Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,470 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,750 |
| 5 Bedrooms | $3,190 |
| 6 Bedrooms | $3,573 |
| 7 Bedrooms | $3,859 |
| 8 Bedrooms | $4,052 |
ZIP code 34656, located within the Tampa-St. Petersburg-Clearwater, FL MSA, has a Fair Market Rent (FMR) of $1760 for fiscal year 2024. This figure is essential for understanding how it compares to other ZIP codes within the same metro area.
The FMR is set by the U.S. Department of Housing and Urban Development (HUD) and represents the maximum amount that can be charged for rental housing under Section 8 programs. In the Tampa-St. Petersburg-Clearwater, FL MSA, typical FMRs range widely, but let's consider that an average might be around $1500 to $1800 per month for a moderate-sized unit. Given this context, ZIP 34656's FMR of $1760 places it slightly above the lower end of the typical range and below the higher end, suggesting it could be considered a mid-tier neighborhood in terms of rental costs.
However, the lack of data on market rent, home value, and renter share makes it challenging to draw definitive conclusions about its overall market position. Typically, a higher renter share with below-average home values can indicate a sweet spot for Section 8 investments, as it suggests a strong demand for affordable rental housing. Unfortunately, without specific figures for ZIP 34656, we cannot confirm if this is indeed the case here.
To determine if ZIP 34656 is a value pocket or a premium sub-market, we would need to know its market rent and home value. If the market rent is significantly higher than the FMR, landlords participating in Section 8 could find themselves with less competitive offerings, potentially indicating a premium sub-market. Conversely, if the market rent is close to or below the FMR, it could suggest a value pocket where Section 8 units remain attractive to tenants.
In summary, based on the available FMR data, ZIP 34656 appears to be a mid-tier neighborhood within the Tampa-St. Petersburg-Clearwater, FL MSA. To fully assess its potential as a Section 8 investment opportunity, additional data points such as market rent and home value are necessary.
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.