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 | $1,470 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,750 |
| 5 Bedrooms | $3,190 |
| 6 Bedrooms | $3,573 |
| 7 Bedrooms | $3,859 |
| 8 Bedrooms | $4,052 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,520 | $220,303 | 0.69% | D |
| 2BR | $1,770 | $499,584 | 0.35% | F |
| 3BR | $2,260 | $785,045 | 0.29% | F |
| 4BR | $2,750 | $1,333,317 | 0.21% | F |
| 5BR | $3,190 | $2,039,060 | 0.16% | F |
U.S. Census Bureau data (2024)
The dynamics of ZIP 33704, located in Saint Petersburg, FL, suggest a market in motion where demand appears to be closely matching or slightly exceeding supply. This inference is drawn from the snapshot of key metrics, including a Fair Market Rent (FMR) of $1740 for fiscal year 2024, which is notably lower than the actual market rent as measured by ZORI at $2,300. The difference between these two figures indicates that the market rent is higher than what is considered fair by federal standards, suggesting a robust rental market.
The 0.3% price-cut share and a relatively short 25-day Days on Market (DOM) further support this conclusion. A low price-cut share means that landlords and sellers are less inclined to reduce their asking prices, indicating strong buyer interest. Similarly, a short DOM suggests that properties are selling quickly, another sign of a competitive market environment.
The median home value in ZIP 33704 stands at $723,497, reflecting a high-value residential area. However, with a 34.0% renter share, it's evident that a significant portion of the population prefers renting over owning. This high renter share implies ongoing long-term housing pressure, as a substantial number of residents are likely to remain renters due to affordability constraints or lifestyle preferences. As a result, landlords can expect steady demand for rental properties, though they should also be prepared for potential competition from new developments or conversions aimed at attracting renters.
In summary, ZIP 33704 presents a market where demand is robust, evidenced by high market rents and quick property sales. The significant renter share points to sustained pressure on the rental market, making it an attractive location for landlords and small-portfolio investors looking to capitalize on consistent tenant interest. However, the competition for both buyers and renters remains a factor to consider in this active market.
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.