The 2 bedroom fair market rent in Elizabeth (Otter Tail County) is $1,280 for FY2026. Rents here moved -9.9 percent year over year. ZIP 56533 sits in the Otter Tail 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 | $880 | -9.3% | |
| 1 bedroom | $980 | -9.3% | |
| 2 bedroom | $1,280 | -9.9% | |
| 3 bedroom | $1,770 | -9.7% | |
| 4 bedroom | $1,870 | -9.7% |
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 56533. We will send a short note, not a newsletter.
Among the 20 Otter Tail County ZIP codes with a HUD rent estimate, 56533 ranks number 2 of 20 on 2 bedroom fair market rent. That is $280 above the county median of $1,000. The county runs from $970 in Vergas 56587 to $1,410 in Dent 56528. Statewide the median 2 bedroom fair market rent is $1,090, which puts Elizabeth 17 percent above the Minnesota median. Zillow does not publish a rent index for 56533, 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 Otter Tail County ZIP code with both signals is on the Otter Tail County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Erhard 56534 carries the highest 2 bedroom fair market rent at $1,200 and Fergus Falls 56538 the lowest at $980, against $1,280 here.
The HUD fair market rent for a 2 bedroom in ZIP 56533 is $1,280 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent fell 9.9 percent from FY2025 to FY2026, moving from $1,420 to $1,280.
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 $1,280 for a 2 bedroom, a deal in Elizabeth 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.
