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 | $2,150 |
| 1 Bedroom | $2,330 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,600 |
| 4 Bedrooms | $4,120 |
| 5 Bedrooms | $4,779 |
| 6 Bedrooms | $5,352 |
| 7 Bedrooms | $5,780 |
| 8 Bedrooms | $6,069 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,330 | $237,039 | 0.98% | C |
| 2BR | $2,820 | $373,443 | 0.76% | D |
| 3BR | $3,600 | $1,200,983 | 0.3% | F |
| 4BR | $4,120 | $1,981,281 | 0.21% | F |
| 5BR | $4,779 | $3,962,632 | 0.12% | F |
U.S. Census Bureau data (2024)
The ZIP code 33156, located in Pinecrest, FL, presents a dynamic rental market with specific characteristics that indicate a balanced but slightly tenant-favorable environment. The Fair Market Rent (FMR) for ZIP 33156 is set at $2880 for the fiscal year 2024, while the Zillow Observed Rent Index (ZORI) stands at $3,044, suggesting that the observed market rents are slightly above what is considered fair market value.
A 0.2% price-cut share indicates that only a minimal number of properties are being discounted to attract tenants, which implies that most listings are holding steady at their asking prices. However, the Days on Market (DOM) of 66 days reveals that properties take a considerable amount of time to find a tenant, longer than the average market might expect. This could suggest a slight oversupply relative to demand, although the difference between FMR and ZORI is relatively narrow, indicating a competitive equilibrium.
The median home value of $1,509,747 is significantly high, pointing towards an affluent area where homeownership is prevalent. Despite this, the 26.3% renter share highlights a notable segment of the population that prefers or requires rental housing. This percentage suggests that there is a continuous demand for rentals, driven by a mix of transient residents, young professionals, and individuals who cannot afford the high cost of home ownership in the area. The presence of a substantial renter base signals persistent long-term housing pressure, as these renters will likely continue to seek affordable housing options, even if they are limited.
In summary, ZIP 33156 exhibits a market where the balance between supply and demand leans slightly towards supply, but with a significant and stable renter population that ensures ongoing rental activity. Landlords and small-portfolio investors should be aware of the competitive nature of the rental market and the high value of homeownership in the area when making investment decisions.
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.