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 | $1,420 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,710 | $240,668 | 0.71% | D |
| 3BR | $2,180 | $363,446 | 0.6% | F |
| 4BR | $2,660 | $423,874 | 0.63% | D |
| 5BR | $3,086 | $550,142 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 34610, located in Spring Hill, Florida, presents a dynamic rental market that is currently favoring demand over supply. The Fair Market Rent (FMR) for the area, set at $1,620 for fiscal year 2024, indicates a strong rental environment, especially when compared to the market rent reported by the Census ACS at $1,558. This suggests that the rental market is robust and likely to support higher rents, as the government's benchmark for affordable housing is slightly above the actual market rate.
A key indicator of market health is the price-cut share, which stands at just 0.3%. This low figure implies that few properties are being discounted, suggesting that landlords and property owners can maintain their asking prices without significant adjustments. The median home value of $381,095 provides context for the overall economic standing of homeowners in the area, indicating a middle-class community with a stable housing base.
The 10.4% renter share is notably low, suggesting that a majority of residents in Spring Hill prefer ownership over renting. However, this also points to a potential long-term housing pressure as the demand for rental units could increase if the population grows or if there is a shift towards renting due to economic factors such as job availability or affordability of homeownership. Despite the low renter share, the current dynamics suggest a tight rental market where demand is strong relative to supply.
In summary, the rental market in ZIP 34610 is characterized by a slight premium on the FMR over market rent, minimal need for price cuts, and a relatively low renter share. These factors indicate a market where demand is currently outpacing supply, making it an attractive location for landlords and small-portfolio investors looking to capitalize on the rental trends and the stability of the local economy.
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.