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 | $1,920 |
| 1 Bedroom | $2,080 |
| 2 Bedrooms | $2,520 |
| 3 Bedrooms | $3,220 |
| 4 Bedrooms | $3,680 |
| 5 Bedrooms | $4,269 |
| 6 Bedrooms | $4,781 |
| 7 Bedrooms | $5,163 |
| 8 Bedrooms | $5,421 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,520 | $291,303 | 0.87% | C |
| 3BR | $3,220 | $423,117 | 0.76% | D |
| 4BR | $3,680 | $547,702 | 0.67% | D |
| 5BR | $4,269 | $674,660 | 0.63% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP code 33190, located in Cutler Bay, FL, within the Miami-Miami Beach-Kendall HUD Metro FMR Area, does not favor the landlord. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $2330, whereas the market rent, as indicated by ZORI (Zillow Observed Rental Index), stands at $2,639. This means that landlords aiming to stay within HUD guidelines will need to reduce their rental rates by over $300, which is a significant margin.
Acquisition in this area is relatively affordable due to the median home value being $437,188. However, the lack of data on days on market (DOM) and the low percentage of homes requiring price cuts (0.2%) suggest that while homes are not excessively expensive, they also do not often come at discounted rates. This makes it challenging for small-portfolio investors to find deals that offer substantial profit margins beyond the standard market value.
Tenant demand is strong in ZIP 33190, with a total population of 18,287 and 48.4% of residents being renters. This high percentage of renters indicates a robust market for landlords who can offer competitive rents and desirable living conditions. The large number of potential tenants should ensure steady occupancy rates for well-managed properties.
In conclusion, while the area presents a solid tenant base with strong demand, the disparity between the Fair Market Rent and the actual market rent poses a challenge for landlords participating in Section 8 programs. The median home values are reasonable, but the lack of frequent price reductions limits opportunities for acquiring properties at a discount. Landlords must weigh these factors carefully and consider whether they can attract and retain tenants effectively under the constraints of Section 8 guidelines.
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.