FMR is below market; voucher rent may lag private rents.
0.85
1 BR
1 BR- 55021
0.86ratio
FMR$950
Market$1,110
vs market-$160
FMR is below market; voucher rent may lag private rents.
0.86
2 BR
2 BR- 55021
0.95ratio
FMR$1,240
Market$1,310
vs market-$70
FMR is near market; voucher and private rents are aligned.
0.95
3 BR
3 BR- 55021
1.10ratio
FMR$1,640
Market$1,490
vs market+$150
FMR is above market; underwrite to market rent.
1.10
4 BR
4 BR- 55021
1.41ratio
FMR$2,070
Market$1,470
vs market+$600
FMR is above market; underwrite to market rent.
1.41
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
--
Faribault, MN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Faribault, MN is $1,240 a month. That is up 2.5% from $1,210 in FY 2026. Faribault is in the Rice County, MN non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,226. The median county two-bedroom FMR in Minnesota is $1,048, so Faribault is 18% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Faribault, MN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$920
$940
+2.2%
$846–$1,034
1BR
$920
$950
+3.3%
$855–$1,045
2BR
$1,210
$1,240
+2.5%
$1,116–$1,364
3BR
$1,560
$1,640
+5.1%
$1,476–$1,804
4BR
$2,030
$2,070
+2.0%
$1,863–$2,277
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Faribault, MN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$940
$950
$1,240
$1,640
$2,070
FY 2026
$920
$920
$1,210
$1,560
$2,030
FY 2025
$920
$920
$1,210
$1,610
$1,990
FY 2024area FMR
$913
$918
$1,206
$1,634
$1,932
FY 2023area FMR
$795
$815
$1,073
$1,477
$1,688
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about Faribault, MN rents
How much will Section 8 pay for a two-bedroom in Faribault, MN?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,226, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,103 to $1,349 a month; under the ZIP-level Small Area FMR of $1,240 it would be $1,116 to $1,364. 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 Faribault, MN in?
Faribault, MN is in the Rice County, MN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,226.
How much did fair market rent change in Faribault, MN for FY 2027?
The two-bedroom FMR rose 2.5%, from $1,210 in FY 2026 to $1,240 in FY 2027. Since FY 2025 it has risen 2.5%.
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