The 2 bedroom fair market rent in Mankato (Nicollet County) is $1,060 for FY2026, and typical market asking rent is $1,225. Rents here moved +3.9 percent year over year. ZIP 56003 sits in the Mankato, 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 | $870 | +3.6% | |
| 1 bedroom | $880 | +4.8% | |
| 2 bedroom | $1,060 | +3.9% | |
| 3 bedroom | $1,490 | +4.2% | |
| 4 bedroom | $1,780 | +4.1% |
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 runs about $165 above the 2 bedroom FMR, a 16 percent premium. For an investor that gap is a cushion: underwrite at or near FMR and the market gives you room, and Section 8 tenants at payment standard are competitive with market rate here.
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 5 Nicollet County ZIP codes with a HUD rent estimate, 56003 ranks number 3 of 5 on 2 bedroom fair market rent. It sits right at the county median of $1,060. The county runs from $1,060 in Nicollet 56074 to $1,150 in Courtland 56021. Statewide the median 2 bedroom fair market rent is $1,090, which puts Mankato 3 percent below the Minnesota median. The largest single year move since FY2021 came in FY2025, +5.2 percent, and the 2 bedroom estimate has gone from $930 to $1,060 over 5 fiscal years. Voucher competitiveness for every Nicollet County ZIP code with both signals is on the Nicollet County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Mankato 56001 carries the highest 2 bedroom fair market rent at $1,290 and Nicollet 56074 the lowest at $1,060, against $1,060 here.
The HUD fair market rent for a 2 bedroom in ZIP 56003 is $1,060 for FY2026. Typical market asking rent is around $1,225 per Zillow as of 2026-06. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 3.9 percent from FY2025 to FY2026, moving from $1,020 to $1,060.
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 $1,060 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.
