Concierge
7620 Penn Ave S,
Richfield, MN 55423
1-2 Beds | $1,215 - $1,588
Rental Market Trends in Richfield, MN
What is the average rent in Richfield, MN?
$1,177/month
Average Rent
654 Sq Ft
Average Apartment Size
+4.8%
Increase in the Last Year
As of July 2025, the average rent in Richfield, MN is $1,177 per month. This is 28% lower than the national average rent of $1,636/month, making renting in Richfield more affordable than most cities in the US. When you rent an apartment in Richfield, you can expect to pay about $1,252 per month for a studio, $1,177 for a one-bedroom apartment, and around $1,598 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,113 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 Richfield, MN?
In the past year, rent has increased by 4.8%, which averages out to $57 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 July 2025
Legend
2024
2025
Rent Ranges in Richfield, MN
Last Updated July 2025
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
32%
$700 - $1,000/month
57%
$1,001 - $1,500/month
8%
$1,501 - $2,000/month
3%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Richfield?
Based on current rent prices, Southeast Richfield, Crossroads at Penn and Southwest Richfield are the most affordable neighborhoods in Richfield.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Richfield?
Based on current rent prices, Northeast Richfield, Northwest Richfield and Southwest Richfield are the most expensive neighborhoods in Richfield.
Neighborhood
Average Rent
Average Sq Ft
Which Richfield neighborhoods have the most rentals available?
The neighborhoods in Richfield with the most apartments available are Northwest Richfield, Southwest Richfield and Crossroads at Penn .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Richfield, MN?
Because the average rent in Richfield is $1,177, you’ll want to make about $3,923 per month or $47,076 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 Richfield, MN compare to other nearby cities and neighborhoods?
Use the tool below to compare Richfield, 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.
Studio
$846/month
$1,257/month
One Bedroom
$990/month
$1,254/month
Two Bedroom
$1,246/month
$1,750/month
Three Bedroom
$1,339/month
$2,258/month
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.