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 | $1,820 |
| 1 Bedroom | $1,870 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $2,780 |
| 4 Bedrooms | $3,390 |
| 5 Bedrooms | $3,932 |
| 6 Bedrooms | $4,404 |
| 7 Bedrooms | $4,756 |
| 8 Bedrooms | $4,994 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,870 | $332,814 | 0.56% | F |
| 2BR | $2,180 | $589,200 | 0.37% | F |
| 3BR | $2,780 | $955,986 | 0.29% | F |
| 4BR | $3,390 | $1,783,644 | 0.19% | F |
U.S. Census Bureau data (2024)
The potential pitfalls of investing in ZIP 33785 under the Section 8 program begin with tenant turnover. The market rent stands at $3,267, while the Fair Market Rent (FMR) for FY 2024 is set at $2,030. This discrepancy suggests that landlords might face frequent turnover, as tenants may struggle to afford higher rents outside of the voucher subsidy. Additionally, the vacancy exposure is significant due to an average Days on Market (DOM) of 87 days, indicating a lengthy period where properties might remain unoccupied, thus reducing cash flow. The deferred maintenance risk is also notable, considering the typical home value of $707,306 and the median income of $101,356. These figures suggest that homeowners may not have the financial capacity to maintain their properties adequately, which can translate into higher repair costs for landlords.
However, these risks must be weighed against the high renter share of 21.3%. A larger proportion of renters often correlates with higher demand for Section 8 vouchers, potentially leading to quicker tenancy and a steady stream of rental income. The strong presence of renters can mitigate some of the vacancy concerns and ensure a stable occupancy rate over time.
In conclusion, the investment risk for a first-time Section 8 landlord in ZIP 33785 is moderate.
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.