Section 8 Fair Market Rent (FMR) for ZIP 33612 - 2027

Investment Score for ZIP 33612

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	$1,370
1 Bedroom	$1,420
2 Bedrooms	$1,650
3 Bedrooms	$2,110
4 Bedrooms	$2,560
5 Bedrooms	$2,970
6 Bedrooms	$3,326
7 Bedrooms	$3,592
8 Bedrooms	$3,772

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,420	$95,801	1.48%	A
2BR	$1,650	$246,406	0.67%	D
3BR	$2,110	$328,588	0.64%	D
4BR	$2,560	$386,166	0.66%	D
5BR	$2,970	$547,633	0.54%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 33612 (Tampa, FL) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 33612, as set by HUD for 2026, is $1750 for a two-bedroom unit. This represents 44.5% of the median household income in the area, which is $47,199. The FMR is designed to reflect the average rent that a family could reasonably be expected to pay without receiving assistance. However, the actual rents in the market can often exceed these figures, creating challenges for families using Section 8 vouchers. In ZIP 33612, the Zillow median price for a two-bedroom home is $238,574. Given the high price-to-FMR ratio of 11.4x, it is clear that the actual rental market is significantly higher than the FMR. For instance, a landlord renting a two-bedroom unit at the Zillow median price would likely charge around $1988 per month based on typical mortgage payments and property management costs. This is well above the $1750 FMR, meaning that voucher holders would struggle to find units within their budget. Additionally, the constraints faced by voucher holders include the limited number of units that accept Section 8 vouchers and the requirement to pay any rent amount exceeding the FMR. In ZIP 33612, this means that a tenant with a two-bedroom voucher might have to pay an additional $238 per month if they were to rent a unit at the Zillow median price. These factors make it difficult for voucher holders to secure housing in this market. #### Affordability & Renter Profile ZIP 33612 has a population of 49,005, with a significant portion (62.8%) being renters. The occupancy rate stands at 88.5%, indicating a relatively tight rental market where there is strong demand for available units. Given the median household income of $47,199, many residents are likely to be low-income earners who rely heavily on affordable housing options such as Section 8 vouchers. However, the high price-to-FMR ratio suggests that the market is not particularly affordable for low-income renters. The median household income is only slightly higher than the FMR for a two-bedroom unit, making it challenging for many residents to afford even the most basic housing needs without assistance. This tight market and the high cost of living relative to income levels indicate that there is a significant gap between what residents can afford and what is available in the rental market. #### Investor Angle From an investor perspective, the ZIP code 33612 presents both opportunities and challenges. The FMR for a two-bedroom unit is $1750, which is below the typical market rent but still offers potential for cash flow if landlords can find ways to attract voucher holders. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the typical expenses associated with owning and managing a rental property. Assuming a purchase price of $238,574 for a two-bedroom unit, the monthly mortgage payment at a 4% interest rate over 30 years would be approximately $1140. Adding property taxes, insurance, maintenance, and management fees, the total monthly expenses could range from $1300 to $1500. Given the FMR of $1750, the potential cash flow for an investor accepting Section 8 vouchers would be positive, ranging from $250 to $450 per month. However, this assumes that the property is fully occupied and that the landlord can manage the property efficiently. The occupancy rate of 88.5% indicates that while there is strong demand, there is also a risk of vacancy periods that could impact cash flow. In terms of investment grade, ZIP 33612 appears to be a moderate-risk investment due to the high percentage of renters and the tight market conditions. The significant gap between FMR and market rents also suggests that there is a risk of lower occupancy rates among voucher holders compared to other tenants. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high rent-to-FMR ratio, investors should focus on smaller units like one-bedroom apartments. The FMR for a one-bedroom unit is $1500, which is closer to the actual market rents. This could help mitigate the risk of vacancy and ensure a more stable cash flow. 2. **Consider Location-Specific Strategies**: Within ZIP 33612, certain areas may have lower rents due to their proximity to public transportation, schools, or other amenities. Investors should conduct thorough research to identify these pockets of affordability and target them for acquisition. 3. **Develop Relationships with Local Agencies**: Building relationships with local housing authorities and agencies can provide insights into the availability of vouchers and the preferences of voucher holders. This can help landlords optimize their properties to better meet the needs of these tenants and potentially increase occupancy rates. #### Bottom Line For Section 8-focused investors, ZIP 33612 presents a mixed picture. While the high percentage of renters and the tight market suggest strong demand, the significant gap between FMR and market rents poses challenges for finding suitable properties and ensuring steady occupancy. **Recommendation**: **Hold**. Investors should carefully evaluate the specific characteristics of individual properties and consider the broader market dynamics before making new investments. Existing investors with properties already in the area may continue to benefit from the strong rental demand, but new investors should proceed with caution and focus on smaller units or areas with lower rents. This analysis is based solely on the provided data and reflects the current market conditions as of 2026.

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.