Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,610 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $1,930 |
| 3 Bedrooms | $2,470 |
| 4 Bedrooms | $3,000 |
| 5 Bedrooms | $3,480 |
| 6 Bedrooms | $3,898 |
| 7 Bedrooms | $4,210 |
| 8 Bedrooms | $4,421 |
To understand the economics of Section 8 in ZIP code 33780, it's crucial to know the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1850 for fiscal year 2024. This figure is specific to this ZIP code and does not reflect the entire Tampa-St. Petersburg-Clearwater County area.
The SAFMR is the maximum amount that the housing authority will pay on behalf of a tenant. However, the actual reimbursement to landlords depends on the tenant's contribution and any utility allowances. Tenants typically contribute 30% of their adjusted income towards rent. If a tenant's adjusted income is $1000 per month, they would pay $300 toward the rent, leaving the housing authority to cover the remainder up to the SAFMR limit.
Utility allowances can vary but are generally around $300-$400 for a two-bedroom unit. This allowance is separate from the rent reimbursement and is meant to help tenants pay for utilities such as electricity, gas, water, and sewage. Therefore, if the utility allowance is $350, the total amount a landlord could receive from the housing authority would be $2200 ($1850 for rent + $350 for utilities).
However, landlords must ensure that the total rent plus utilities does not exceed the SAFMR. In ZIP 33780, if the local market rent is higher than $1850, landlords will face a gap between the market rate and the SAFMR. Conversely, if the market rent is lower, landlords might see a surplus.
To calculate the reimbursement gap or surplus, subtract the tenant's contribution and the utility allowance from the SAFMR. For example, if the local market rent is $2000 and the tenant contributes $300, the housing authority would pay $1550 ($1850 - $300), resulting in a gap of $450 ($2000 - $1550).
In ZIP 33780, given the SAFMR of $1850 and assuming a tenant contribution of $300 and a utility allowance of $350, landlords would receive $2150 ($1850 + $350) in total reimbursement. If the local market rent is indeed higher than $1850, landlords will have to adjust their expectations or find other ways to bridge the gap. If the local market rent is lower, landlords will benefit from the surplus.
Note that the exact reimbursement amount can fluctuate based on the tenant's income and any changes in utility allowances. Landlords should also be aware that the SAFMR can change annually, impacting the overall economics of renting to Section 8 participants.
Data Sources: FMR data from HUD (2027).
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.