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 | $1,990 |
| 1 Bedroom | $2,180 |
| 2 Bedrooms | $2,660 |
| 3 Bedrooms | $3,420 |
| 4 Bedrooms | $3,950 |
| 5 Bedrooms | $4,582 |
| 6 Bedrooms | $5,132 |
| 7 Bedrooms | $5,543 |
| 8 Bedrooms | $5,820 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,180 | $312,531 | 0.7% | D |
| 2BR | $2,660 | $570,154 | 0.47% | F |
| 3BR | $3,420 | $865,864 | 0.39% | F |
| 4BR | $3,950 | $1,072,320 | 0.37% | F |
| 5BR | $4,582 | $1,184,475 | 0.39% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 33145 in Miami, Florida, for fiscal year 2024 is set at $2,510. This figure represents the payment standard for Section 8 housing vouchers, which is the maximum amount that landlords can receive from the government for renting their property under this program. It's important to note that this is not the actual rent you will charge your tenants; it's the reimbursement limit from the housing authority.
In comparison, the local median rent for a two-bedroom apartment in ZIP 33145 is currently at $2,881, based on the Zillow Observed Rent Index (ZORI). This indicates that the market rent is higher than the Section 8 reimbursement rate, meaning you would need to ensure that the difference between the FMR and the actual market rent is covered by the tenant's contribution.
The demand for rental properties in this area is strong, with 44.1% of residents being renters. This high percentage suggests a significant number of potential tenants who could benefit from Section 8 vouchers, making it likely that you'll find interested applicants for your property.
If you're considering purchasing a property for your first Section 8 rental, be aware that the typical acquisition cost for a two-bedroom home in ZIP 33145 is around $721,940. This figure includes the purchase price and should also account for any necessary renovations to meet the required standards for Section 8 participation.
Before finalizing your decision to participate in the Section 8 program, verify that your property meets all the necessary requirements set by the housing authority. This includes ensuring that your rental unit is safe, decent, and sanitary, and that it complies with local building codes and health regulations.
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.