Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,740 |
| 1 Bedroom | $1,790 |
| 2 Bedrooms | $2,090 |
| 3 Bedrooms | $2,670 |
| 4 Bedrooms | $3,240 |
| 5 Bedrooms | $3,758 |
| 6 Bedrooms | $4,209 |
| 7 Bedrooms | $4,546 |
| 8 Bedrooms | $4,773 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 33503 in fiscal year 2024 is set at $1990. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the rent that all tenants will pay; rather, it's the ceiling for the portion of rent covered by the voucher.
In ZIP 33503, there is currently a 0.0% renter share, which indicates that the entire rent amount up to the FMR will be paid by the housing authority on behalf of the tenant. This means landlords can expect a stable and reliable income source without the risk of non-payment by the tenant.
Comparing this to the local market, where the average rent is listed as N/A, the FMR serves as a benchmark for what is considered fair and reasonable rent in the area. Although the local average is not available, the FMR gives you a clear guideline for pricing your rental property appropriately for the Section 8 program.
Regarding the acquisition cost of properties in ZIP 33503, which is also listed as N/A, it would be prudent to research current property values and costs in the area to ensure that the potential income from the Section 8 program aligns with your investment goals and property expenses.
Before proceeding with a Section 8 rental, it is crucial to verify that your property meets the Housing Quality Standards (HQS). These standards are set by the U.S. Department of Housing and Urban Development (HUD) and must be met for the property to qualify for the program. Ensuring compliance with HQS will prevent any delays in getting approved and receiving consistent payments.
Data Sources: FMR data from HUD (2027). 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.