Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA
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 | $1,090 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,310 | $195,133 | 0.67% | D |
| 3BR | $1,670 | $282,586 | 0.59% | F |
| 4BR | $2,030 | $476,592 | 0.43% | F |
| 5BR | $2,355 | $822,401 | 0.29% | F |
U.S. Census Bureau data (2024)
The potential risks for a first-time Section 8 landlord in ZIP code 33523, FL, include significant tenant turnover due to the disparity between the market rent of $1,101 and the Fair Market Rent (FMR) of $1,310 for FY 2024. This gap suggests that tenants may struggle to afford higher rents outside the subsidized program, leading to frequent moves and higher vacancy rates.
Vacancy exposure is another concern. The average Days on Market (DOM) is not available, which can be a critical indicator for understanding how quickly units are rented. Without this data, it's challenging to predict the time properties might remain vacant, potentially leading to financial strain.
Deferred maintenance is also a risk factor. With a typical home value of $261,250 and a median income of $64,826, residents may have limited funds for maintaining their homes, especially when rent consumes a significant portion of their income. This could result in higher repair costs and maintenance needs for landlords, particularly those new to the Section 8 program.
However, these risks must be weighed against the high renter share of 23.1%. A large proportion of renters often translates into higher demand for housing vouchers, which can provide a steady stream of tenants and reduce vacancy exposure. The presence of many voucher holders can also stabilize the rental market, offering some assurance against sudden fluctuations in occupancy.
In conclusion, despite the challenges posed by tenant turnover, vacancy exposure, and deferred maintenance, the high renter density in ZIP 33523 supports a moderate risk assessment for a first-time Section 8 landlord. The robust demand for rental assistance helps mitigate some of the inherent risks, but careful management and preparation for regular maintenance will still be necessary.
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.