Location: Orlando-Kissimmee-Sanford, FL | Metro: Orlando-Kissimmee-Sanford, FL MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,900 |
| 1 Bedroom | $1,970 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,800 |
| 4 Bedrooms | $3,270 |
| 5 Bedrooms | $3,793 |
| 6 Bedrooms | $4,248 |
| 7 Bedrooms | $4,588 |
| 8 Bedrooms | $4,817 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,970 | $157,537 | 1.25% | A |
| 2BR | $2,240 | $245,856 | 0.91% | C |
| 3BR | $2,800 | $366,142 | 0.76% | D |
| 4BR | $3,270 | $460,643 | 0.71% | D |
| 5BR | $3,793 | $582,642 | 0.65% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP code 32829, located in Orlando, Florida, within the Orlando-Kissimmee-Sanford MSA, does not favor landlords. The Fair Market Rent (FMR) set at $2270 for fiscal year 2024 is higher than the market's actual rent, known as ZORI, which stands at $2,128. This discrepancy suggests that landlords might struggle to find tenants willing to pay the FMR, leading to potential vacancies.
Acquisition in this area is moderately affordable. The median home value is $406,884, indicating a reasonable entry point for investment. However, the days on market (DOM) average of 71 days and a mere 0.2% price-cut share suggest that homes are selling relatively quickly without significant price reductions. This points to a competitive market where investors must act swiftly to secure properties before they're sold at higher prices.
Tenant demand in ZIP 32829 is robust. With a total population of 20,819 and a renter share of 26.5%, there are over 5,500 renters in the area. This indicates a substantial pool of potential tenants, ensuring that rental properties will likely be occupied once leased.
In summary, while the rent math in ZIP 32829 is challenging due to the higher FMR compared to the market rent, the quick turnover of homes and strong tenant demand make it a viable investment location. Landlords should focus on market-rate pricing and move quickly to acquire properties, leveraging the high number of renters to ensure occupancy. Despite the initial hurdle of rent pricing, the overall environment supports a steady stream of tenants, making this an attractive market for those willing to adapt their strategies.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.