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 | $1,710 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $2,050 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $3,180 |
| 5 Bedrooms | $3,689 |
| 6 Bedrooms | $4,132 |
| 7 Bedrooms | $4,463 |
| 8 Bedrooms | $4,686 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,620 | $617,753 | 0.42% | F |
| 4BR | $3,180 | $982,905 | 0.32% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 34681 reveals two distinct scenarios based on available data. The first scenario uses the annualized Fair Market Rent (FMR) for a 2-bedroom apartment, which is set at $2020 for fiscal year 2024. This translates into an annual rent income of $24,240. Given the median home value of $633,620, the implied gross yield for this scenario can be calculated as follows:
To find the gross yield, divide the annual rent income by the median home value:
$24,240 / $633,620 = 0.0382 or 3.82%
This represents the gross yield if the property were rented at the Section 8 FMR rate. However, this scenario may not fully reflect the potential rental income in a market where the actual market rent is not available (N/A).
The second scenario involves using the market rent figure, which is currently unavailable for ZIP 34681. Without this information, it's impossible to calculate a precise gross yield for market rent. However, we can still make some observations about the practicality of these scenarios.
The renter density in ZIP 34681 is 9.6%, indicating that a relatively small portion of the population is actively seeking rental housing. This could affect the demand for Section 8 properties, potentially making the FMR-based yield less likely to be realized in practice. Additionally, the Days on Market (DOM) information being N/A suggests that there isn't enough data to determine how quickly properties are typically leased, which is crucial for understanding the market dynamics and vacancy rates.
In conclusion, while the FMR-based gross yield of 3.82% provides a baseline for investment considerations in ZIP 34681, the lack of specific market rent data means that this figure may not represent the true earning potential of a property. Landlords and small-portfolio investors should consider local market conditions and demand when evaluating the feasibility of Section 8 investments in this area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.