Meadowbrook Apartments
8392 Jasmine St,
Virginia, MN 55792
$895 - $1,095 Plus Fees
2 Beds | 12 Month Lease
Rental Market Trends in Mountain Iron, MN
What is the average rent in Mountain Iron, MN?
$832/month
Average Rent
698 Sq Ft
Average Apartment Size
+4%
Increase in the Last Year
As of January 2026, the average rent in Mountain Iron, MN is $832 per month. This is 49% lower than the national average rent of $1,625/month, making renting in Mountain Iron more affordable than most cities in the US. When you rent an apartment in Mountain Iron, you can expect to pay about $801 per month for a studio, $832 for a one-bedroom apartment, and around $1,030 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,132 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 Mountain Iron, MN?
In the past year, rent has increased by 4%, which averages out to $34 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 January 2026
Legend
2025
2026
Rent Ranges in Mountain Iron, MN
Last Updated January 2026
$700 - $1,000
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
67%
$700 - $1,000/month
33%
$1,001 - $1,500/month
0%
$1,501 - $2,000/month
0%
Above $2,000/month
What salary do I need to live comfortably in Mountain Iron, MN?
Because the average rent in Mountain Iron is $832, you’ll want to make about $2,773 per month or $33,276 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 Mountain Iron, MN compare to other nearby cities and neighborhoods?
Use the tool below to compare Mountain Iron, 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 November 2025.
* Percentages may not total 100 due to rounding.