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 | $1,620 |
| 1 Bedroom | $1,670 |
| 2 Bedrooms | $1,940 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $3,010 |
| 5 Bedrooms | $3,492 |
| 6 Bedrooms | $3,911 |
| 7 Bedrooms | $4,224 |
| 8 Bedrooms | $4,435 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,670 | $208,155 | 0.8% | C |
| 2BR | $1,940 | $297,485 | 0.65% | D |
| 3BR | $2,480 | $400,626 | 0.62% | D |
| 4BR | $3,010 | $503,278 | 0.6% | F |
| 5BR | $3,492 | $793,675 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 33705 in Saint Petersburg, FL, presents a dynamic rental market with specific characteristics that indicate a balance between supply and demand, leaning slightly towards a market where demand may be catching up to supply. The Fair Market Rent (FMR) for the area stands at $1990 for the fiscal year 2024, while the Zillow Observed Rental Index (ZORI) indicates a market rent of $2,167. This suggests that the rental market is slightly above the government's fair market assessment, pointing to a scenario where landlords can charge a premium due to local conditions.
The price-cut share at 0.3% is notably low, indicating that landlords are not frequently reducing rents to attract tenants. Additionally, the days on market (DOM) for rental properties at 50 days suggest a moderate period before units are leased, which is neither too short nor too long, implying a steady flow of both renters and available units. However, these figures also hint at a market where there is enough demand to keep properties occupied without significant price adjustments.
The median home value in ZIP 33705 is $322,504, which reflects the overall cost of homeownership in the area. This figure is important for understanding the financial landscape for potential buyers and the broader housing market. It also provides context for why the renter share might be high at 41.5%. A higher proportion of renters indicates a significant portion of the population cannot afford to buy homes, which could lead to persistent long-term housing pressure as rental demand remains robust.
The dynamics of this market are influenced by several factors. The relatively low price-cut share and moderate DOM suggest that the rental market is stable but with a slight upward pressure on demand. The high renter share points to an ongoing trend where renting is a preferred or necessary option for many residents, possibly due to affordability concerns. Landlords and small-portfolio investors should consider these factors when making decisions about their investments in this area. The market is moving, but in a direction that favors those who can offer competitive rental options and maintain property values.
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.