FMR is near market; voucher and private rents are aligned.
0.98
1 BR
1 BR
1.00ratio
FMR$1,240
Market$1,240
vs market+$0
FMR is near market; voucher and private rents are aligned.
1.00
2 BR
2 BR
1.01ratio
FMR$1,440
Market$1,430
vs market+$10
FMR is near market; voucher and private rents are aligned.
1.01
3 BR
3 BR
1.01ratio
FMR$1,990
Market$1,970
vs market+$20
FMR is near market; voucher and private rents are aligned.
1.01
4 BR
4 BR
1.02ratio
FMR$2,410
Market$2,370
vs market+$40
FMR is near market; voucher and private rents are aligned.
1.02
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
--
ZIP 55905 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55905 (Rochester, MN) is $1,440 a month. That is up 1.4% from $1,420 in FY 2026. Rochester is in the Rochester, MN 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 $1,422. Among 22 ZIP codes in Olmsted County, 55905 is tied for the 4th-highest two-bedroom rent (county range $1,270–$1,740). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55905 is 37% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 55905
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,120
$1,200
+7.1%
$1,080–$1,320
1BR
$1,200
$1,240
+3.3%
$1,116–$1,364
2BR
$1,420
$1,440
+1.4%
$1,296–$1,584
3BR
$1,970
$1,990
+1.0%
$1,791–$2,189
4BR
$2,380
$2,410
+1.3%
$2,169–$2,651
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 55905
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,200
$1,240
$1,440
$1,990
$2,410
FY 2026
$1,120
$1,200
$1,420
$1,970
$2,380
FY 2025
$1,000
$1,120
$1,360
$1,910
$2,280
FY 2024
$830
$950
$1,170
$1,650
$1,990
FY 2023
$860
$1,010
$1,250
$1,780
$2,130
Two-bedroom rent in nearby Olmsted County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 55905?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,422, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,280 to $1,564 a month; under the ZIP-level Small Area FMR of $1,440 it would be $1,296 to $1,584. 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 ZIP 55905 in?
ZIP 55905 is in the Rochester, MN HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,422.
How much did fair market rent change in ZIP 55905 for FY 2027?
The two-bedroom FMR rose 1.4%, from $1,420 in FY 2026 to $1,440 in FY 2027. Since FY 2023 it has risen 15.2%.
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