Location: Lakeland-Winter Haven, FL | Metro: Lakeland-Winter Haven, 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 | $1,110 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,350 | $146,212 | 0.92% | C |
| 3BR | $1,860 | $207,564 | 0.9% | C |
| 4BR | $2,260 | $249,266 | 0.91% | C |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 33815 in Lakeland, FL, provides a clear picture of the financial landscape for landlords and small-portfolio investors. To start, let's look at the annualized figures for a two-bedroom property. The Fair Market Rent (FMR) for FY 2024 is set at $1050 per month, while the Zillow Observed Rent Index (ZORI) stands at $1517 monthly. Using these figures, we can calculate the gross yields based on the median home value of $184,102.
With the FMR figure, the annual rental income would be $12,600 ($1050 x 12 months), leading to an implied gross yield of 6.84%. This is calculated by dividing the annual rental income by the median home value ($12,600 / $184,102).
In contrast, using the ZORI figure, the annual rental income jumps to $18,204 ($1517 x 12 months). This results in a significantly higher implied gross yield of 9.89% ($18,204 / $184,102).
Given that 40.4% of residents in ZIP 33815 are renters, the market appears to have a moderate demand for rental properties. However, the lack of Days on Market (DOM) data suggests that rental listings may not always move quickly, impacting the reliability of achieving the higher ZORI-based yield consistently. Therefore, the FMR-based gross yield of 6.84% is likely a more realistic scenario for long-term investment planning. It reflects the government-set rental rates that Section 8 participants are eligible for, ensuring a steady, though lower, cash flow. Investors should consider these figures carefully when evaluating potential returns on their investments in this area.
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.