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 | $2,010 |
| 1 Bedroom | $2,070 |
| 2 Bedrooms | $2,410 |
| 3 Bedrooms | $3,080 |
| 4 Bedrooms | $3,740 |
| 5 Bedrooms | $4,338 |
| 6 Bedrooms | $4,859 |
| 7 Bedrooms | $5,248 |
| 8 Bedrooms | $5,510 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,410 | $239,985 | 1% | B |
| 3BR | $3,080 | $364,288 | 0.85% | C |
| 4BR | $3,740 | $472,484 | 0.79% | D |
| 5BR | $4,338 | $598,216 | 0.73% | D |
U.S. Census Bureau data (2024)
In ZIP code 34639, which encompasses Land O Lakes, FL, in Pasco County, the Section 8 program operates under specific economic guidelines that affect landlords and small-portfolio investors. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $2290. This figure represents the maximum amount that the Housing Choice Voucher program will pay toward the rent for a unit of this size.
The local market rent, measured by ZORI (Zillow Observed Rent Index), is currently at $2051. This indicates that the SAFMR is slightly higher than the average market rent, providing some financial cushion for landlords who participate in the Section 8 program.
When a landlord agrees to rent a property to a Section 8 tenant, they receive a reimbursement based on the SAFMR. However, the actual payment received includes the tenant's portion of the rent plus any utility allowances. Typically, the tenant is expected to contribute 30% of their adjusted income toward rent. If the tenant's portion is less than the SAFMR, the difference is made up by the government, ensuring the landlord receives the full SAFMR amount.
To illustrate, if a tenant's portion of the rent is $600, and the utility allowance is $200, the total reimbursement to the landlord would be $2290. This means the landlord receives the full SAFMR regardless of the tenant's contribution or the utility allowance.
In ZIP 34639, the SAFMR is set specifically for this ZIP code, meaning it reflects the local rental market conditions more accurately than a broader county or metro-wide rate would. This specificity can benefit landlords by ensuring they receive a fair market rate for their properties.
Given the SAFMR of $2290 and the local market rent of $2051, there is a surplus of $239 per month for a two-bedroom apartment. This surplus is advantageous for landlords as it allows them to potentially cover maintenance costs, insurance, or other expenses associated with the property without reducing their net income.
Landlords should also be aware that the SAFMR can change annually based on the U.S. Department of Housing and Urban Development's assessment of the local rental market. Therefore, it's important to stay informed about these changes to manage expectations and financial planning effectively.
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.