Rent in Farmington, MN
A 2-bedroom in Farmington, MN (ZIP 55024) typically rents for about $1,528 a month, with a range of $1,528–$1,734. Owner-occupied homes in Dakota County pay about 0.98% of their value a year in property tax, and the 30-year fixed mortgage rate averaged 7.24% in the week of Oct 29, 2026.
Rent by bedrooms
| Size | Typical | Range across ZIPs | ZIPs |
|---|---|---|---|
| Studio | $1,265 | $1,265 | 1 |
| 1 bed | $1,025 | $1,025–$1,427 | 1 |
| 2 beds | $1,528 | $1,528–$1,734 | 1 |
| 3 beds | $2,264 | $2,264 | 1 |
| 4 beds | $2,088 | $2,088–$2,538 | 1 |
Typical = median of each ZIP's best guess. Gross rent (rent plus tenant-paid utilities). Sources: Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).
Farmington ZIP codes
2 bedsFrequently asked questions
- What is the average rent for a 2-bedroom in Farmington, MN?
- About $1,528 a month: the median of the typical rents in 1 ZIP code, which range from $1,528–$1,734. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 1-bedroom in Farmington, MN?
- About $1,025 a month: the median of the typical rents in 1 ZIP code, which range from $1,025–$1,427. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 3-bedroom in Farmington, MN?
- About $2,264 a month: the median of the typical rents in 1 ZIP code, which range from $2,264. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a studio in Farmington, MN?
- About $1,265 a month: the median of the typical rents in 1 ZIP code, which range from $1,265. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 4-bedroom in Farmington, MN?
- About $2,088 a month: the median of the typical rents in 1 ZIP code, which range from $2,088–$2,538. Figures are gross rent (rent plus tenant-paid utilities).
- What is the property tax rate in Farmington, MN?
- Owner-occupied homes in Dakota County pay a typical 0.98% of their value a year (Census ACS, median taxes paid ÷ median home value, Dec 31, 2024). Investors often pay more after a purchase: the home is reassessed at the sale price and there is no homestead exemption.
- What is the current 30-year mortgage rate?
- The 30-year fixed rate averaged 7.24% in the week of Oct 29, 2026 (Freddie Mac PMMS via FRED). It's a national average for owner-occupied loans; investment property loans usually cost more.
- Where do these Farmington rent figures come from?
- Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).