Section 8 Fair Market Rent (FMR) for ZIP 33885 - 2027

FY 2027 Fair Market Rent Rates

To understand the economics of Section 8 in ZIP code 33885, it's crucial to know the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1250 for fiscal year 2024. This SAFMR is specifically tailored for this ZIP code, meaning it reflects the rental conditions unique to the Lakeland-Winter Haven County area.

The SAFMR is the maximum amount that the Housing Choice Voucher program will pay towards a tenant's rent. However, the actual amount paid depends on the tenant's portion of the rent and any utility allowances. Typically, the tenant is required to contribute 30% of their adjusted income towards rent. For example, if a tenant has an adjusted income of $1000 per month, they would need to pay $300 towards the rent. This leaves $950 available from the voucher for the landlord, assuming the SAFMR of $1250 is fully utilized.

In addition to the rent contribution, the voucher program also provides utility allowances. These allowances vary but can significantly affect the total amount a landlord receives. For instance, if the utility allowance is $150, the total reimbursement to the landlord would be $1100 ($950 for rent + $150 for utilities).

The reimbursement gap or surplus occurs when comparing the SAFMR to the local market rent. In ZIP 33885, the local market rent is currently listed as N/A, which means there isn't enough data to determine if the SAFMR is above or below the market rate. If the market rent were lower than the SAFMR, landlords would see a surplus, receiving more than the market value. Conversely, if the market rent were higher, landlords would face a reimbursement gap, receiving less than what they could potentially charge in the open market.

Given the SAFMR of $1250 and assuming a standard utility allowance, landlords should expect a reimbursement of around $1100 for a two-bedroom apartment. The exact figure will depend on the tenant's income and the specific utility allowance allocated. Without a clear local market rent figure, it's impossible to quantify the precise gap or surplus, but landlords should use the SAFMR as a reliable benchmark for setting their rents.

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.