Minnetonka, 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 Minnetonka, Minnesota rental market.
Minnetonka, Minnesota
Average Apartment Rent
$1,999
Y-o-Y Change in Average
Apartment Rent
4.5%
As of March 2026
Compared to a year ago, Minnetonka, Minnesota apartments have recorded a 4.5% rent increase.
Minnetonka, Minnesota Average apartment rent trend
Minnetonka, Minnesota Average Apartment Rent
Minnetonka, Minnesota Apartment rent ranges
At 48.11%, apartments priced $1,500 - $2,000 represent the bulk of Minnetonka, Minnesota rentals, while condos priced $2,500 - $3,000 hold the lowest share of the market – 7.27%.
Minnetonka, Minnesota Housing tenure**
Renters take up 28% of Minnetonka, Minnesota real estate, occupying a total of 6,497 units, while homeowners live in 16,905 properties.
Median number of rooms of renter-occupied housing units**
3.7
Renter median household income**
$73,908
Average household size of renter-occupied housing units**
1.84
Rental vacancy rate**
7.2%
Minnetonka, Minnesota Renter-occupied housing units by no. of bedrooms**
There are 2,885 rentals in Minnetonka, Minnesota with 2 beds making up the highest share of the market, at 44%. Units with 4 beds, on the other hand, hold the lowest percentage (1%), amounting to 71 units. Overall, the median number of rooms in Minnetonka, Minnesota homes for rent is 3.7.
Minnetonka, Minnesota Renter-occupied units by age of householder**
Most condos for rent in Minnetonka, Minnesota are occupied by residents in the 25 - 34 years age group (34%), followed by those in the 35 - 44 years age group (15%). At the same time, people in the 55 - 59 years age group make up the lowest share of the local rental market – 5%.
Minnetonka, Minnesota Renter-occupied housing units by family type**
Minnetonka, Minnesota Renter-occupied housing units by the presence of own children**
A total of 2,372 apartments for rent in Minnetonka, Minnesota, or 37% of all rentals are family households. Additionally, 19% of rental homes include children under the age of 18 – that’s 1,216 units. All in all, the median size of a renter-occupied household in Minnetonka, Minnesota is 1.84.
Minnetonka, Minnesota Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 60% of the rental market. In contrast, residents with less than a high school degree reside in 2% of the homes for rent in Minnetonka, Minnesota.
Minnetonka, Minnesota Renter-occupied units by year structure built**
The highest share of Minnetonka, Minnesota apartment rentals, namely 30% or 1,928 units, were Built 1980 - 1989, followed by those Built 1990 - 1999 (22%, 1,448 units), and the ones Built 1970 - 1979 (15%, 980 units).
Minnetonka, Minnesota Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Minnetonka, Minnesota renters (39%) moved in 2018 to 2020, while only 7% of them moved in 2000 to 2009. Overall, the median year renters have occupied their Minnetonka, Minnesota condos for rent is 2018.
Minnetonka, Minnesota Renter-occupied housing units by vehicles available**
When it comes to transportation options, 53% of Minnetonka, Minnesota renters have 1 vehicle available per household, 31% of them have 2 vehicles available, and 13% have No vehicle available.
Minnetonka, Minnesota Means of transportation to work of householders living in renter-occupied housing units**
Minnetonka, 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 Minnetonka, 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
