Average Rent in Mankato, MN↑ Rents rising 5.0% YoY🔺 9th priciest in MN

Mankato, MN has rental prices ranging from $1,016/month to $1,744/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,023/month — 27% below the national average of $1,400/month. With a median household income of $74,722/year, spending $1,023/month on a 1-bedroom represents 16% of gross income — within the recommended 30% threshold.

How Mankato Compares

With an average 2-bedroom rent of $1,230/month, Mankato ranks #9 most expensive of the 76 cities tracked in Minnesota — pricier than 77% of all US cities in our data.

The Mankato Rental Market

The Mankato, MN area has a population of about 103,736 and 35% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Mankato, MN have risen by $59/month (5.0%) over the past year, from $1,171 to $1,230. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Mankato, MN without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $40,920. The local median household income of $74,722 exceeds that threshold by $33,802, making Mankato relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Mankato, MN is $303,583, giving a price-to-rent ratio of 20.6. With a break-even horizon of approximately 21 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Is Mankato, MN Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Mankato?

Break-even analysis and mortgage estimates based on local market data.

Living in Mankato

Cost of living, job market, crime rates, and moving cost estimates.