Landlord Resources
How to Get a Loan for a Rental Property
Rental property loans differ from traditional mortgages, needing larger down payments, higher interest rates, and reserves, often disregarding projected rental income.
•11 min read
What to Know About
Life in Hope & Beyond
Hope shares many of the great qualities that make Minnesota a desirable place to live.
Minnesota, known as the "Land of 10,000 Lakes", boasts breathtaking landscapes and a thriving arts and cultural community that enchants you. Immerse yourself in Minnesota's roots and history through the City Museum and the Science Museum of Minnesota, or invest in your education through the University of Minnesota, St. Cloud State University, and Minnesota State University, Mankato. In addition, residents can enjoy a vibrant arts and cultural scene in the Twin Cities of Minneapolis and St. Paul, including the famous Walker Art Center and the Minnesota Orchestra, providing a wealth of entertainment options.
Sports enthusiasts can enjoy cheering on professional teams such as the Minnesota Vikings (NFL), Minnesota Twins (MLB), and Minnesota Timberwolves (NBA), providing ample opportunities for excitement. Explore famous attractions like the Mall of America, the James J. Hill House, and the historic town of Duluth, each providing a unique glimpse into Minnesota's history and culture. In addition, the state offers many outdoor recreation opportunities, from boating and fishing in its 10,000 lakes to skiing in the Minnesota River Valley.
Minnesota offers a unique blend of natural beauty, quality of life, and affordability, making it a great place to call home.
Rental Market Trends
Steele County, MN
As of June 2026, Steele County's rental market is stable, offering a predictable rental market where most units lease within a few weeks. Steele County's average rent is 15.9% ($244) lower than the Minnesota average of $1,539 and 27.9% ($502) lower than the U.S. average of $1,797.
Average Rent
$1,295
Monthly ChangeMonth Over Month Change
1.3% ($17)
Yearly ChangeYear Over Year Change
5.6% ($77)
Avg. Days on MarketAverage Days on Market
43
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $1,105 | 1.2% ($13) | 2.8% ($32) |
| 2 Beds | $1,358 | 0.3% ($4) | 6.4% ($93) |
| 3 Beds | $1,745 | 1.2% ($21) | 0.6% ($10) |
| Cities within Steele County | Average Rent | Avg. Rent vs. SteeleAverage Rent vs. Steele County | Avg. Days on MarketAverage Days on Market |
|---|---|---|---|
| Owatonna | $1,291 | 0.3% ($4) | 42 days |
| Blooming Prairie | $1,126 | 13.1% ($169) | 43 days |
| Ellendale | $1,363 | 5.3% ($68) | 43 days |
Rental market trends are calculated using listing data from RentalSource.
Frequently Asked Questions
Steele County Rental Market FAQs
Explore rental prices, market trends, and availability in Steele County, MN.
The average rent in Steele County, MN is $1,295 per month.
Homes in Steele County typically rent for between $774 and $2,269 per month, with an average of $1,295 per month.
In Steele County, the average rent for a 1-bedroom home is $1,105 per month, for a 2-bedroom home, $1,358 per month, and a 3-bedroom home is $1,745 per month.
The average rent in Steele County is 27.9% ($502) lower than the national average of $1,797 per month.
The average rent in Steele County has increased by 1.3% ($17) in the last month and decreased by 5.6% ($77) over the past year.
The rental market in Steele County, MN, is currently stable, offering a predictable rental market where most units lease within a few weeks.
In Steele County, MN, the average rental stays on the market for approximately 43 days. While most properties are rented within this timeframe, factors like seasonality, demand, and property type can affect how quickly a rental leases.
There are currently 16 rental properties available in Steele County, MN.
Based on the current averages, a household would need an annual income of $54,320 to comfortably afford a 2-bedroom home in Steele County.
