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.
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What to Know About
Life in Lake Elmo & Beyond
Lake Elmo 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
Lake Elmo, MN
As of June 2026, Lake Elmo's rental market is stable, offering a predictable rental market where most units lease within a few weeks. Lake Elmo's average rent is 133.7% ($2,058) higher than the Minnesota average of $1,539 and 100.2% ($1,800) higher than the U.S. average of $1,797.
Average Rent
$3,597
Monthly ChangeMonth Over Month Change
1.1% ($38)
Yearly ChangeYear Over Year Change
3.4% ($128)
Avg. Days on MarketAverage Days on Market
47
| Unit Type | Average Rent | Monthly ChangeMonth Over Month Change | Yearly ChangeYear Over Year Change |
|---|---|---|---|
| 1 Bed | $2,864 | 0.4% ($10) | 3.2% ($94) |
| 2 Beds | $3,603 | 1.2% ($43) | 4.5% ($171) |
| 3 Beds | $4,630 | 2.7% ($123) | 1.4% ($66) |
| Nearby Cities | Average Rent | Avg. Rent vs. Lake ElmoAverage Rent vs. Lake Elmo | Avg. Days on MarketAverage Days on Market |
|---|---|---|---|
| Stillwater | $3,331 | 7.4% ($266) | 43 days |
| Newport | $1,308 | 63.6% ($2289) | 44 days |
| Hudson | $1,314 | 63.5% ($2283) | 39 days |
| South Saint Paul | $1,101 | 69.4% ($2496) | 27 days |
| Saint Paul | $1,533 | 57.4% ($2064) | 31 days |
Rental market trends are calculated using listing data from RentalSource.
Frequently Asked Questions
Lake Elmo Rental Market FAQs
Explore rental prices, market trends, and availability in Lake Elmo, MN.
The average rent in Lake Elmo, MN is $3,597 per month.
Houses in Lake Elmo typically rent for between $2,005 and $6,019 per month, with an average of $3,597 per month.
In Lake Elmo, the average rent for a 1-bedroom house is $2,864 per month, for a 2-bedroom house, $3,603 per month, and a 3-bedroom house is $4,630 per month.
The average rent in Lake Elmo is 100.2% ($1,800) higher than the national average of $1,797 per month.
The average rent in Lake Elmo has increased by 1.1% ($38) in the last month and decreased by 3.4% ($128) over the past year.
The rental market in Lake Elmo, MN, is currently stable, offering a predictable rental market where most units lease within a few weeks.
In Lake Elmo, MN, the average rental stays on the market for approximately 47 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 4 rental properties available in Lake Elmo, MN.
Based on the current averages, a household would need an annual income of $144,120 to comfortably afford a 2-bedroom house in Lake Elmo.
