Forest Lake, Minnesota Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Forest Lake, Minnesota rental market.
Forest Lake, Minnesota
Average Apartment Rent
$1,516
Y-o-Y Change in Average
Apartment Rent
5.2%
As of March 2026
Compared to a year ago, Forest Lake, Minnesota apartments have recorded a 5.2% rent increase.
Forest Lake, Minnesota Average apartment rent trend
Forest Lake, Minnesota Average Apartment Rent
Forest Lake, Minnesota Apartment rent ranges
At 53.97%, apartments priced $1,000 - $1,500 represent the bulk of Forest Lake, Minnesota rentals, while condos priced $2,500 - $3,000 hold the lowest share of the market – 0.6%.
Forest Lake, Minnesota Housing tenure**
Renters take up 27% of Forest Lake, Minnesota real estate, occupying a total of 2,164 units, while homeowners live in 5,887 properties.
Median number of rooms of renter-occupied housing units**
3.9
Renter median household income**
$55,545
Average household size of renter-occupied housing units**
2.27
Rental vacancy rate**
5.4%
Forest Lake, Minnesota Renter-occupied housing units by no. of bedrooms**
There are 819 rentals in Forest Lake, Minnesota with 2 beds making up the highest share of the market, at 38%. Units with No bedrooms, on the other hand, hold the lowest percentage (3%), amounting to 58 units. Overall, the median number of rooms in Forest Lake, Minnesota homes for rent is 3.9.
Forest Lake, Minnesota Renter-occupied units by age of householder**
Most condos for rent in Forest Lake, Minnesota are occupied by residents in the 25 - 34 years age group (30%), followed by those in the 35 - 44 years age group (16%). At the same time, people in the 55 - 59 years age group make up the lowest share of the local rental market – 3%.
Forest Lake, Minnesota Renter-occupied housing units by family type**
Forest Lake, Minnesota Renter-occupied housing units by the presence of own children**
A total of 1,100 apartments for rent in Forest Lake, Minnesota, or 51% of all rentals are family households. Additionally, 31% of rental homes include children under the age of 18 – that’s 679 units. All in all, the median size of a renter-occupied household in Forest Lake, Minnesota is 2.27.
Forest Lake, Minnesota Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 18% of the rental market. In contrast, residents with less than a high school degree reside in 13% of the homes for rent in Forest Lake, Minnesota.
Forest Lake, Minnesota Renter-occupied units by year structure built**
The highest share of Forest Lake, Minnesota apartment rentals, namely 23% or 501 units, were Built 2010 - 2019, followed by those Built 1970 - 1979 (18%, 387 units), and the ones Built 2000 - 2009 (15%, 322 units).
Forest Lake, Minnesota Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Forest Lake, Minnesota renters (43%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Forest Lake, Minnesota condos for rent is 2018.
Forest Lake, Minnesota Renter-occupied housing units by vehicles available**
When it comes to transportation options, 45% of Forest Lake, Minnesota renters have 1 vehicle available per household, 38% of them have 2 vehicles available, and 11% have No vehicle available.
Forest Lake, Minnesota Means of transportation to work of householders living in renter-occupied housing units**
Forest Lake, Minnesota Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Forest Lake, Minnesota apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
