Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,470 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,750 |
| 5 Bedrooms | $3,190 |
| 6 Bedrooms | $3,573 |
| 7 Bedrooms | $3,859 |
| 8 Bedrooms | $4,052 |
The investment risk assessment for ZIP code 33537 in Unknown, FL, highlights several potential issues that landlords should be aware of when considering Section 8 properties. First, tenant turnover could pose a challenge, especially when comparing the market rent to the $1760 Fair Market Rent (FMR) set for fiscal year 2024. Without specific data on the current market rent, it's unclear how competitive this rate is, which could affect the stability of tenancy.
Vacancy exposure is another significant risk. The lack of data on the average days on market (DOM) makes it difficult to predict how quickly a property might fill. This uncertainty can lead to extended periods without rental income, impacting cash flow negatively.
Deferred maintenance is also a concern. With no information available on the typical home value or median income in ZIP 33537, it's hard to gauge the financial capability of tenants to maintain the property adequately. This can result in higher repair costs and maintenance needs over time, affecting the overall profitability of the investment.
However, these risks must be weighed against the high concentration of renters in the area. The absence of data on the exact percentage of renter share suggests a potentially high demand for rental properties, including those accepting Section 8 vouchers. High renter density generally indicates a robust market for subsidized housing, which can help mitigate some of the risks associated with tenant turnover and vacancy exposure.
In conclusion, based on the limited data available, the risk for a first-time Section 8 landlord in ZIP 33537, Unknown, FL, is moderate. While there are significant uncertainties regarding market rents, days on market, and the ability of tenants to keep properties well-maintained, the high renter density offers a buffer against some of these risks.
Data Sources: FMR data from HUD (2027).
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.