Location: St. Cloud, MN | Metro: St. Cloud, MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,650 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
8.1% of the population in ZIP code 56335 are renters, indicating a modest demand for rental properties. The Fair Market Rent (FMR) for the area, as determined by HUD for fiscal year 2024, is set at $1140. This figure represents the maximum amount landlords can charge tenants participating in the Section 8 program. However, the lack of specific data on market rent suggests that there might be limited private sector comparison available, making the FMR a critical benchmark for the area. With a median home value of $200,688, it's clear that homeownership is prevalent, but the rental market still holds significance for those who cannot afford or prefer not to purchase homes. The median income in the area stands at $72,625, which provides insight into the economic capacity of potential tenants. Although there is no data on the days on market (DOM) or the percentage of price-cut shares, these missing metrics could imply stability in the local real estate market. Landlords should be aware that the Section 8 program can offer a steady stream of rental income, as long as they adhere to the stipulated FMR. Given the context, the Section 8 program appears to be a viable option for landlords in ZIP 56335, ensuring a stable tenant base without the risk of fluctuating market rents.
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.