FMR is near market; voucher and private rents are aligned.
1.02
1 BR
1 BR
1.06ratio
FMR$1,690
Market$1,600
vs market+$90
FMR is near market; voucher and private rents are aligned.
1.06
2 BR
2 BR
1.05ratio
FMR$1,970
Market$1,880
vs market+$90
FMR is near market; voucher and private rents are aligned.
1.05
3 BR
3 BR
1.17ratio
FMR$2,520
Market$2,150
vs market+$370
FMR is above market; underwrite to market rent.
1.17
4 BR
4 BR
1.24ratio
FMR$3,060
Market$2,460
vs market+$600
FMR is above market; underwrite to market rent.
1.24
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 33587 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 33587 (Sydney, FL) is $1,970 a month. That is down 3.0% from $2,030 in FY 2026. Sydney is in the Tampa-St. Petersburg-Clearwater, FL MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 89 ZIP codes in Hillsborough County, 33587 is tied for the 31st-highest two-bedroom rent (county range $1,170–$2,880). The median county two-bedroom FMR in Florida is $1,474, so ZIP 33587 is 34% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 33587
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,640
$1,640
0.0%
$1,476–$1,804
1BR
$1,740
$1,690
−2.9%
$1,521–$1,859
2BR
$2,030
$1,970
−3.0%
$1,773–$2,167
3BR
$2,600
$2,520
−3.1%
$2,268–$2,772
4BR
$3,160
$3,060
−3.2%
$2,754–$3,366
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 33587
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,640
$1,690
$1,970
$2,520
$3,060
FY 2026
$1,640
$1,740
$2,030
$2,600
$3,160
FY 2025
$1,610
$1,730
$2,030
$2,600
$3,160
FY 2024
$1,490
$1,600
$1,900
$2,430
$2,960
FY 2023
$1,320
$1,420
$1,700
$2,180
$2,670
Two-bedroom rent in nearby Hillsborough County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 33587?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,970, that basic range is $1,773 to $2,167 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 33587 in?
ZIP 33587 is in the Tampa-St. Petersburg-Clearwater, FL MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in ZIP 33587 for FY 2027?
The two-bedroom FMR fell 3.0%, from $2,030 in FY 2026 to $1,970 in FY 2027. Since FY 2023 it has risen 15.9%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set