The 2 bedroom fair market rent in Ellendale (Steele County) is $1,020 for FY2026. Rents here moved +6.2 percent year over year. ZIP 56026 sits in the Waseca 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 | $700 | -4.1% | |
| 1 bedroom | $770 | +4.1% | |
| 2 bedroom | $1,020 | +6.2% | |
| 3 bedroom | $1,370 | +1.5% | |
| 4 bedroom | $1,590 | -2.5% |
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 5 Steele County ZIP codes with a HUD rent estimate, 56026 ranks the lowest on 2 bedroom fair market rent. That is $130 below the county median of $1,150. Statewide the median 2 bedroom fair market rent is $1,090, which puts Ellendale 6 percent below the Minnesota median. Zillow does not publish a rent index for 56026, 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 Steele County ZIP code with both signals is on the Steele County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Hope 56046 carries the highest 2 bedroom fair market rent at $1,140 and Geneva 56035 the lowest at $970, against $1,020 here.
The HUD fair market rent for a 2 bedroom in ZIP 56026 is $1,020 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 6.2 percent from FY2025 to FY2026, moving from $960 to $1,020.
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 $1,020 for a 2 bedroom, a deal in Ellendale 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.
