According to the U.S. Census Bureau, Bothell, Washington's median household income was $132,232 as of 2023. While that's high, 5.8% of its population still lives below the poverty line. Housing is a significant concern for these individuals, considering the city's median gross rent is $2,295.
But there's still some good news: The Section 8 Housing Choice Voucher (HCV) program allows low-income renters to access quality private rental properties and pay only a portion of the rental fee.
As a Bothell landlord, you should consider participating in this program. Our team at PMI Equitas has shared must-know facts about this program in this landlord guide to housing vouchers, so please read on.
What Is the Section 8 HCV Program?
Section 8 is a federally funded subsidized housing program. The King County Housing Authority (KCHA) manages the rental assistance program in Bothell, WA.
The goal of Section 8 is to assist low-income renter households in finding and living in pre-qualified private rental properties throughout Bothell and King County. As KCHA explains, renter households with a voucher pay only around 30% of their household income for rent and utilities. KCHA then pays the difference directly to the landlord.
Section 8 Benefits for Landlords in Bothell, WA
By participating in the Section 8 HCV Program, you can enjoy the following benefits:
- Widen your prospective tenant pool
- Have the backing and assurance of KCHA that you'll get paid your rental income on time
- Get peace of mind knowing that you'll earn a stable, predictable income
Becoming a Section 8 landlord can also help you become more proactive in maintaining your property and its value. After all, KCHA will inspect your property before approving your participation and, once approved, will continue doing so annually or biennially. The inspections ensure that your property is up to safety and livability codes.
How to Participate in the Section 8 Program
The first step is to ensure your property is ready to pass the KCHA inspection by conducting all necessary maintenance, repairs, and upgrades. Next, advertise your property on Section 8 platforms like AffordableHousing.com and the Emphasys software.
Once you receive applications, the next step is thoroughly screening tenants with Section 8 vouchers. Please ensure you screen them using the same process you use for other renters.
If you wish to rent out to a Section 8 tenant you've already screened, coordinate with KCHA. You'll have to fill out forms and schedule the inspection of your property.
Ready to Rent Your Home to Section 8 Tenants?
Becoming a Section 8 landlord in Bothell, WA, can expand your tenant pool and generate a predictable income. Moreover, it lets you give back to the community by helping low-income families live in a safe and healthy home.
So, consider participating in the HCV program to reap all those benefits.
PMI Equitas (Latin for equitable, fair, and transparent) can help manage your Section 8 rental. We're a locally owned and independently operated firm specializing in full-service property management solutions, including marketing, tenant screening, property upkeep, and accounting. We're also a proud member of PMI, a franchise network that has helped change and perfect the property management sector for over 20 years.
Talk to us today for a free property consultation!
