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 | $1,560 |
| 1 Bedroom | $1,610 |
| 2 Bedrooms | $1,870 |
| 3 Bedrooms | $2,390 |
| 4 Bedrooms | $2,900 |
| 5 Bedrooms | $3,364 |
| 6 Bedrooms | $3,768 |
| 7 Bedrooms | $4,069 |
| 8 Bedrooms | $4,272 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,610 | $178,985 | 0.9% | C |
| 2BR | $1,870 | $273,820 | 0.68% | D |
| 3BR | $2,390 | $355,839 | 0.67% | D |
| 4BR | $2,900 | $399,081 | 0.73% | D |
| 5BR | $3,364 | $412,490 | 0.82% | C |
U.S. Census Bureau data (2024)
The ZIP code 33604 in Tampa, FL, presents a dynamic rental market. With a Fair Market Rent (FMR) of $1,670 for fiscal year 2024 and a market rent estimate (ZORI) of $1,625, there is a slight indication that the rental market is slightly below the fair market valuation, suggesting a balanced but competitive environment.
The median home value stands at $320,225, which is a key figure for understanding the overall property value in the area. The 0.3% price-cut share suggests that very few properties are being discounted, indicating a strong seller's market where homes are typically sold close to their asking price. This, combined with a 44-day days on market (DOM), implies that homes are moving relatively quickly once they're listed, further supporting the idea of a robust demand for housing.
A 44.0% renter share points to a significant portion of the population choosing to rent rather than buy. This high percentage of renters can be indicative of several factors: young professionals, students, or individuals who prefer the flexibility of renting over owning. Over the long term, this trend suggests continuous pressure on the rental market, likely keeping rental prices stable or even rising as demand remains steady or increases.
In summary, the market in ZIP 33604 leans towards a scenario where demand meets supply closely, with a slight edge towards demand due to the quick turnover of listings and the high renter share. Landlords and small-portfolio investors should focus on maintaining competitive rental rates while ensuring their properties are well-maintained and attractive to tenants. The snapshot indicates a market that is active and responsive to both rental and ownership opportunities, making it an appealing area for investment.
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.