Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,640 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,520 |
| 4 Bedrooms | $3,060 |
| 5 Bedrooms | $3,550 |
| 6 Bedrooms | $3,976 |
| 7 Bedrooms | $4,294 |
| 8 Bedrooms | $4,509 |
ZIP code 33568, located within the Tampa-St. Petersburg-Clearwater, FL MSA, has a Fair Market Rent (FMR) of $1900 for fiscal year 2024. This figure is critical for landlords and small-portfolio investors considering properties in this area under the Section 8 program.
The FMR is an indicator of the rental market's affordability and competitiveness. In comparison to other ZIP codes within the Tampa-St. Petersburg-Clearwater MSA, where market rents and home values typically vary widely, 33568 stands out due to its defined FMR and lack of available data on market rent and home values. The absence of specific market rent and home value figures suggests that this ZIP code might be less developed or have a smaller population compared to other areas within the MSA.
Without concrete market rent data, it's challenging to definitively categorize 33568 as either a value pocket, a mid-tier neighborhood, or a premium sub-market. However, given the FMR of $1900, we can infer that 33568 is likely a mid-tier neighborhood. This is because the FMR is generally set at the 40th percentile of market rents, meaning that it is lower than what many landlords might charge but still represents a significant portion of the market.
The unspecified renter share percentage also plays a crucial role in understanding the dynamics of 33568. A high renter share with below-average home values often indicates a potential sweet spot for Section 8 properties. While we cannot confirm this based on the provided data, the combination of a moderate FMR and unknown market metrics suggests that 33568 could be an attractive area for landlords seeking stable, government-backed tenants without the need for premium pricing.
To make a more informed decision, landlords should consider conducting further research into local real estate trends, tenant demand, and property management costs associated with Section 8 housing in ZIP code 33568. This will provide a clearer picture of the investment potential and the specific challenges or advantages of operating in this particular ZIP code.
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.