Average Rent in Mankato, MN↑ Rents rising 6.6% YoY🔺 6th priciest in MN

Mankato, MN has rental prices ranging from $963/month to $1,971/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $969/month — 31% below the national average of $1,400/month. With a median household income of $74,722/year, spending $969/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 $1,174/month, Mankato ranks #6 most expensive of the 75 cities tracked in Minnesota — pricier than 80% 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 $73/month (6.6%) over the past year, from $1,101 to $1,174. 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 $38,760. The local median household income of $74,722 exceeds that threshold by $35,962, making Mankato relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Mankato, MN is $308,676, giving a price-to-rent ratio of 21.9. With a break-even horizon of approximately 22 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.