Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,640 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,520 |
| 4 Bedrooms | $3,060 |
| 5 Bedrooms | $3,550 |
| 6 Bedrooms | $3,976 |
| 7 Bedrooms | $4,294 |
| 8 Bedrooms | $4,509 |
The ZIP code 33687 is located in the city of Tampa, Florida. The neighborhood is characterized by a population of approximately 43,687 residents, with a significant portion renting their homes. The median household income in this area is $48,687, indicating a middle-class community. The median home value stands at $237,300, reflecting a moderate cost of living compared to other areas in Tampa.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 33687 in fiscal year 2024 is set at $1,900. This figure represents the estimated 40th percentile gross rent for standard quality units within the area. However, specific data regarding the current market rent is not readily available, which could be due to the variability in rental prices across different types of properties and neighborhoods within ZIP 33687.
Given these factors, ZIP 33687 might suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stable FMR of $1,900 ensures consistent cash flow without the need for active management. On the other hand, value-add buyers could find opportunities to increase property values and rents above the FMR, especially if they target improvements in lower-value properties or those with potential for higher occupancy rates.
To make a more informed decision, it's crucial to analyze the specific properties within the ZIP code, considering factors such as location, condition, and local demand trends. Engaging with local real estate agents or conducting a thorough property-by-property analysis can provide deeper insights into the potential for either hands-off or hands-on investment strategies in ZIP 33687.
Data Sources: FMR data from HUD (2027).
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.