The 2 bedroom fair market rent in Oak Island (Lake of the Woods County) is $1,010 for FY2026. Rents here moved +8.6 percent year over year. ZIP 56741 sits in the Lake of the Woods 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 | +9.4% | |
| 1 bedroom | $770 | +8.5% | |
| 2 bedroom | $1,010 | +8.6% | |
| 3 bedroom | $1,210 | +8.0% | |
| 4 bedroom | $1,470 | +8.9% |
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 4 Lake of the Woods County ZIP codes with a HUD rent estimate, 56741 ranks number 3 of 4 on 2 bedroom fair market rent. That is $55 below the county median of $1,065. The county runs from $1,000 in Baudette 56623 to $1,190 in Williams 56686. Statewide the median 2 bedroom fair market rent is $1,090, which puts Oak Island 7 percent below the Minnesota median. Zillow does not publish a rent index for 56741, so the fair market rent is the only published rent benchmark here. The landlord voucher check compares an asking rent against it.
Of the 6 nearest ZIP codes with an estimate, Roosevelt 56673 carries the highest 2 bedroom fair market rent at $1,300 and Warroad 56763 the lowest at $970, against $1,010 here.
The HUD fair market rent for a 2 bedroom in ZIP 56741 is $1,010 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 8.6 percent from FY2025 to FY2026, moving from $930 to $1,010.
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 $1,010 for a 2 bedroom, a deal in Oak Island 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.
