The Espen Residences
3998 Hayward Ave N,
Oakdale, MN 55128
Studio - 3 Beds | $1,337 - $3,109
Rental Market Trends in Lake Elmo, MN
What is the average rent in Lake Elmo, MN?
$1,819/month
Average Rent
869 Sq Ft
Average Apartment Size
+5%
Increase in the Last Year
As of June 2025, the average rent in Lake Elmo, MN is $1,819 per month. For comparison, the national average rent price in the US is currently $1,627/month, which means Lake Elmo rent prices are 12% higher than the national average. When you rent an apartment in Lake Elmo, you can expect to pay about $1,509 per month for a studio, $1,819 for a one-bedroom apartment, and around $2,574 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,954 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 Lake Elmo, MN?
In the past year, rent has increased by 5%, which averages out to $91 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 2025
Legend
2024
2025
Rent Ranges in Lake Elmo, MN
Last Updated June 2025
Above $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
33%
$1,501 - $2,000/month
67%
Above $2,000/month
What salary do I need to live comfortably in Lake Elmo, MN?
Because the average rent in Lake Elmo is $1,819, you’ll want to make about $6,063 per month or $72,756 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 Lake Elmo, MN compare to other nearby cities and neighborhoods?
Use the tool below to compare Lake Elmo, 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 June 2025.
* Percentages may not total 100 due to rounding.