The 2 bedroom fair market rent in Thief River Falls (Pennington County) is $1,130 for FY2026, and typical market asking rent is $1,260. Rents here moved +4.6 percent year over year. ZIP 56701 sits in the Pennington 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 | $780 | +5.4% | |
| 1 bedroom | $860 | +3.6% | |
| 2 bedroom | $1,130 | +4.6% | |
| 3 bedroom | $1,500 | +9.5% | |
| 4 bedroom | $1,650 | +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 56701. We will send a short note, not a newsletter.
Market asking rent runs about $130 above the 2 bedroom FMR, a 12 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 3 Pennington County ZIP codes with a HUD rent estimate, 56701 ranks number 2 of 3 on 2 bedroom fair market rent. It sits right at the county median of $1,130. The county runs from $1,020 in Goodridge 56725 to $1,310 in Saint Hilaire 56754. Statewide the median 2 bedroom fair market rent is $1,090, which puts Thief River Falls 4 percent above the Minnesota median. The largest single year move since FY2024 came in FY2025, +18.7 percent, and the 2 bedroom estimate has gone from $910 to $1,130 over 2 fiscal years. Voucher competitiveness for every Pennington County ZIP code with both signals is on the Pennington County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Saint Hilaire 56754 carries the highest 2 bedroom fair market rent at $1,310 and Newfolden 56738 the lowest at $980, against $1,130 here.
The HUD fair market rent for a 2 bedroom in ZIP 56701 is $1,130 for FY2026. Typical market asking rent is around $1,260 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 4.6 percent from FY2025 to FY2026, moving from $1,080 to $1,130.
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 $1,130 for a 2 bedroom, a deal in Thief River Falls 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.
