FMR is below market; voucher rent may lag private rents.
0.81
1 BR
1 BR- 55362
1.04ratio
FMR$1,400
Market$1,350
vs market+$50
FMR is near market; voucher and private rents are aligned.
1.04
2 BR
2 BR- 55362
0.95ratio
FMR$1,700
Market$1,790
vs market-$90
FMR is near market; voucher and private rents are aligned.
0.95
3 BR
3 BR- 55362
1.08ratio
FMR$2,220
Market$2,050
vs market+$170
FMR is near market; voucher and private rents are aligned.
1.08
4 BR
4 BR- 55362
1.10ratio
FMR$2,490
Market$2,270
vs market+$220
FMR is near market; voucher and private rents are aligned.
1.10
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
--
Monticello, MN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Monticello, MN is $1,700 a month. That is up 0.6% from $1,690 in FY 2026. Monticello is in the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro 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 metro-wide two-bedroom FMR of $1,734. The median county two-bedroom FMR in Minnesota is $1,048, so Monticello is 62% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Monticello, MN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,230
$1,240
+0.8%
$1,116–$1,364
1BR
$1,390
$1,400
+0.7%
$1,260–$1,540
2BR
$1,690
$1,700
+0.6%
$1,530–$1,870
3BR
$2,240
$2,220
−0.9%
$1,998–$2,442
4BR
$2,500
$2,490
−0.4%
$2,241–$2,739
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Monticello, MN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,240
$1,400
$1,700
$2,220
$2,490
FY 2026
$1,230
$1,390
$1,690
$2,240
$2,500
FY 2025
$1,180
$1,340
$1,630
$2,170
$2,430
FY 2024
$1,110
$1,260
$1,540
$2,080
$2,350
FY 2023
$930
$1,060
$1,300
$1,770
$2,040
Questions about Monticello, MN rents
How much will Section 8 pay for a two-bedroom in Monticello, MN?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,734, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,561 to $1,907 a month; under the ZIP-level Small Area FMR of $1,700 it would be $1,530 to $1,870. 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 Monticello, MN in?
Monticello, MN is in the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,734.
How much did fair market rent change in Monticello, MN for FY 2027?
The two-bedroom FMR rose 0.6%, from $1,690 in FY 2026 to $1,700 in FY 2027. Since FY 2023 it has risen 30.8%.
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