FMR is below market; voucher rent may lag private rents.
0.76
1 BR
1 BR- 55372
0.97ratio
FMR$1,440
Market$1,490
vs market-$50
FMR is near market; voucher and private rents are aligned.
0.97
2 BR
2 BR- 55372
0.95ratio
FMR$1,750
Market$1,850
vs market-$100
FMR is near market; voucher and private rents are aligned.
0.95
3 BR
3 BR- 55372
0.97ratio
FMR$2,290
Market$2,350
vs market-$60
FMR is near market; voucher and private rents are aligned.
0.97
4 BR
4 BR- 55372
1.00ratio
FMR$2,560
Market$2,550
vs market+$10
FMR is near market; voucher and private rents are aligned.
1.00
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
--
Prior Lake, MN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Prior Lake, MN is $1,750 a month. That is up 2.3% from $1,710 in FY 2026. Prior Lake 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 Prior Lake is 67% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Prior Lake, MN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,240
$1,280
+3.2%
$1,152–$1,408
1BR
$1,410
$1,440
+2.1%
$1,296–$1,584
2BR
$1,710
$1,750
+2.3%
$1,575–$1,925
3BR
$2,260
$2,290
+1.3%
$2,061–$2,519
4BR
$2,530
$2,560
+1.2%
$2,304–$2,816
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Prior Lake, MN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,280
$1,440
$1,750
$2,290
$2,560
FY 2026
$1,240
$1,410
$1,710
$2,260
$2,530
FY 2025
$1,240
$1,400
$1,710
$2,280
$2,550
FY 2024
$1,200
$1,360
$1,660
$2,240
$2,540
FY 2023
$1,060
$1,210
$1,490
$2,020
$2,330
Questions about Prior Lake, MN rents
How much will Section 8 pay for a two-bedroom in Prior Lake, 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 $1,750 it would be $1,575 to $1,925. 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 Prior Lake, MN in?
Prior Lake, 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 Prior Lake, MN for FY 2027?
The two-bedroom FMR rose 2.3%, from $1,710 in FY 2026 to $1,750 in FY 2027. Since FY 2023 it has risen 17.4%.
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