Section 8 housing continues to expand in Arizona.
Are you considering participating in the Section 8 Housing Choice Voucher Program as a landlord? If so, understanding how rent is determined as "reasonable" is crucial.
The Housing Authority of Maricopa County (HAMC) applies specific criteria to evaluate your price points. Keep reading to learn about the process and factors that influence Section 8 rent determination.
Looking Over the Section 8 Rental Criteria
Section 8 rental criteria are designed to ensure that tenants pay fair market value for the units they occupy. The program's main goal is to provide affordable housing options for low-income families. At the same time, landlords should receive reasonable compensation for their properties.
To achieve this balance, HAMC evaluates proposed rents using a set of established guidelines. It also involves comparisons with similar properties in the area.
Phoenix, AZ Rent Guidelines to Remember
Phoenix's rental market is always expanding. Looking at reasonable rent factors like location and property conditions can help.
HAMC considers these local market trends when applying Section 8 rent guidelines. The agency relies on data from various sources, including the following:
- Surveys
- Market studies
- Tental listings
Doing this will establish a baseline for what reasonable rent means in different parts of Phoenix.
Following the Section 8 Rent Determination Process
The Section 8 rent determination process involves comparing your property to similar units in Phoenix. HAMC examines a range of factors.
The Location
Proximity to public transportation, schools, shopping centers, and employment hubs can impact rent reasonableness. Properties in desirable neighborhoods may command higher rents, but they must still align with Section 8 standards.
Property Size and Type
The number of bedrooms, bathrooms, and square footage are critical in determining rent. Larger properties typically justify higher rents, but these must be comparable to similar-sized units in the area.
Available Amenities
Features such as parking, air conditioning, laundry facilities, and updated appliances are considered when evaluating rent. While these amenities can increase the value of your property, the rent charged must be reasonable compared to other properties with similar features.
The State of the Property
A well-maintained property in good repair can justify higher rent, but HAMC ensures that the rent is not excessive by comparing it to other well-maintained properties in Phoenix.
Housing Authority Standards for All
The Housing Authority's standards are designed to protect both tenants and landlords. By ensuring rents are reasonable, HAMC helps maintain affordability for tenants while providing landlords with a fair return on their investment.
Compliance with these standards is essential for participating in the Section 8 program. It also ensures the long-term success of your rental property in Phoenix.
It's Time to Stay True to Section 8
By knowing the details that govern Section 8, you can have a rent that's reasonable for all your tenants.
PMI Management Real Estate Services Inc. can help you keep your Arizona properties in tip-top shape. Our tried and true team handles everything from maintenance to tenant screening and beyond.
Are you still unsure about your Phoenix rent? If so, be sure to ask our PMI experts for a free rental analysis.
