Location: North Port-Bradenton-Sarasota, FL | Metro: North Port-Bradenton-Sarasota, 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 | $1,710 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,150 |
| 3 Bedrooms | $2,720 |
| 4 Bedrooms | $3,240 |
| 5 Bedrooms | $3,758 |
| 6 Bedrooms | $4,209 |
| 7 Bedrooms | $4,546 |
| 8 Bedrooms | $4,773 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,150 | $498,551 | 0.43% | F |
| 3BR | $2,720 | $915,942 | 0.3% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 34215 in Cortez, FL, provides a detailed look at potential rental income scenarios. The Fair Market Rent (FMR) for a two-bedroom apartment in fiscal year 2024 is set at $1820 annually. This figure can be used to calculate the implied gross yield under the Section 8 program.
To determine the gross yield, we first need to annualize the FMR. Given that the FMR for a two-bedroom apartment is $1820 per month, the annual rent would be $1820 multiplied by 12 months, equating to $21,840. With a median home value of $757,427, the implied gross yield for a Section 8 property in this ZIP code would be approximately 2.9% ($21,840 / $757,427).
However, it's important to note that the market rent for this area is listed as N/A, which means there isn't enough data to provide a definitive comparison to the FMR. This lack of market rent data makes it challenging to assess the viability of traditional market rentals versus Section 8 rentals in ZIP 34215.
Given the low renter density of 3.1%, it becomes evident that traditional market rentals may not be as prevalent or profitable as one might expect. The N/A-day Days on Market (DOM) further underscores the limited data available for making a robust comparison between market rents and Section 8 rents.
In conclusion, based on the provided data, the gross yield for a two-bedroom apartment under the Section 8 program is approximately 2.9%. While this figure is lower than what many investors might seek, the reality of the local rental market, characterized by low renter density and sparse data on market rents, suggests that the Section 8 scenario is more realistic and reliable for investment purposes in ZIP 34215. Landlords and small-portfolio investors should consider the stability and guaranteed payment structure of Section 8 contracts when evaluating the attractiveness of this ZIP code for rental investments.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.