Carrick Apartments and Townhomes
5603 Manitou Rd,
Tonka Bay, MN 55331
1-3 Beds | $1,588 - $6,218
Rental Market Trends in Excelsior, MN
Updated July 2026
The average rent in Excelsior, MN is $1,297/month.
Rent in Excelsior is 22% lower than the national average rent of $1,663/month, making this one of the less expensive cities statewide.
$1,297/month
Average Rent
717 Sq Ft
Average Size
+2.3%
Change / Year
53
Available Apartments
Excelsior rent varies by unit size and layout:
- Studio apartments in Excelsior average $1,099 per month.
- One-bedroom apartments in Excelsior average $1,297 per month.
- Two-bedroom apartments in Excelsior average $1,865 per month.
- Three-bedroom apartments in Excelsior average $2,146 or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Excelsior, MN?
In the past year, rent has increased by 2.3%, which averages out to $30 more per month.
Market Trends Over Time
July 2026
2025
2026
Rent Ranges in Excelsior, MN
July 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
23%
$700 - $1,000/month
46%
$1,001 - $1,500/month
15%
$1,501 - $2,000/month
15%
Above $2,000/month
What salary do I need to live comfortably in Excelsior, MN?
Because the average rent in Excelsior is $1,297, you’ll want to make about $4,323 per month or $51,876 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 Excelsior, MN compare to other nearby cities and neighborhoods?
Use the tool below to compare Excelsior, 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 Excelsior Area GuideCompare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
Apartment Communities in Excelsior We Think You'll Love
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Frequently Asked Questions
What is the average rent in Excelsior?
The average rent in Excelsior is $1,297 per month, which is 22.0% lower than the national average of $1,663.
Are rents going up or down in Excelsior?
Rents in Excelsior, MN are increasing, with prices up 2.3% year-over-year and $30 more per month.
What rent range is most common in Excelsior?
In Excelsior, MN, 46% 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.