Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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Oak Island, MN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Oak Island, MN is $1,150 a month. That is up 13.9% from $1,010 in FY 2026. Oak Island is in the Lake of the Woods 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 $1,154. The median county two-bedroom FMR in Minnesota is $1,048, so Oak Island is 10% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Oak Island, MN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$700
$800
+14.3%
$720–$880
1BR
$770
$880
+14.3%
$792–$968
2BR
$1,010
$1,150
+13.9%
$1,035–$1,265
3BR
$1,210
$1,370
+13.2%
$1,233–$1,507
4BR
$1,470
$1,680
+14.3%
$1,512–$1,848
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Oak Island, MN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$800
$880
$1,150
$1,370
$1,680
FY 2026
$700
$770
$1,010
$1,210
$1,470
FY 2025
$640
$710
$930
$1,120
$1,350
FY 2024area FMR
$660
$741
$974
$1,178
$1,408
FY 2023area FMR
$605
$689
$905
$1,101
$1,317
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about Oak Island, MN rents
How much will Section 8 pay for a two-bedroom in Oak Island, MN?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,154, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,039 to $1,269 a month; under the ZIP-level Small Area FMR of $1,150 it would be $1,035 to $1,265. 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 Oak Island, MN in?
Oak Island, MN is in the Lake of the Woods County, MN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,154.
How much did fair market rent change in Oak Island, MN for FY 2027?
The two-bedroom FMR rose 13.9%, from $1,010 in FY 2026 to $1,150 in FY 2027. Since FY 2025 it has risen 23.7%.
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