Carrick Apartments and Townhomes
5603 Manitou Rd,
Tonka Bay, MN 55331
$1,603 - $6,233 Total Monthly Price
1-3 Beds
Rental Market Trends in Excelsior, MN
What is the average rent in Excelsior, MN?
$1,239/month
Average Rent
720 Sq Ft
Average Apartment Size
-2.8%
Decrease in the Last Year
As of May 2026, the average rent in Excelsior, MN is $1,239 per month. This is 25% lower than the national average rent of $1,643/month, making renting in Excelsior more affordable than most cities in the US. When you rent an apartment in Excelsior, you can expect to pay about $1,111 per month for a studio, $1,239 for a one-bedroom apartment, and around $1,832 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,146 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 Excelsior, MN?
In the past year, rent has decreased by 2.8%, which averages out to $34 less per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated May 2026
Legend
2025
2026
Rent Ranges in Excelsior, MN
Last Updated May 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 $1,239, you’ll want to make about $4,130 per month or $49,560 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.
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 February 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.