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 | $1,680 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,580 |
| 4 Bedrooms | $3,140 |
| 5 Bedrooms | $3,642 |
| 6 Bedrooms | $4,079 |
| 7 Bedrooms | $4,405 |
| 8 Bedrooms | $4,625 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,020 | $296,331 | 0.68% | D |
| 3BR | $2,580 | $390,573 | 0.66% | D |
| 4BR | $3,140 | $604,102 | 0.52% | F |
| 5BR | $3,642 | $803,076 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 33549, located in Lutz, Florida, presents a dynamic rental market characterized by specific economic indicators that frame it as an area in motion. The Fair Market Rent (FMR) for ZIP 33549 is set at $1970 for fiscal year 2024, while the Zillow Observed Rent Index (ZORI) stands at $2,121, indicating a competitive rental environment where market forces push rents slightly above the government benchmark.
A key metric to consider is the 0.3% price-cut share, which suggests that landlords rarely need to reduce their asking rents to attract tenants. This low percentage, combined with a Days on Market (DOM) of 37 days, points to a robust demand for rental properties in Lutz. The DOM figure is relatively short, implying that units are occupied quickly once listed, further supporting the notion that demand is strong relative to supply.
The median home value of $436,473 in ZIP 33549 reflects the overall cost of homeownership in the area, but the 21.4% renter share provides critical insight into the long-term housing pressures. With a significant portion of residents choosing to rent rather than buy, there is likely a sustained pressure on rental markets due to a preference for flexibility or affordability. This high renter share can be indicative of a transient population or individuals who may be unable or unwilling to purchase homes, leading to continuous demand for rental properties.
In summary, the data paints a picture of a market where demand appears to be keeping pace with or even outpacing supply, evidenced by the quick turnover of rental units and the minimal need for price reductions. The substantial renter share signals ongoing pressure on the rental market, making it a compelling investment opportunity for landlords and small-portfolio investors looking to capitalize on these dynamics.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.