Average Rent in Rochester, MN↑ Rents rising 1.1% YoY🔺 2nd priciest in MN

Rochester, MN has rental prices ranging from $1,183/month to $2,377/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,226/month — 12% below the national average of $1,400/month. With a median household income of $89,675/year, spending $1,226/month on a 1-bedroom represents 16% of gross income — within the recommended 30% threshold.

How Rochester Compares

With an average 2-bedroom rent of $1,422/month, Rochester ranks #2 most expensive of the 76 cities tracked in Minnesota — pricier than 86% of all US cities in our data.

The Rochester Rental Market

The Rochester, MN area has a population of about 227,252 and 26% of households renting rather than owning. That renter share runs below the US average of ~34%, a more homeowner-heavy market where rental inventory can be limited.

Rent Trends

2-bedroom rents in Rochester, MN have risen by $15/month (1.1%) over the past year, from $1,407 to $1,422. Rents have remained relatively stable year over year, indicating a balanced rental market in the area.

Affordability

To afford a 1-bedroom apartment in Rochester, MN without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $49,040. The local median household income of $89,675 exceeds that threshold by $40,635, making Rochester relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Rochester, MN is $340,589, giving a price-to-rent ratio of 20.0. With a break-even horizon of approximately 20 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Rochester's neighborhoods. Among the highest-value areas are Downtown ($196,266 median home value), Sunnyside ($226,511 median home value), Lowertown ($227,494 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Rochester, MN Affordable?

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

Rent or Buy in Rochester?

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

Living in Rochester

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