Old Town Apartments
220 Old Town Rd,
Elko New Market, MN 55054
1-2 Beds | $1,450 - $2,200
Rental Market Trends in Elko New Market, MN
Updated August 2026
The average rent in Elko New Market, MN is $1,452/month.
Rent in Elko New Market is roughly equal to the national average rent of of $1,664/month.
$1,452/month
Average Rent
782 Sq Ft
Average Size
+1.4%
Change / Year
40
Available Apartments
Elko New Market rent varies by unit size and layout:
- Studio apartments in Elko New Market average per month.
- One-bedroom apartments in Elko New Market average $1,452 per month.
- Two-bedroom apartments in Elko New Market average $1,928 per month.
- Three-bedroom apartments in Elko New Market average or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Elko New Market, MN?
In the past year, rent has increased by 1.4%, which averages out to $21 more per month.
Market Trends Over Time
August 2026
2025
2026
Rent Ranges in Elko New Market, MN
August 2026
$1,501 - $2,000
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
0%
$700 - $1,000/month
0%
$1,001 - $1,500/month
100%
$1,501 - $2,000/month
0%
Above $2,000/month
What salary do I need to live comfortably in Elko New Market, MN?
Because the average rent in Elko New Market is $1,452, you’ll want to make about $4,840 per month or $58,080 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 Elko New Market, MN compare to other nearby cities and neighborhoods?
Use the tool below to compare Elko New Market, 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.
Compare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
-
Lakeville
Avg Rent: $1,573/month
-
Farmington
Avg Rent: $1,374/month
-
Northfield
Avg Rent: $1,134/month
-
New Prague
Avg Rent: $1,541/month
-
Prior Lake
Avg Rent: $1,507/month
Apartment Communities in Elko New Market We Think You'll Love
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Frequently Asked Questions
What is the average rent in Elko New Market?
The average rent in Elko New Market is $1,452 per month, which is 12.7% lower than the national average of $1,664.
Are rents going up or down in Elko New Market?
Rents in Elko New Market, MN are increasing, with prices up 1.4% year-over-year and $21 more per month.
What rent range is most common in Elko New Market?
In Elko New Market, MN, 100% of apartments fall between $1,501 - $2,000/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.