Rent in Underwood, MN
A 2-bedroom in Underwood, MN (ZIP 56586) typically rents for about $975 a month, with a range of $975–$1,071. Owner-occupied homes in Otter Tail County pay about 0.77% of their value a year in property tax, and the 30-year fixed mortgage rate averaged 7.32% in the week of Oct 22, 2026.
Rent by bedrooms
| Size | Typical | Range across ZIPs | ZIPs |
|---|---|---|---|
| Studio | $746 | $746 | 1 |
| 1 bed | $438 | $438–$819 | 1 |
| 2 beds | $975 | $975–$1,071 | 1 |
| 3 beds | $1,476 | $1,476 | 1 |
| 4 beds | $1,125 | $1,125–$1,489 | 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).
Underwood ZIP codes
2 bedsFrequently asked questions
- What is the average rent for a 2-bedroom in Underwood, MN?
- About $975 a month: the median of the typical rents in 1 ZIP code, which range from $975–$1,071. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 1-bedroom in Underwood, MN?
- About $438 a month: the median of the typical rents in 1 ZIP code, which range from $438–$819. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 3-bedroom in Underwood, MN?
- About $1,476 a month: the median of the typical rents in 1 ZIP code, which range from $1,476. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a studio in Underwood, MN?
- About $746 a month: the median of the typical rents in 1 ZIP code, which range from $746. Figures are gross rent (rent plus tenant-paid utilities).
- What is the average rent for a 4-bedroom in Underwood, MN?
- About $1,125 a month: the median of the typical rents in 1 ZIP code, which range from $1,125–$1,489. Figures are gross rent (rent plus tenant-paid utilities).
- What is the property tax rate in Underwood, MN?
- Owner-occupied homes in Otter Tail County pay a typical 0.77% 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 7.32% in the week of Oct 22, 2026 (Freddie Mac PMMS via FRED). It's a national average for owner-occupied loans; investment property loans usually cost more.
- Where do these Underwood rent figures come from?
- Census ACS 5-year median gross rent (Dec 31, 2024) and HUD county Fair Market Rents (Oct 1, 2026).