The 2 bedroom fair market rent in Rochester (Olmsted County) is $1,420 for FY2026. Rents here moved +4.4 percent year over year. ZIP 55903 sits in the Rochester, 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 | $1,120 | +12.0% | |
| 1 bedroom | $1,200 | +7.1% | |
| 2 bedroom | $1,420 | +4.4% | |
| 3 bedroom | $1,970 | +3.1% | |
| 4 bedroom | $2,380 | +4.4% |
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 55903. We will send a short note, not a newsletter.
Among the 11 Olmsted County ZIP codes with a HUD rent estimate, 55903 ranks number 4 of 11 on 2 bedroom fair market rent. That is $10 above the county median of $1,410. The county runs from $1,210 in Stewartville 55976 to $1,690 in Rochester 55902. Statewide the median 2 bedroom fair market rent is $1,090, which puts Rochester 30 percent above the Minnesota median. The largest single year move since FY2021 came in FY2025, +16.2 percent, and the 2 bedroom estimate has gone from $1,030 to $1,420 over 5 fiscal years. Zillow does not publish a rent index for 55903, 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 Olmsted County ZIP code with both signals is on the Olmsted County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Rochester 55902 carries the highest 2 bedroom fair market rent at $1,690 and Byron 55920 the lowest at $1,210, against $1,420 here.
The HUD fair market rent for a 2 bedroom in ZIP 55903 is $1,420 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 4.4 percent from FY2025 to FY2026, moving from $1,360 to $1,420.
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 $1,420 for a 2 bedroom, a deal in Rochester 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.
