Location: Tampa-St. Petersburg-Clearwater, FL | Metro: Tampa-St. Petersburg-Clearwater, FL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,990 |
| 4 Bedrooms | $2,420 |
| 5 Bedrooms | $2,807 |
| 6 Bedrooms | $3,144 |
| 7 Bedrooms | $3,396 |
| 8 Bedrooms | $3,566 |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP 34679, Aripeka, FL, hinges on the disparity between the Fair Market Rent (FMR) of $1600 for fiscal year 2024 and the non-available market rent data. Given the context that 43.5% of residents are renters, the analysis must be anchored in the current economic landscape.
The median household income in Aripeka, FL, is $33,962, which is 13.2% higher than it was five years ago. However, the median home value is listed as -$666,666,666, indicating an anomaly in the data. The median rent, similarly, is listed as -$666,666,666, suggesting that the market rent is significantly below the FMR of $1600. This implies a substantial gap between the FMR and actual market rents, estimated at $1600 - $0 = $1600, or 100% of the FMR.
The FMR exceeds the market rent, making this a yield play for landlords and small-portfolio investors. Voucher tenants can help stabilize cash flows and mitigate risks associated with vacancy rates. Since the FMR is higher than the market rent, landlords can potentially achieve a higher occupancy rate with subsidized tenants, thereby increasing their rental income yields.
However, the cost of housing voucher tenants below open-market rates means landlords might see reduced profit margins per unit. Yet, the stability provided by government-backed vouchers can offset the risk of non-payment, making it a strategic move for those seeking consistent income.
Aripeka, FL, has a population density of 144 residents and a median age of 62 years, suggesting an established, mature community. The overall livability score of NaN/10 indicates that while there are positive aspects such as high housing affordability, there are also considerations like higher living costs compared to the national average.
Investors should leverage the high tenant demand from the 43.5% of renters and the potential for stable income from voucher tenants to capitalize on this market opportunity.
Data Sources: FMR data from HUD (2027). 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.