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 | $1,610 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,470 |
| 4 Bedrooms | $3,000 |
| 5 Bedrooms | $3,480 |
| 6 Bedrooms | $3,898 |
| 7 Bedrooms | $4,210 |
| 8 Bedrooms | $4,421 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,660 | $116,331 | 1.43% | A |
| 2BR | $1,930 | $166,676 | 1.16% | B |
| 3BR | $2,470 | $311,089 | 0.79% | D |
| 4BR | $3,000 | $396,037 | 0.76% | D |
U.S. Census Bureau data (2024)
The analysis of Section 8 properties in ZIP code 33637, specifically within Temple Terrace, FL, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR is set at $1840, while the market rent, measured by ZORI (Zillow Observed Rent Index), stands at $1781. This means that the FMR is $59 higher than the market rent, representing a 3.3% premium.
This gap makes Temple Terrace an attractive location for landlords seeking to maximize their rental yields through Section 8 vouchers. Despite the slightly higher FMR, the market conditions in Temple Terrace suggest that a substantial portion of the population would benefit from the voucher program. With 57.1% of residents being renters and a median household income of $63,323, many individuals find it challenging to afford market-rate rents without assistance. The median home value in the area is $295,103, indicating a moderate economic environment where rental subsidies can significantly impact affordability.
The higher FMR compared to the market rent suggests that landlords who participate in the Section 8 program can potentially achieve better financial outcomes. By accepting vouchers, landlords ensure a steady stream of income that is slightly above what they might otherwise receive from market-rate tenants. However, it's important to note that landlords must comply with HUD standards and inspections, which can impose additional costs and maintenance requirements. Nonetheless, the premium of $59 per month can contribute to covering these expenses and still provide a favorable yield.
In summary, the gap between FMR and market rent in Temple Terrace, FL, positions Section 8 as a strategic opportunity for landlords looking to enhance their rental income. Given the local economic context, this gap underscores the role of government assistance in making housing more accessible to a broad segment of the population.
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.