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 | $1,920 |
| 1 Bedroom | $1,990 |
| 2 Bedrooms | $2,310 |
| 3 Bedrooms | $2,950 |
| 4 Bedrooms | $3,590 |
| 5 Bedrooms | $4,164 |
| 6 Bedrooms | $4,664 |
| 7 Bedrooms | $5,037 |
| 8 Bedrooms | $5,289 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,310 | $306,403 | 0.75% | D |
| 3BR | $2,950 | $398,054 | 0.74% | D |
| 4BR | $3,590 | $604,379 | 0.59% | F |
U.S. Census Bureau data (2024)
The potential risks for investing in Section 8 housing in ZIP code 33616 in Tampa, FL, must be carefully considered. Tenant turnover is a significant concern, with the market rent at $2,119 compared to the Fair Market Rent (FMR) of $2,120 for FY 2024. This slight difference can lead to frequent changes in occupancy, affecting long-term stability. Vacancy exposure is another issue, as the days on market (DOM) is listed as N/A, indicating that there might not be reliable data on how quickly properties are rented out. This uncertainty can pose financial risks due to periods without rental income.
The deferred-maintenance exposure is also noteworthy. With a typical home value of $409,389 and a median income of $93,210, landlords may face challenges in maintaining properties to the required standards without overburdening tenants with costs they cannot afford. The financial strain of upkeep can be considerable, especially when considering the relatively high cost of living compared to the median income.
However, these risks are balanced by the high renter share in the area, which stands at 52.0%. High renter density generally correlates with higher demand for housing vouchers, making it easier to find tenants who qualify for Section 8. This demand helps mitigate the risks associated with vacancy and turnover, as there is a steady pool of potential renters.
In conclusion, the verdict for a first-time Section 8 landlord in ZIP 33616 is moderate risk. While there are notable challenges, the high renter share provides a strong counterbalance, ensuring a viable market for Section 8 properties.
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.