Location: Miami-Miami Beach-Kendall, FL | Metro: Miami-Miami Beach-Kendall, FL HUD Metro FMR Area
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 | $1,740 |
| 1 Bedroom | $1,890 |
| 2 Bedrooms | $2,280 |
| 3 Bedrooms | $2,910 |
| 4 Bedrooms | $3,330 |
| 5 Bedrooms | $3,863 |
| 6 Bedrooms | $4,327 |
| 7 Bedrooms | $4,673 |
| 8 Bedrooms | $4,907 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,890 | $202,151 | 0.93% | C |
| 2BR | $2,280 | $331,316 | 0.69% | D |
| 3BR | $2,910 | $654,113 | 0.44% | F |
| 4BR | $3,330 | $863,211 | 0.39% | F |
U.S. Census Bureau data (2024)
1940 is the Fair Market Rent (FMR) for ZIP code 33135 in Miami, FL, for fiscal year 2024, indicating the benchmark for rental housing affordability under the Section 8 program. 2145 is the actual market rent (ZORI) for the same area, suggesting a slight premium landlords can charge over the FMR. 523,008 represents the median home value in this ZIP code, reflecting a substantial investment opportunity for property owners. 77.3 is the percentage of residents who are renters, highlighting a robust demand for rental properties in the area. 40,567 is the median income for ZIP 33135, which, while not exceptionally high, still supports a significant rental market. The day DOM (days on market) figure is N/A, implying either recent changes in data reporting or a highly active rental market where listings move quickly. 0.2 is the percentage of homes that have had their prices cut, a very low figure that suggests strong pricing power for sellers and stability in the local real estate market.
Investors should note that the gap between the FMR at 1940 and the ZORI at 2145 indicates potential for modest profit margins when renting to Section 8 participants. However, the high renter share at 77.3 percent underscores the importance of maintaining competitive rental offerings to attract tenants. The relatively low median income at 40,567 might limit the pool of eligible Section 8 tenants, but it also ensures that the program remains a vital lifeline for many residents.
The lack of significant price cuts, with only 0.2 percent of homes experiencing such adjustments, points to a stable and possibly growing real estate market. This stability can provide peace of mind to investors looking for long-term rental investments. Despite the challenges posed by a lower median income, the strong rental demand and fair market conditions make ZIP 33135 a viable option for Section 8 landlords and small-portfolio investors.
Section 8 verdict: Suitable for landlords willing to manage the nuances of rental assistance programs.
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.