Location: Minneapolis-St. Paul-Bloomington, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,390 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,490 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 55126, Shoreview, MN, for fiscal year 2024 is set at $1710. This figure represents the maximum amount that a landlord can charge a Section 8 tenant as rent. It is important to note that this is not the actual rent you will receive; rather, it is the benchmark used by the Housing Choice Voucher Program to determine the subsidy amount.
In comparison, the local Zillow Rent Index (ZORI) for the same area is $1794. This suggests that market rents are slightly higher than the FMR, which could be advantageous if you are looking to maximize your income from a non-Section 8 tenant. However, for Section 8 participants, the rent cannot exceed the FMR of $1710.
The 20.4% renter share indicates that there is a strong demand for rental properties in Shoreview. This percentage reflects the proportion of renters in the area relative to homeowners, suggesting that a significant portion of the population is interested in renting. Given this high demand, landlords can expect a steady stream of potential tenants.
If you are considering purchasing a property for your first Section 8 rental, the average acquisition cost in the area is around $411,293. This is the typical price range for homes in Shoreview, MN, and should be taken into account when planning your investment.
Before finalizing your decision to participate in the Section 8 program, it is crucial to verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the home is safe, decent, and sanitary. A thorough inspection by the local housing authority will be required to confirm compliance.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.