Section 8 Fair Market Rent (FMR) for ZIP 33603 - 2027

Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA

Investment Score for ZIP 33603

Monthly Rent (2BR)

$1,810

Median Price (2BR)

$335,335

1% Rule

0.54%

Annual Yield

6.48%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,510
1 Bedroom	$1,560
2 Bedrooms	$1,810
3 Bedrooms	$2,310
4 Bedrooms	$2,810
5 Bedrooms	$3,260
6 Bedrooms	$3,651
7 Bedrooms	$3,943
8 Bedrooms	$4,140

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,560	$268,383	0.58%	F
2BR	$1,810	$335,335	0.54%	F
3BR	$2,310	$425,549	0.54%	F
4BR	$2,810	$561,378	0.5%	F
5BR	$3,260	$737,664	0.44%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

19,869

Median Household Income

$74,081

Housing Units

9,581

Renter Percentage

41.7%

Occupancy Rate

91.0%

Renter Occupied

3,638

The ZIP code 33603, located in Tampa, Florida, is a vibrant urban area that offers a mix of residential and commercial properties. Known for its diverse population and proximity to key amenities, it presents a compelling opportunity for real estate investors interested in the rental market.

Fair Market Rent (FMR) for ZIP 33603 in fiscal year 2024 is set at $1720. This figure reflects the average monthly rent for a two-bedroom apartment under the Section 8 housing program, indicating a baseline for affordable rental rates in the area.
The market rent for a typical two-bedroom apartment in ZIP 33603 is $1,915, based on Zillow's ZORI index. This suggests that the actual rental market is slightly above the FMR, providing a modest profit margin for landlords.
The median home value in ZIP 33603 stands at $398,750. This value points to a middle-class neighborhood where homeownership is attainable but not without significant investment.
Renters make up 41.7% of the population in ZIP 33603. This substantial share of renters indicates a robust demand for rental properties, making it an attractive market for landlords and investors.
The days on market (DOM) for listings in ZIP 33603 average 23 days. This quick turnover rate is favorable for investors looking to minimize holding costs and maximize occupancy rates.
The median household income in ZIP 33603 is $74,081. This income level supports a stable rental market, as tenants have the financial capacity to meet rent obligations.

In summary, ZIP 33603 in Tampa, FL, provides a balanced rental market with a strong demand for affordable housing. The slight premium of market rents over FMR, combined with a high renter share and swift property turnovers, signals a positive environment for landlords and small-portfolio investors. However, the median home value also suggests that competition for rental units can be fierce, requiring strategic pricing and management to capitalize on the opportunities present.

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.