The median 2 bedroom fair market rent across Rice County's 8 tracked ZIP codes is $1,540 for FY2026, and typical market asking rent runs around $1,745. Rents here moved +4.1 percent year over year.
| ZIP | City | 2BR FMR | YoY | Market rent |
|---|---|---|---|---|
| 55053 | Nerstrand | $1,600 | +0.0% | |
| 55019 | Dundas | $1,570 | +6.8% | |
| 55046 | Lonsdale | $1,560 | -4.9% | |
| 55088 | Webster | $1,540 | -9.9% | |
| 55057 | Northfield | $1,520 | +4.1% | $1,745 |
| 55021 | Faribault | $1,210 | +0.0% | $1,449 |
| 55052 | Morristown | $1,210 | +9.0% | |
| 55087 | Warsaw | $1,210 | +8.0% |
FMR is the HUD Fair Market Rent for each ZIP, the 40th percentile of gross rents. Market rent is the latest Zillow ZORI where Zillow covers that ZIP.
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The median 2 bedroom HUD fair market rent across Rice County's 8 tracked ZIP codes is $1,540 for FY2026. Typical market asking rent runs around $1,745 per Zillow. Rent varies by ZIP, so use the table on this page for a specific area.
Morristown 55052 saw the biggest increase, +9.0 percent year over year. Webster 55088 saw the biggest decrease, -9.9 percent.
Fair Market Rent is HUD's estimate of the 40th percentile gross rent for a ZIP code. It sets Section 8 payment standards, so it is the rent a voucher will support there. Investors use it as a conservative floor when underwriting rental income.
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