The 2 bedroom fair market rent in Mankato (Blue Earth County) is $1,230 for FY2026. Rents here moved +0.8 percent year over year. ZIP 56002 sits in the Mankato, MN MSA 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 | $1,020 | +2.0% | |
| 1 bedroom | $1,030 | +2.0% | |
| 2 bedroom | $1,230 | +0.8% | |
| 3 bedroom | $1,710 | +0.0% | |
| 4 bedroom | $2,010 | -2.0% |
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 12 Blue Earth County ZIP codes with a HUD rent estimate, 56002 ranks number 4 of 12 on 2 bedroom fair market rent. That is $110 above the county median of $1,120. The county runs from $1,060 in Saint Clair 56080 to $1,560 in Eagle Lake 56024. Statewide the median 2 bedroom fair market rent is $1,090, which puts Mankato 13 percent above the Minnesota median. The largest single year move since FY2023 came in FY2025, +8.0 percent, and the 2 bedroom estimate has gone from $1,080 to $1,230 over 3 fiscal years. Zillow does not publish a rent index for 56002, 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 Blue Earth County ZIP code with both signals is on the Blue Earth County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Eagle Lake 56024 carries the highest 2 bedroom fair market rent at $1,560 and Mankato 56003 the lowest at $1,060, against $1,230 here.
The HUD fair market rent for a 2 bedroom in ZIP 56002 is $1,230 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 0.8 percent from FY2025 to FY2026, moving from $1,220 to $1,230.
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 $1,230 for a 2 bedroom, a deal in Mankato 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.
