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 | $2,060 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,470 |
| 3 Bedrooms | $3,150 |
| 4 Bedrooms | $3,840 |
| 5 Bedrooms | $4,454 |
| 6 Bedrooms | $4,988 |
| 7 Bedrooms | $5,387 |
| 8 Bedrooms | $5,656 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,120 | $111,547 | 1.9% | A+ |
| 2BR | $2,470 | $149,086 | 1.66% | A+ |
| 3BR | $3,150 | $446,872 | 0.7% | D |
U.S. Census Bureau data (2024)
The Section 8 program in ZIP code 33716, located in Saint Petersburg, FL, presents a unique opportunity for landlords and small-portfolio investors due to the significant gap between the Fair Market Rent (FMR) and the Zillow Observed Rent Index (ZORI). The FMR for ZIP 33716 in fiscal year 2024 is set at $2420, while the market rent, as measured by ZORI, stands at $1757. This means that the FMR is $663 higher than the actual market rent, representing an increase of approximately 37.7%.
In Saint Petersburg, where 79.7% of residents are renters and the median home value is $162,593, the discrepancy between FMR and ZORI suggests that voucher tenants can offer a higher yield compared to typical market-rate tenants. With a median income of $75,226, many local renters might find it challenging to afford properties at the FMR rate without assistance. Thus, accepting Section 8 vouchers allows landlords to charge a rent closer to the FMR, which is above the market rate, thereby increasing their rental income.
However, it's important to note that landlords must comply with HUD regulations when participating in the Section 8 program. These regulations include maintaining the property to certain standards and undergoing regular inspections. Despite these requirements, the financial benefits of receiving a guaranteed rent payment at a rate above the market average can outweigh the costs for many investors.
The higher FMR also reflects the local housing authority's efforts to ensure affordable housing options are available in a city where rental demand is high and the cost of living is rising. By setting the FMR above the market rate, they aim to provide support for low-income families while also making the program attractive to landlords.
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.