As a landlord in Washington DC, did you know you have access to thousands of pre-screened renters through the city’s housing choice voucher program? While some landlords shy away from accepting vouchers, the program provides incentives and benefits for landlords to embrace. Here’s what you need to know:
Voucher holders are pre-qualified. The DC Housing Authority thoroughly screens applicants for criminal history, credit issues, and other concerns before distributing vouchers. This means you’re getting a pre-vetted pool of renters.
Payments are guaranteed. The DC government pays a portion of the rent directly to you each month. They guarantee 100% on-time payments for the life of the lease. You’ll never need to chase down rent from a voucher holder.
Rent rates must be reasonable. While you can set your own rent prices, they must fall within HUD’s fair market rates for your neighborhood based on the apartment size. This ensures you don’t face an inflated or under-market rent.
Inspections protect your investment. DC conducts regular unit inspections to ensure any needed repairs are properly addressed and that the condition of your unit is maintained throughout the lease.
Tax benefits are available. As a landlord renting to low-income tenants, you may qualify for certain tax deductions and credits. Be sure to discuss the potential tax perks with your CPA.
To rent to voucher holders, list your property on dchousingsearch.org, the official DC Housing Authority listing site. Or let current tenants know you accept vouchers for any vacant units. By embracing instead of avoiding the voucher program, you open your rental to a wide, pre-screened pool of applicants, gain a worry-free guarantee of on-time payments, and reap financial perks. Not a bad deal for DC landlords!