Rivers Edge Apartments
7701 River Rd NE,
Otsego, MN 55330
1-3 Beds | $1,530 - $2,340
Rental Market Trends in Elk River, MN
Updated July 2026
The average rent in Elk River, MN is $1,230/month.
Rent in Elk River is 26% lower than the national average rent of $1,662/month, making this one of the less expensive cities statewide.
$1,230/month
Average Rent
777 Sq Ft
Average Size
+1.6%
Change / Year
419
Available Apartments
Elk River rent varies by unit size and layout:
- Studio apartments in Elk River average $1,066 per month.
- One-bedroom apartments in Elk River average $1,230 per month.
- Two-bedroom apartments in Elk River average $1,478 per month.
- Three-bedroom apartments in Elk River average $1,379 or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Elk River, MN?
In the past year, rent has increased by 1.6%, which averages out to $20 more per month.
Market Trends Over Time
July 2026
2025
2026
Rent Ranges in Elk River, MN
July 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
5%
Below $700/month
25%
$700 - $1,000/month
55%
$1,001 - $1,500/month
15%
$1,501 - $2,000/month
0%
Above $2,000/month
Rent by Neighborhood
What are the most affordable neighborhoods in Elk River?
Based on current rent prices, Clemens & Munsinger Gardens is the most affordable neighborhood in Elk River.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Elk River?
Based on current rent prices, Clemens & Munsinger Gardens is the most expensive neighborhood in Elk River.
Neighborhood
Average Rent
Average Sq Ft
Which Elk River neighborhoods have the most rentals available?
The neighborhood in Elk River with the most apartments available is Clemens & Munsinger Gardens .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Elk River, MN?
Because the average rent in Elk River is $1,230, you’ll want to make about $4,100 per month or $49,200 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Elk River, MN compare to other nearby cities and neighborhoods?
Use the tool below to compare Elk River, MN to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
View the Elk River Area GuideStudio
$1,012/month
$1,012/month
One Bedroom
$1,147/month
$1,147/month
Two Bedroom
$1,398/month
$1,398/month
Three Bedroom
$1,605/month
$1,605/month
Compare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
Apartment Communities in Elk River We Think You'll Love
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Frequently Asked Questions
What is the average rent in Elk River?
The average rent in Elk River is $1,230 per month, which is 26.0% lower than the national average of $1,662.
What is the average rent for a house in Elk River?
The average rent for a house in Elk River, MN is $2,412 per month.
Are rents going up or down in Elk River?
Rents in Elk River, MN are increasing, with prices up 1.6% year-over-year and $20 more per month.
What rent range is most common in Elk River?
In Elk River, MN, 55% of apartments fall between $1,001 - $1,500/month, though prices may vary depending on location and other factors.
Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in June 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.