The 2 bedroom fair market rent in Elko New Market (Scott County) is $2,490 for FY2026. Rents here moved +39.1 percent year over year. ZIP 55054 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 | $1,810 | +39.2% | |
| 1 bedroom | $2,050 | +39.5% | |
| 2 bedroom | $2,490 | +39.1% | |
| 3 bedroom | $3,300 | +38.7% | |
| 4 bedroom | $3,690 | +38.2% |
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.
Get an email when rents change in ZIP 55054. We will send a short note, not a newsletter.
Among the 7 Scott County ZIP codes with a HUD rent estimate, 55054 ranks the highest on 2 bedroom fair market rent. That is $630 above the county median of $1,860. Statewide the median 2 bedroom fair market rent is $1,090, which puts Elko New Market 128 percent above the Minnesota median. The largest single year move since FY2021 came in FY2026, +39.1 percent, and the 2 bedroom estimate has gone from $1,450 to $2,490 over 5 fiscal years. Zillow does not publish a rent index for 55054, so the fair market rent is the only published rent benchmark here. The landlord voucher check compares an asking rent against it. Voucher competitiveness for every Scott County ZIP code with both signals is on the Scott County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Lakeville 55044 carries the highest 2 bedroom fair market rent at $2,180 and Northfield 55057 the lowest at $1,520, against $2,490 here.
The HUD fair market rent for a 2 bedroom in ZIP 55054 is $2,490 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 39.1 percent from FY2025 to FY2026, moving from $1,790 to $2,490.
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 $2,490 for a 2 bedroom, a deal in Elko New Market 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.
