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 | $2,400 |
| 1 Bedroom | $2,480 |
| 2 Bedrooms | $2,880 |
| 3 Bedrooms | $3,680 |
| 4 Bedrooms | $4,470 |
| 5 Bedrooms | $5,185 |
| 6 Bedrooms | $5,807 |
| 7 Bedrooms | $6,272 |
| 8 Bedrooms | $6,586 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,480 | $227,993 | 1.09% | B |
| 2BR | $2,880 | $395,964 | 0.73% | D |
| 3BR | $3,680 | $899,119 | 0.41% | F |
| 4BR | $4,470 | $1,702,705 | 0.26% | F |
| 5BR | $5,185 | $3,097,758 | 0.17% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 33715 in Saint Petersburg, FL, reveals several key points for landlords and small-portfolio investors. First, the rent math does not work favorably for Section 8 participants. The Fair Market Rent (FMR) for FY 2024 is set at $2780, while the market rent, measured by ZORI, stands significantly higher at $3,888. This discrepancy means that landlords participating in the Section 8 program will receive less than what the market demands, reducing their potential income.
Second, the acquisition of properties in this area is relatively affordable. With a median home value of $469,473, potential investors can find homes within a reasonable budget. Additionally, the days on market (DOM) average of 57 days indicates a healthy turnover rate for listings, suggesting that properties are selling without excessive delays. The low 0.3% price-cut share further supports the idea that sellers do not often need to reduce their asking prices to attract buyers, indicating strong property values and a competitive market.
Third, the tenant demand in ZIP 33715 is moderate. The total population is 8,032, with a renter share of 9.2%. This suggests that while the number of renters is not overwhelming, it is sufficient to support a rental market. However, the relatively small renter share implies that competition among landlords could be high, as the pool of potential tenants is limited.
In summary, while the rent math is not in favor of Section 8 landlords due to the significant gap between the FMR and market rent, the acquisition of properties remains affordable with steady sales times and minimal price adjustments. Tenant demand exists but is limited, indicating a need for careful management and possibly a focus on other rental assistance programs or the broader market to maximize occupancy and returns. Investors should proceed with caution, considering these factors to make informed decisions about entering the ZIP 33715 market.
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.