Average Rent in the Le Sueur County Metro MN Area

Le Sueur County Metro Fair Market Rent

Le Sueur County Metro Average Rent Amount

Studios One
Bedrooms
Two
Bedrooms
Three
Bedrooms
Four
Bedrooms
$473 $561 $745 $1,084 $1,214
  • Efficiency: The average rent for a studio or efficiency apartment in the Le Sueur County Metro area is $473.
  • One Bedroom: The average rent for a one bedroom in the Le Sueur County Metro area is $561.
  • Two Bedroom: The average rent for a two bedroom in the Le Sueur County Metro area is $745.
  • Three Bedroom: The average rent for a three bedroom in the Le Sueur County Metro area is $1,084.
  • Four Bedroom: The average rent for a four bedroom in the Le Sueur County Metro area is $1,214.

The Average Rent in Le Sueur County Metro is provided by the U.S. department of Housing and Urban Development, also know as HUD. These Average Fair Market Rents (FMRs) are gross rent estimates. They include the shelter rent in the Le Sueur County Metro Area, plus the cost of all tenant-paid utilities, except telephone, cable or satellite television service, and internet service.

HUD is required to ensure that Fair Market Rents exclude non-market rental housing in their computation. Therefore, HUD excludes all units falling below a specified rent level determined from public housing rents in the HUD program databases as likely to be either assisted housing or otherwise at a below-market rent. Units less than two years old are also excuded.

How are the Le Sueur County Metro average rents collected?

Hud uses information obtained from the American Community Survey, also known as the ACS. Every year, the U.S. Census Bureau contacts over 3.5 million households across the country to participate in the ACS. The ACS is a nationwide survey that collects and produces information on demographic, social, economic, and housing characteristics about the population of our nation.

How are the Le Sueur County Metro average fair market rents developed?

  1. 2010-2014 5-year American Community Survey (ACS) estimates of 2-bedroom adjusted standard quality gross rents calculated for the Le Sueur County Metro area are used as the new basis for 2017 provided the estimate is statistically reliable. For 2017, the test for reliability is whether the margin of error for the estimate is less than 50% of the estimate itself.
  2. If the Le Sueur County Metro area does not have a reliable 2010-2014 5-year, HUD checks whether the area has had at least minimally reliable estimate in any of the past 3 years, or estimates that meet the 50% margin or error test described above. If so, the 2017 base rent is the average of the inflated ACS estimates.
  3. If the Le Sueur County Metro area has not had a minimally reliable estimate in the past 3 years, the estimate State for the area's corresponding metropolitan area (if applicable) or State non-metropolitan area is used as the basis for 2017.
  4. HUD calculates a recent mover adjustment factor by comparing a 2014 1-year 40th percentile recent mover 2-bedroom rent to the 2010-2014 5-year 40th percentile adjusted standard quality gross rent. If either the recent mover and non-recent mover rent estimates are not reliable, HUD uses the recent mover adjustment for a larger geography. For metropolitan areas, the order of geographies examined is: Fair Market Rent Area, Entire Metropolitan Area (for Metropolitan Sub-Areas), State Metropolitan Portion, Entire State, and Entire US; for non-metropolitan areas, the order of geographies examined is: Fair Market Rent Area, State Non-Metropolitan Portion, Entire State, and Entire US. The recent mover adjustment factor is floored at one.
  5. HUD calculates the appropriate recent mover adjustment factor between the 5-year data and the 1-year data and applies this to the 5-year base rent estimate.
  6. Rents are calculated as of 2015 using the relevant (regional or local) change in gross rent Consumer Price Index (CPI) from annual 2014 to annual 2015.
  7. All estimates are then inflated from 2015 to 2017 using a national trend factor based on the forecast of gross rent changes through 2017.
  8. 2017 Fair Market Rents are then compared to a State minimum rent, and any area whose preliminary Fair Market Rent falls below this value is raised to the level of the State minimum.
HUD's Fiscal Year runs from Oct 1 to September 30 each year in which HUD funds are appropriated. So when the year is referred to on this page, such as 2017, it’s for the time period of HUD’s fiscal year.