Rivers Edge Apartments
7701 River Rd NE,
Otsego, MN 55330
$1,530 - $2,340 Plus Fees
1-3 Beds | 12 Month Lease
Rental Market Trends in Elk River, MN
What is the average rent in Elk River, MN?
$1,224/month
Average Rent
777 Sq Ft
Average Apartment Size
+1.1%
Increase in the Last Year
As of June 2026, the average rent in Elk River, MN is $1,224 per month. This is 26% lower than the national average rent of $1,644/month, making renting in Elk River more affordable than most cities in the US. When you rent an apartment in Elk River, you can expect to pay about $1,066 per month for a studio, $1,224 for a one-bedroom apartment, and around $1,478 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,377 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Elk River, MN?
In the past year, rent has increased by 1.1%, which averages out to $15 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated June 2026
Legend
2025
2026
Rent Ranges in Elk River, MN
Last Updated June 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
Last Updated Today
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 $1,224, you’ll want to make about $4,080 per month or $48,960 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.
Studio
$1,029/month
$1,029/month
One Bedroom
$1,145/month
$1,145/month
Two Bedroom
$1,395/month
$1,395/month
Three Bedroom
$1,592/month
$1,592/month
Nearby City Rent Trends
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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.