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 economics of Section 8 in ZIP code 33689, located in Hillsborough County, Florida, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $1900 per month for the fiscal year 2024. This rate is specific to this ZIP code and reflects the local rental market conditions.
A landlord participating in the Section 8 program should understand that the total rent paid is split between the tenant and the government. The tenant is responsible for paying approximately 30% of their adjusted income towards rent, which can vary depending on the individual's financial situation. For instance, if a tenant's adjusted monthly income is $1500, they would pay $450 towards rent. The government then covers the remainder up to the SAFMR limit.
In addition to the base rent, utility allowances must also be considered. These allowances are designed to cover the cost of utilities such as electricity, water, and gas. The exact amount varies but is typically around $300 to $500 per month, depending on the type of unit and its location. Therefore, a landlord might receive an additional utility allowance payment on top of the base rent reimbursement.
To illustrate, let’s assume the tenant’s portion is $450 and the utility allowance is $400. In this scenario, the government would reimburse the landlord for the remaining $1450 of the $1900 SAFMR. Thus, the landlord would receive a total of $1850 per month ($450 from the tenant and $1400 from the government), leaving a $50 shortfall compared to the SAFMR.
This $50 difference represents the typical reimbursement gap for a two-bedroom apartment in ZIP 33689 under the Section 8 program. Landlords must weigh this against the benefits of stable, government-backed tenants. It’s important to note that while this example provides a clear illustration, actual figures will depend on the specific circumstances of each tenant and the terms agreed upon in the lease.
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.