Wayzata, 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 Wayzata, Minnesota rental market.
Wayzata, Minnesota
Average Apartment Rent
$1,325
Y-o-Y Change in Average
Apartment Rent
3%
As of July 2024
Compared to a year ago, Wayzata, Minnesota apartments have recorded a 3% rent increase.
Wayzata, Minnesota |Average apartment rent trend
Wayzata, Minnesota| Average apartment rent
Wayzata, Minnesota | Apartment rent ranges
At 78.47%, apartments priced $1,000 - $1,500 represent the bulk of Wayzata, Minnesota rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 21.53%.
Wayzata, Minnesota | Housing tenure**
Renters take up 40% of Wayzata, Minnesota real estate, occupying a total of 873 units, while homeowners live in 1,296 properties.
Median number of rooms of renter-occupied housing units**
3.8
Renter median household income**
$71,433
Average household size of renter-occupied housing units**
1.64
Wayzata, Minnesota | Renter-occupied housing units by no. of bedrooms**
There are 425 rentals in Wayzata, Minnesota with 2 beds making up the highest share of the market, at 49%. Units with 4 beds, on the other hand, hold the lowest percentage (1%), amounting to 7 units. Overall, the median number of rooms in Wayzata, Minnesota homes for rent is 3.8.
Wayzata, Minnesota |Renter-occupied units by age of householder**
Most condos for rent in Wayzata, Minnesota are occupied by residents in the 75 - 84 years age group (27%), followed by those in the 85 years and over age group (23%). At the same time, people in the 15 - 24 years age group make up the lowest share of the local rental market – 1%.
Wayzata, Minnesota | Renter-occupied housing units by family type**
Wayzata, Minnesota | Renter-occupied housing units by the presence of own children**
A total of 367 apartments for rent in Wayzata, Minnesota, or 42% of all rentals are family households. Additionally, 8% of rental homes include children under the age of 18 – that’s 71 units. All in all, the median size of a renter-occupied household in Wayzata, Minnesota is 1.64.
Wayzata, Minnesota | Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 57% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Wayzata, Minnesota.
Wayzata, Minnesota | Renter-occupied units by year structure built**
The highest share of Wayzata, Minnesota apartment rentals, namely 36% or 311 units, were Built 2010 - 2019, followed by those Built 1970 - 1979 (25%, 222 units), and the ones Built 1960 - 1969 (13%, 111 units).
Wayzata, Minnesota | Renter-occupied units by year householder moved in**
Median year renter moved into unit2016
Most Wayzata, Minnesota renters (47%) moved in 2010 to 2017, while only 2% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Wayzata, Minnesota condos for rent is 2016.
Wayzata, Minnesota | Renter-occupied housing units by vehicles available**
When it comes to transportation options, 66% of Wayzata, Minnesota renters have 1 vehicle available per household, 16% of them have 2 vehicles available, and 11% have No vehicle available.
Wayzata, Minnesota | Means of transportation to work of householders living in renter-occupied housing units**
Wayzata, Minnesota |Geographical mobility in the past year for householders living in renter-occupied housing units**
Wayzata, Minnesota | Average apartment rent by zip codes
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 Wayzata, 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