The 2 bedroom fair market rent in Lakeville (Dakota County) is $2,180 for FY2026, and typical market asking rent is $2,074. Rents here moved +1.9 percent year over year. ZIP 55044 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area.
See how this ZIP compares for Section 8 vouchers, fair market rent against market asking rent for every tracked Minnesota ZIP.
| Unit size | FY2026 FMR | Vs FY2025 | ACS median |
|---|---|---|---|
| Studio | $1,580 | +1.9% | |
| 1 bedroom | $1,790 | +2.3% | |
| 2 bedroom | $2,180 | +1.9% | |
| 3 bedroom | $2,890 | +1.4% | |
| 4 bedroom | $3,230 | +1.3% |
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.
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Market asking rent sits about $106 below the 2 bedroom FMR. That usually means the Zillow index skews to smaller or older stock in this ZIP, or supply is soft. Underwrite from actual comps, not the FMR.
Zillow ZORI is a smoothed index of asking rents across all unit sizes. HUD FMR is a 2 bedroom 40th percentile estimate. They measure different things, so treat the spread as a signal, not a price. See the full FMR versus market rent spread for every Minnesota ZIP with both signals.
Among the 20 Dakota County ZIP codes with a HUD rent estimate, 55044 ranks the highest on 2 bedroom fair market rent. That is $400 above the county median of $1,780. Statewide the median 2 bedroom fair market rent is $1,090, which puts Lakeville 100 percent above the Minnesota median. The largest single year move since FY2021 came in FY2024, +16.7 percent, and the 2 bedroom estimate has gone from $1,610 to $2,180 over 5 fiscal years. Voucher competitiveness for every Dakota County ZIP code with both signals is on the Dakota County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Savage 55378 carries the highest 2 bedroom fair market rent at $2,040 and Farmington 55024 the lowest at $1,700, against $2,180 here.
The HUD fair market rent for a 2 bedroom in ZIP 55044 is $2,180 for FY2026. Typical market asking rent is around $2,074 per Zillow as of 2026-07. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 1.9 percent from FY2025 to FY2026, moving from $2,140 to $2,180.
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 $2,180 for a 2 bedroom, a deal in Lakeville 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.
Pencilwrite turns an address, a price, and these rents into a full underwrite, cap rate, cash-on-cash, DSCR, true ROE, taxes, and an offer you can send. Limited beta access spots open. Sign up for the beta, opening in the next two months. Free.
