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 | $287,335 | 0.54% | F |
| 3BR | $1,990 | $401,508 | 0.5% | F |
| 4BR | $2,420 | $429,232 | 0.56% | F |
| 5BR | $2,807 | $412,790 | 0.68% | D |
U.S. Census Bureau data (2024)
The ZIP code 33565, located in Plant City, Florida, presents an interesting scenario when viewed from the perspective of renters. The median household income here stands at $73,414, which provides a baseline for assessing the financial viability of renting properties at the current market rate. The market rate for rental properties in this area is set at $2,450 per month, as indicated by the Zillow Observed Rent Index (ZORI).
In contrast, the Fair Market Rent (FMR) for the zip code in fiscal year 2024 is pegged at $1,540, reflecting the amount that housing authorities are willing to pay on behalf of tenants receiving Section 8 vouchers. This creates a significant affordability gap between the market rate and the voucher payment standard.
With only 9.1% of the 18,108 population being renters, the competition among landlords in ZIP 33565 is relatively low compared to more densely populated areas. However, the affordability gap means that landlords must consider whether they can attract tenants who can pay the market rate or if they should focus on accepting Section 8 vouchers to fill their units.
The disparity between the market rate ($2,450) and the FMR ($1,540) suggests that households relying solely on the voucher system will struggle to find affordable housing options that meet their needs. For landlords, this means that while there might be fewer rental properties available due to the low percentage of renters, the challenge lies in balancing the decision to accept lower payments through vouchers against the potential to receive higher cash payments from those who can afford the market rate.
Given these conditions, landlords in Plant City should prepare for a mixed strategy approach. Accepting Section 8 vouchers could help secure tenants in a competitive environment where the demand for affordable housing is high, but the overall rental market is limited. On the other hand, targeting the remaining majority of the population who might have the means to pay market rates could also be beneficial, especially considering the median income levels.
The takeaway for landlords is to carefully evaluate the local rental market dynamics. While the competition for tenants is not as fierce as in urban centers, the affordability gap necessitates a strategic approach to ensure steady occupancy. Landlords should consider offering a mix of properties that cater to both voucher recipients and those who can afford higher rents, thereby maximizing their chances of success in this niche 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.