HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Nicollet County, Minnesota (FY 2026)
A two-bedroom in Nicollet County carries a FY 2026 Fair Market Rent of $1,171 a month, effective October 1, 2025 through September 30, 2026. Everything Section 8 pays in Nicollet keys off that figure.
2 bedroom FMR
$1,171
FY 2026, utilities included
Payment standard range
$1,054 to $1,288
90% to 110% of FMR
Income to afford 2BR
$46,840
per year, at 30% of income
Rank in Minnesota
21st of 87
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Nicollet moves to $1,230. That's up 5%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Nicollet actually rent for?
Search any address in Nicollet for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $971 | $874 to $1,068 | $38,840 | $18.67/hr | +0.8% |
| 1 bedroom | $977 | $879 to $1,075 | $39,080 | $18.79/hr | +0.8% |
| 2 bedroom | $1,171 | $1,054 to $1,288 | $46,840 | $22.52/hr | -0.3% |
| 3 bedroom | $1,629 | $1,466 to $1,792 | $65,160 | $31.33/hr | -1.0% |
| 4 bedroom | $1,916 | $1,724 to $2,108 | $76,640 | $36.85/hr | -2.8% |
5 to 8 bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $2,203 | $1,983 to $2,423 |
| 6 bedroom Estimate | $2,491 | $2,242 to $2,740 |
| 7 bedroom Estimate | $2,778 | $2,500 to $3,056 |
| 8 bedroom Estimate | $3,066 | $2,759 to $3,373 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2026 that's October 1, 2025 through September 30, 2026. In Nicollet, that runs from $971 for a studio up to $1,916 for four bedrooms, all five rates in the table above.
This is a metro rate. The county doesn't get one of its own. HUD lumps Nicollet in with one other county in the Mankato metro, Blue Earth County among them, and every one of them gets $1,171 for a two-bedroom. Where you are inside the metro doesn't change the county number. It does change the ZIP number, covered below.
Among Minnesota's 87 counties, Nicollet ranks 21st for two-bedroom FMR. That's about 17% above the state median of $999 and about 15% above the national median county at $1,018. About 34,380 people live here, 32nd in the state.
Counties sharing the Mankato metro rate
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,060 in 56003 (Mankato) and $1,150 in 56021 (Courtland), with the 5 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Nicollet somewhere between $1,054 and $1,288. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,171 a month is affordable, by HUD's 30% rule, on an income of roughly $46,840 a year. Put another way, $23 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($1,054) | HAP at 100% ($1,171) | HAP at 110% ($1,288) |
|---|---|---|---|---|
| $2,500 | $750 | $304 | $421 | $538 |
| $4,000 | $1,200 | $0 | $0 | $88 |
Rate history
The two-bedroom rate went down 0% from FY 2025 ($1,174) to FY 2026 ($1,171). Since FY 2020 it's up 27% in total, about 4.1% a year. The Minnesota median moved up 7% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $612 | $704 | $920 | $1,299 | $1,615 | — |
| FY 2021 | $646 | $732 | $961 | $1,345 | $1,664 | +4.5% |
| FY 2022 | $710 | $776 | $992 | $1,378 | $1,698 | +3.2% |
| FY 2023 | $828 | $845 | $1,056 | $1,478 | $1,799 | +6.5% |
| FY 2024 | $897 | $903 | $1,101 | $1,552 | $1,868 | +4.3% |
| FY 2025 | $963 | $969 | $1,174 | $1,645 | $1,971 | +6.6% |
| FY 2026 | $971 | $977 | $1,171 | $1,629 | $1,916 | -0.3% |
| FY 2027 | $1,016 | $1,023 | $1,230 | $1,703 | $1,744 | +5.0% |
Nearby counties
Questions people ask
$1,171 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $971 for a studio, $977 for one bedroom, $1,629 for three and $1,916 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the payment standard and tenant share for a specific rent.
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords.
Rent affordability calculator
See what income a household needs for a given rent.
What does a rental in Nicollet actually go for?
HUD's number is one input. Search any address in Nicollet for a rent estimate built from nearby comps. 3 free searches, no card.
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