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 | $1,360 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $2,080 |
| 4 Bedrooms | $2,530 |
| 5 Bedrooms | $2,935 |
| 6 Bedrooms | $3,287 |
| 7 Bedrooms | $3,550 |
| 8 Bedrooms | $3,728 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,400 | $79,145 | 1.77% | A+ |
| 2BR | $1,630 | $237,704 | 0.69% | D |
| 3BR | $2,080 | $332,220 | 0.63% | D |
| 4BR | $2,530 | $405,214 | 0.62% | D |
U.S. Census Bureau data (2024)
In ZIP code 33714 of Saint Petersburg, FL, there are notable risks associated with becoming a Section 8 landlord. First, tenant turnover poses a significant challenge, with market rents averaging $1,717 compared to the Fair Market Rent (FMR) of $1,690 for fiscal year 2024. This slight disparity can lead to frequent tenant changes, impacting the stability and profitability of your investment. Additionally, vacancy exposure is a concern due to the lack of available data on days on market (DOM), which suggests that landlords may struggle to quickly fill vacancies, leading to periods of non-income generation.
The deferred maintenance exposure is another critical factor. Given the typical home value of $266,295 and the median household income of $47,487, there is a substantial gap between property values and residents' ability to pay for upkeep. This financial strain often falls on the landlord, who must cover maintenance costs that tenants might not afford. Such expenses can significantly reduce the overall return on investment and increase the operational burden.
However, these risks are offset by the high concentration of renters in the area. With 35.8% of the population being renters, there is a strong likelihood of increased demand for rental properties, particularly those accepting Section 8 vouchers. This high renter share can ensure a steady stream of potential tenants, reducing the impact of vacancy exposure and increasing the chances of maintaining occupancy levels.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.