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 | $1,300 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,990 |
| 4 Bedrooms | $2,420 |
| 5 Bedrooms | $2,807 |
| 6 Bedrooms | $3,144 |
| 7 Bedrooms | $3,396 |
| 8 Bedrooms | $3,566 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $188,613 | 0.83% | C |
| 3BR | $1,990 | $306,506 | 0.65% | D |
| 4BR | $2,420 | $368,219 | 0.66% | D |
| 5BR | $2,807 | $422,201 | 0.66% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP 33541, located in Zephyrhills, FL, within the Tampa-St. Petersburg-Clearwater, FL MSA, does not align favorably for landlords. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1700, while the market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $2060. This means that landlords receiving Section 8 payments would need to subsidize an additional $360 per unit to meet market rates, making it less attractive financially.
Acquisition of properties in this ZIP code remains relatively affordable. With a median home value of $339,038, purchasing a property is within reach for many investors. However, the lack of available data on days on market (DOM) and the low price-cut share of 0.3% suggest that the market might be stable but also somewhat slow-moving. Landlords should expect competition from other buyers and a potentially longer holding period before resale.
Tenant demand in ZIP 33541 is moderate. The area has a population of 24,654, with 14.0% of residents being renters. While this indicates a steady stream of potential tenants, the relatively low renter share suggests that the majority of the population owns their homes. This could result in a smaller pool of applicants for rental units, particularly for those relying solely on Section 8 vouchers.
In conclusion, ZIP 33541 presents a challenging investment scenario for landlords focused on Section 8 properties. The financial gap between FMR and market rents requires careful consideration, and while property acquisition is feasible, the moderate tenant demand and lower renter share pose significant hurdles. Investors must weigh these factors carefully, as the financial viability of such investments is contingent upon the ability to attract and retain tenants willing to pay market rates despite the lower subsidy levels.
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.