Cheap Apartments for Rent in Lake Elmo, MN

20 rentals

Apartments For Rent Near Lake Elmo, MN

We found 30 more apartments matching your filters just outside Lake Elmo

Average Rent Trends in Lake Elmo, MN

Rent in Lake Elmo, MN varies by number of bedrooms and home type. Use these charts to quickly see how rent changes.
Average rent stayed about the same in Oct 2026 compared to the previous month. Rent previously peaked in Dec 2025.
MonthAverage rent
Nov 2025$2,869
Dec 2025$3,272
Jan 2026$2,900
Feb 2026$1,999
Mar 2026$1,999
Apr 2026$2,225
May 2026$1,999
Jun 2026$1,999
Jul 2026$2,032
Aug 2026$1,999
Sep 2026$1,900
Oct 2026$1,900
View as a graph

Average Rent By Bedroom and Home Type

In October 2026, Apartments and Condos were the most affordable home type to rent compared with Townhomes and Houses.
1 bed2 beds3 beds4 bedsAll
All home types$1,596$1,750$1,900$4,000$1,862
Townhomes——$2,497—$2,497
Apartments and Condos$1,862$1,451$1,850—$1,850
Houses—$1,750$5,200$4,000$4,000
See more information about local market trends in Lake Elmo, MN

Frequently Asked Questions about Rentals in Lake Elmo, MN

  • What is the average rent of an apartment in Lake Elmo, MN?
    The average rent of an apartment in Lake Elmo, MN is $1,844 per month. This is about 5% lower than the national average.
  • What are the cheapest months to find an apartment to rent in Lake Elmo, MN?
    Last year, the cheapest month to find an apartment to rent was Apr 2025 when it was $1,695 per month.
  • How many cheap apartments are available in Lake Elmo, MN?
    There are 6 apartments to rent that are cheaper than the city’s average rent of $1,862.
  • When is the average rent most expensive in Lake Elmo, MN?
    In the last year, the average rent in Lake Elmo, MN was highest in Dec 2025 when it was $3,272 per month.
  • How does the rent of a 1 bedroom apartment compare to a studio apartment in Lake Elmo, MN?
    The average rent of a 1 bedroom apartment in Lake Elmo, MN is $1,596 per month. That is about $124 more than the cost of a studio apartment.
  • What are some zip codes in Lake Elmo, MN?
    Lake Elmo, MN includes zip codes such as: 55042.
  • What are some cities near Lake Elmo, MN?
    Some nearby cities include: Oakdale, Pine Springs, Landfall Village, Oak Park Heights, Willernie. These cities may have more rental options to explore.
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