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 | $1,540 |
| 1 Bedroom | $1,590 |
| 2 Bedrooms | $1,850 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,870 |
| 5 Bedrooms | $3,329 |
| 6 Bedrooms | $3,728 |
| 7 Bedrooms | $4,026 |
| 8 Bedrooms | $4,227 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,590 | $131,249 | 1.21% | A |
| 2BR | $1,850 | $229,507 | 0.81% | C |
| 3BR | $2,360 | $386,758 | 0.61% | D |
| 4BR | $2,870 | $522,796 | 0.55% | F |
| 5BR | $3,329 | $607,716 | 0.55% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 33712, located in Saint Petersburg, Florida, within Pinellas County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for FY 2024 is set at $1920. This SAFMR is the maximum amount that the federal government will reimburse landlords for participating in the Section 8 Housing Choice Voucher program.
Local market rent, as measured by ZORI (Zillow Observed Rent Index), stands at $1822. This figure represents the average rent price for a similar two-bedroom unit in the same ZIP code, based on recent rental listings and transactions.
A landlord should understand that the actual payment received from a Section 8 voucher is not simply the SAFMR amount. Instead, it includes the tenant's portion of the rent plus any utility allowances. Typically, the tenant is responsible for paying 30% of their adjusted income towards rent. If we assume an average adjusted income of $1600 (a rough estimate for this area), the tenant would contribute approximately $480 towards rent. The remainder, up to the SAFMR limit, is covered by the voucher.
In addition to the rent, there are utility allowances that can be factored into the total reimbursement. These allowances vary but generally cover the cost of electricity, gas, water, and sewer. For ZIP 33712, the combined utility allowance for a two-bedroom apartment is around $300. This brings the total potential reimbursement to $2220 ($1920 + $300).
However, the actual reimbursement cannot exceed the SAFMR. Therefore, if the total of the tenant’s contribution and the utility allowance exceeds $1920, the voucher will still only pay up to the SAFMR limit. In this case, the reimbursement would be capped at $1920.
To determine the reimbursement gap or surplus, compare the SAFMR with the local market rent. Here, the SAFMR is higher than the ZORI, meaning that landlords in ZIP 33712 can expect a surplus when renting a two-bedroom unit to a tenant with a Section 8 voucher. The surplus is calculated as the difference between the SAFMR and the local market rent: $1920 - $1822 = $98. Thus, landlords receive an additional $98 per month over the local market rate when renting to a Section 8 tenant.
This analysis provides a clear picture of the financial dynamics involved in accepting Section 8 vouchers for a two-bedroom apartment in ZIP 33712, ensuring landlords and small-portfolio investors can make informed decisions regarding participation in the program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.