Location: Renville County, MN | Metro: Kandiyohi County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 56284 in the upcoming fiscal year 2026 is set at $980. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It's important to note that this is not the amount you would charge your tenant; it's the maximum amount the government will pay on behalf of the tenant.
In comparison, the average rent for the area, according to the Census American Community Survey (ACS), is $664. This means that the Section 8 payment standard is higher than the local average, providing a potential buffer against any unforeseen maintenance costs or vacancies.
The rental share in ZIP 56284 is 25.5%, indicating that nearly one-quarter of the residents are renters. This suggests a stable demand for rental properties, particularly those that cater to low-income families who might rely on Section 8 vouchers.
When considering the acquisition cost of a property in this area, the median home value is around $191,914. This figure can help you estimate the initial investment required for purchasing a property to enter into the Section 8 program. However, remember that the FMR is based on apartment rents, so single-family homes or other types of dwellings may have different valuation criteria.
Before proceeding with a Section 8 rental, one key verification step is to ensure that the property meets all local housing quality standards. The Housing Quality Standards (HQS) inspection is mandatory, and failure to meet these standards can result in the loss of rental income. These standards cover a range of issues including structural integrity, heating, plumbing, and safety features.
In summary, the FMR of $980 offers a competitive rate compared to the local average of $664, and the 25.5% renter share indicates a steady demand. With an acquisition cost of approximately $191,914, the initial investment is relatively modest. Just make sure your property passes the HQS inspection to avoid any complications once you're part of the program.
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.