The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Minneapolis, MN 55418's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 55418 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $972 to a high of $1,188, with an average of $1,080.
One-bedroom: One-bedroom rental prices vary, with a minimum of $1,098, a maximum of $1,342, and an average of $1,220.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,341, peaking at a maximum of $1,639, and averaging at $1,490.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,809, a maximum of $2,211, and an average of $2,010.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $2,052 to a maximum of $2,508, with an average of $2,280.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Minneapolis, MN 55418 Low Rent (90%) $972 $1,098 $1,341 $1,809 $2,052
Average Rent $1,080 $1,220 $1,490 $2,010 $2,280
High Rent(110%) $1,188 $1,342 $1,639 $2,211 $2,508
2023 Minneapolis, MN 55418 Low Rent (90%) $819 $936 $1,152 $1,566 $1,809
Average Rent $910 $1,040 $1,280 $1,740 $2,010
High Rent (110%) $1,001 $1,144 $1,408 $1,914 $2,211
2022 Minneapolis, MN 55418 Low Rent (90%) $774 $891 $1,098 $1,521 $1,773
Average Rent $860 $990 $1,220 $1,690 $1,970
High Rent(110%) $946 $1,089 $1,342 $1,859 $2,167
2021 Minneapolis, MN 55418 Low Rent (90%) $756 $891 $1,107 $1,557 $1,827
Average Rent $840 $990 $1,230 $1,730 $2,030
High Rent (110%) $924 $1,089 $1,353 $1,903 $2,233
2020 Minneapolis, MN 55418 Low Rent (90%) $711 $846 $1,053 $1,494 $1,755
Average Rent $790 $940 $1,170 $1,660 $1,950
High Rent(110%) $869 $1,034 $1,287 $1,826 $2,145
2019 Minneapolis, MN 55418 Low Rent (90%) $666 $801 $1,008 $1,431 $1,683
Average Rent $740 $890 $1,120 $1,590 $1,870
High Rent (110%) $814 $979 $1,232 $1,749 $2,057


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