Location: Cape Coral-Fort Myers, FL | Metro: Cape Coral-Fort Myers, 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 | $1,880 |
| 1 Bedroom | $1,890 |
| 2 Bedrooms | $2,220 |
| 3 Bedrooms | $2,870 |
| 4 Bedrooms | $3,160 |
| 5 Bedrooms | $3,666 |
| 6 Bedrooms | $4,106 |
| 7 Bedrooms | $4,434 |
| 8 Bedrooms | $4,656 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,890 | $207,871 | 0.91% | C |
| 2BR | $2,220 | $328,438 | 0.68% | D |
| 3BR | $2,870 | $460,056 | 0.62% | D |
| 4BR | $3,160 | $567,598 | 0.56% | F |
| 5BR | $3,666 | $566,394 | 0.65% | D |
U.S. Census Bureau data (2024)
The Section 8 thesis for ZIP code 33913, located in Fort Myers, FL, revolves around the discrepancy between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR stands at $2110, while the Zillow Observed Rent Index (ZORI) indicates a market rent of $2155. This creates a gap of $45, which represents a 2.13% difference between the two figures.
In Fort Myers, where only 9.5% of residents are renters, the competition for rental properties is fierce. The median home value in the area is $444,965, reflecting a predominantly owner-occupied market. However, the median income of $110,373 suggests that many potential renters may struggle to find affordable housing options without assistance programs like Section 8 vouchers.
Given that the FMR is less than the market rent, landlords who accept Section 8 vouchers will be renting their units below the open-market rate. This means they must weigh the benefits of guaranteed payments against the costs associated with housing voucher tenants. These costs can include administrative burdens, such as dealing with housing authorities, and potential maintenance issues due to the lower quality of some units that attract voucher holders.
Despite these challenges, the steady income provided by the Section 8 program can be attractive for small-portfolio investors looking for consistent cash flow. The program ensures that tenants pay only a portion of their income towards rent, with the rest subsidized by the government. This makes it an appealing option for those willing to manage the intricacies of working with housing vouchers.
To summarize, the gap between the FMR and the market rent in ZIP 33913 is $45, or 2.13%. Landlords should consider this when deciding whether to participate in the Section 8 program, balancing the advantages of stable rental income against the disadvantages of renting below market rates.
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.