The 2 bedroom fair market rent in Oklee (Red Lake County) is $1,010 for FY2026. Rents here moved +2.0 percent year over year. ZIP 56742 sits in the Red Lake 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 | +2.9% | |
| 1 bedroom | $770 | +1.3% | |
| 2 bedroom | $1,010 | +2.0% | |
| 3 bedroom | $1,330 | +5.6% | |
| 4 bedroom | $1,490 | +3.5% |
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 4 Red Lake County ZIP codes with a HUD rent estimate, 56742 ranks number 2 of 4 on 2 bedroom fair market rent. That is $15 above the county median of $995. The county runs from $970 in Brooks 56715 to $1,120 in Plummer 56748. Statewide the median 2 bedroom fair market rent is $1,090, which puts Oklee 7 percent below the Minnesota median. The largest single year move since FY2021 came in FY2024, +9.6 percent, and the 2 bedroom estimate has gone from $750 to $1,010 over 5 fiscal years. Zillow does not publish a rent index for 56742, 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, Plummer 56748 carries the highest 2 bedroom fair market rent at $1,120 and Brooks 56715 the lowest at $970, against $1,010 here.
The HUD fair market rent for a 2 bedroom in ZIP 56742 is $1,010 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 2.0 percent from FY2025 to FY2026, moving from $990 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 Oklee 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.
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