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 | $2,030 |
| 1 Bedroom | $2,100 |
| 2 Bedrooms | $2,440 |
| 3 Bedrooms | $3,120 |
| 4 Bedrooms | $3,790 |
| 5 Bedrooms | $4,396 |
| 6 Bedrooms | $4,924 |
| 7 Bedrooms | $5,318 |
| 8 Bedrooms | $5,584 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,440 | $272,343 | 0.9% | C |
| 3BR | $3,120 | $342,110 | 0.91% | C |
| 4BR | $3,790 | $478,098 | 0.79% | D |
| 5BR | $4,396 | $649,990 | 0.68% | D |
U.S. Census Bureau data (2024)
The potential risks for a Section 8 landlord in ZIP code 33544, located in Wesley Chapel, FL, are significant. Firstly, tenant turnover can be a challenge due to the disparity between the market rent of $2,206 and the Fair Market Rent (FMR) of $2,530 for fiscal year 2024. This difference may lead to frequent changes in tenants, which can be costly and time-consuming. Secondly, vacancy exposure is a concern with an average Days on Market (DOM) of 51 days, indicating that properties may remain unoccupied for extended periods, leading to lost rental income. Additionally, the deferred maintenance exposure is noteworthy, given the typical home value of $424,028 and the median income of $104,573. Landlords must be prepared to manage properties with potentially higher maintenance costs relative to the income generated by tenants.
However, these risks are somewhat mitigated by the high renter share of 32.9%, which suggests a strong demand for rental housing in the area. A high proportion of renters typically translates into greater demand for Section 8 vouchers, making it easier to find tenants who qualify for the program. The local rental market's robustness can help ensure steady occupancy rates and reduce the likelihood of prolonged vacancies.
In conclusion, despite the challenges posed by tenant turnover, vacancy exposure, and deferred maintenance, the high renter share in ZIP 33544 indicates a moderate risk for a first-time Section 8 landlord. Preparing for the financial and management demands of the program will be crucial for success in this market.
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.