For moving bodies, it's saver to think in terms of forces acting on the electrons, which is (using Heavside-Lorentz units) given by
\vec{F}_{\text{mag}}=-e \frac{\vec{v}}{c} \times \vec{B}.
Here -e is the charge of an electron.
In the stationary state, i.e., after transient motions of the electrons (caused by the forces due to both the magnetic and the induced electric field!) are gone, you have a charge separation at the ends of the moving rod compensating the magnetic force by the corresponding electric field, i.e.,
-e \vec{E}- e \frac{\vec{v}}{c} \times \vec{B}=0.
The induced electric field thus is thus
\vec{E}=-\frac{\vec{v}{c}}{c} \times \vec{B}.
You can also get this result, using the (correct!) integral form of Faraday's Law, which is equivalent to the local law. The already given local law,
\vec{\nabla} \times \vec{E}+\frac{1}{c} \partial_t \vec{B}=0
can be integrated to
\frac{\mathrm{d}}{\mathrm{d} t} \int_{A} \mathrm{d}^2 \vec{F} \cdot \vec{B}=\int_{\partial A} \mathrm{d} \vec{x} \cdot \left (\vec{E} + \frac{\vec{v}}{c} \times \vec{B} \right).
The Wikipedia has an excellent article on the Law of Induction:
https://en.wikipedia.org/wiki/Electromagnetic_induction