The 2 bedroom fair market rent in Parkers Prairie (Otter Tail County) is $970 for FY2026. Rents here moved -8.5 percent year over year. ZIP 56361 sits in the Otter Tail County, MN area.
| Unit size | FY2026 FMR | Vs FY2025 | ACS median |
|---|---|---|---|
| Studio | $680 | -6.8% | |
| 1 bedroom | $740 | -8.6% | |
| 2 bedroom | $970 | -8.5% | |
| 3 bedroom | $1,350 | -6.9% | |
| 4 bedroom | $1,420 | -6.6% |
FMR is the HUD Fair Market Rent for this ZIP, the 40th percentile of gross rents. It anchors Section 8 payment standards and runs below top of market. ACS median is the Census survey estimate where available.
The HUD fair market rent for a 2 bedroom in ZIP 56361 is $970 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent fell 8.5 percent from FY2025 to FY2026, moving from $1,060 to $970.
Fair Market Rent is HUD's estimate of the 40th percentile gross rent for a ZIP. It sets Section 8 payment standards, so it is the rent a voucher will support here. Investors use it as a conservative floor when underwriting rental income.
Rent level is only one input. Run the numbers: at $970 for a 2 bedroom, a deal in Parkers Prairie pencils or it does not based on price, taxes, insurance, and financing. Pencilwrite computes cap rate, cash-on-cash, DSCR, and true ROE from a few inputs.
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