Mankato, 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 Mankato, Minnesota rental market.
Mankato, Minnesota
Average Apartment Rent
$1,423
Y-o-Y Change in Average
Apartment Rent
3.6%
As of March 2026
Compared to a year ago, Mankato, Minnesota apartments have recorded a 3.6% rent increase.
Mankato, Minnesota Average apartment rent trend
Mankato, Minnesota Average Apartment Rent
Mankato, Minnesota Apartment rent ranges
At 46.08%, apartments priced $1,000 - $1,500 represent the bulk of Mankato, Minnesota rentals, while condos priced $2,500 - $3,000 hold the lowest share of the market – 0.88%.
Mankato, Minnesota Housing tenure**
Renters take up 50% of Mankato, Minnesota real estate, occupying a total of 8,879 units, while homeowners live in 8,726 properties.
Median number of rooms of renter-occupied housing units**
4.2
Renter median household income**
$39,481
Average household size of renter-occupied housing units**
2.13
Rental vacancy rate**
5.5%
Mankato, Minnesota Renter-occupied housing units by no. of bedrooms**
There are 3,229 rentals in Mankato, Minnesota with 2 beds making up the highest share of the market, at 36%. Units with 5 or more beds, on the other hand, hold the lowest percentage (4%), amounting to 320 units. Overall, the median number of rooms in Mankato, Minnesota homes for rent is 4.2.
Mankato, Minnesota Renter-occupied units by age of householder**
Most condos for rent in Mankato, Minnesota are occupied by residents in the 15 - 24 years age group (45%), followed by those in the 25 - 34 years age group (22%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 2%.
Mankato, Minnesota Renter-occupied housing units by family type**
Mankato, Minnesota Renter-occupied housing units by the presence of own children**
A total of 2,411 apartments for rent in Mankato, Minnesota, or 27% of all rentals are family households. Additionally, 15% of rental homes include children under the age of 18 – that’s 1,345 units. All in all, the median size of a renter-occupied household in Mankato, Minnesota is 2.13.
Mankato, Minnesota Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 25% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Mankato, Minnesota.
Mankato, Minnesota Renter-occupied units by year structure built**
The highest share of Mankato, Minnesota apartment rentals, namely 20% or 1,794 units, were Built 2010 - 2019, followed by those Built 1939 or earlier (15%, 1,367 units), and the ones Built 1970 - 1979 (15%, 1,303 units).
Mankato, Minnesota Renter-occupied units by year householder moved in**
Median year renter moved into unit 2019
Most Mankato, Minnesota renters (49%) moved in 2018 to 2020, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Mankato, Minnesota condos for rent is 2019.
Mankato, Minnesota Renter-occupied housing units by vehicles available**
When it comes to transportation options, 37% of Mankato, Minnesota renters have 1 vehicle available per household, 30% of them have 2 vehicles available, and 18% have No vehicle available.
Mankato, Minnesota Means of transportation to work of householders living in renter-occupied housing units**
Mankato, 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 Mankato, 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
