Lakeville, 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 Lakeville, Minnesota rental market.
Lakeville, Minnesota
Average Apartment Rent
$1,858
Y-o-Y Change in Average
Apartment Rent
2.3%
As of March 2026
Compared to a year ago, Lakeville, Minnesota apartments have recorded a 2.3% rent increase.
Lakeville, Minnesota Average apartment rent trend
Lakeville, Minnesota Average Apartment Rent
Lakeville, Minnesota Apartment rent ranges
At 68.19%, apartments priced $1,500 - $2,000 represent the bulk of Lakeville, Minnesota rentals, while condos priced Over $3,000 hold the lowest share of the market – 0.55%.
Lakeville, Minnesota Housing tenure**
Renters take up 13% of Lakeville, Minnesota real estate, occupying a total of 3,066 units, while homeowners live in 21,186 properties.
Median number of rooms of renter-occupied housing units**
4.5
Renter median household income**
$48,536
Average household size of renter-occupied housing units**
2.44
Rental vacancy rate**
3.6%
Lakeville, Minnesota Renter-occupied housing units by no. of bedrooms**
There are 1,121 rentals in Lakeville, Minnesota with 3 beds making up the highest share of the market, at 37%. Units with 5 or more beds, on the other hand, hold the lowest percentage (3%), amounting to 93 units. Overall, the median number of rooms in Lakeville, Minnesota homes for rent is 4.5.
Lakeville, Minnesota Renter-occupied units by age of householder**
Most condos for rent in Lakeville, Minnesota are occupied by residents in the 35 - 44 years age group (23%), followed by those in the 25 - 34 years age group (20%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 4%.
Lakeville, Minnesota Renter-occupied housing units by family type**
Lakeville, Minnesota Renter-occupied housing units by the presence of own children**
A total of 1,580 apartments for rent in Lakeville, Minnesota, or 52% of all rentals are family households. Additionally, 39% of rental homes include children under the age of 18 – that’s 1,206 units. All in all, the median size of a renter-occupied household in Lakeville, Minnesota is 2.44.
Lakeville, Minnesota Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 27% of the rental market. In contrast, residents with less than a high school degree reside in 5% of the homes for rent in Lakeville, Minnesota.
Lakeville, Minnesota Renter-occupied units by year structure built**
The highest share of Lakeville, Minnesota apartment rentals, namely 30% or 913 units, were Built 2000 - 2009, followed by those Built 2010 - 2019 (23%, 698 units), and the ones Built 1990 - 1999 (16%, 481 units).
Lakeville, Minnesota Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Lakeville, Minnesota renters (39%) moved in 2010 to 2017, while only 1% of them moved in 1990 to 1999. Overall, the median year renters have occupied their Lakeville, Minnesota condos for rent is 2018.
Lakeville, Minnesota Renter-occupied housing units by vehicles available**
When it comes to transportation options, 35% of Lakeville, Minnesota renters have 2 vehicles available per household, 34% of them have 1 vehicle available, and 21% have No vehicle available.
Lakeville, Minnesota Means of transportation to work of householders living in renter-occupied housing units**
Lakeville, 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 Lakeville, 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
