The Role of Property Owners
In Oakland, over 4,500 property owners and management and investment companies have integrated Section 8 tenancies into their rental income portfolios.
Because tenants receiving Section 8 assistance find housing in the private market, the program relies upon the participation of owners to make housing available to those with rental assistance. Involvement in the program is voluntary for both property owners and tenants.
Owners who rent to tenants with Section 8 rental assistance retain their management role and are free to participate in the program at the level that fits their investment goals. Owners choose each tenant individually and there is no requirement for a property owner who wishes to rent to one Section 8 tenant to accept others.
Why Should I Rent to a Section 8 Tenant?
The rental assistance program offers many benefits to owners of investment properties.
Market Rents: Changes in the Section 8 program have helped to make it more competitive, offering market rents based upon comparable rents within the neighborhood.
Reliable payments: Unlike private market tenants, OHA’s portion of the rent is guaranteed. This means owners can rely upon steady Housing Assistance Payments each month during the tenancy. Even if an owner finds it necessary to evict the tenant, the Housing Assistance Payments will continue throughout the eviction process.
Rent Increases that are Exempt from Rent Control: Rent increases for Section 8 are determined by market comparability and are not limited by the Oakland Rent Arbitration Board.
Free Listings: : The GOsection8 is a free rental listing service offered by OHA that connects you to tenants actively seeking housing. GOsection8 offers additional services that owners can take utilize to market their properties for a fee.