The 2 bedroom fair market rent in Watkins (Meeker County) is $1,040 for FY2026. Rents here moved +0.0 percent year over year. ZIP 55389 sits in the Meeker County, MN 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 | $780 | -1.3% | |
| 1 bedroom | $820 | +0.0% | |
| 2 bedroom | $1,040 | +0.0% | |
| 3 bedroom | $1,360 | -1.4% | |
| 4 bedroom | $1,620 | -1.2% |
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.
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Among the 7 Meeker County ZIP codes with a HUD rent estimate, 55389 ranks number 3 of 7 on 2 bedroom fair market rent. That is $10 above the county median of $1,030. The county runs from $970 in Grove City 56243 to $1,520 in Dassel 55325. Statewide the median 2 bedroom fair market rent is $1,090, which puts Watkins 5 percent below the Minnesota median. The largest single year move since FY2021 came in FY2025, +14.3 percent, and the 2 bedroom estimate has gone from $730 to $1,040 over 5 fiscal years. Zillow does not publish a rent index for 55389, so the fair market rent is the only published rent benchmark here. The landlord voucher check compares an asking rent against it.
Of the 6 nearest ZIP codes with an estimate, South Haven 55382 carries the highest 2 bedroom fair market rent at $1,590 and Kimball 55353 the lowest at $1,040, against $1,040 here.
The HUD fair market rent for a 2 bedroom in ZIP 55389 is $1,040 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 0.0 percent from FY2025 to FY2026, moving from $1,040 to $1,040.
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 $1,040 for a 2 bedroom, a deal in Watkins 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.
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