Cheap Apartments for Rent in Lake Elmo, MN

14 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 decreased in May 2026 compared to the previous month. Rent previously peaked in Dec 2025.
MonthAverage rent
Jun 2025$2,800
Jul 2025$2,850
Aug 2025$3,010
Sep 2025$2,695
Oct 2025$2,900
Nov 2025$2,869
Dec 2025$3,272
Jan 2026$2,900
Feb 2026$1,999
Mar 2026$1,999
Apr 2026$2,228
May 2026$1,999
View as a graph

Average Rent By Bedroom and Home Type

In May 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$1,698$1,995$1,999$4,111$1,999
Townhomes——$2,700—$2,700
Apartments and Condos—$1,845$1,999—$1,973
Houses—$1,995—$4,089$4,089
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 in Lake Elmo, MN?
    The average rent in Lake Elmo, MN is $1,999. Rent prices range from $1,650 to as much as $5,995, depending on the type of rental.
  • How does the rent in Lake Elmo, MN compare to the national average?
    Average rent in Lake Elmo, MN is about 5% higher than the national average rent of $1,910. That means it is more expensive to rent in Lake Elmo compared to the U.S. average.
  • What is the average rent in Lake Elmo, MN, by number of bedrooms?
    The average rent in Lake Elmo, MN is $1,352 for a studio, $1,698 for a 1 bedroom, $1,995 for a 2 bedroom, $1,999 for a 3 bedroom, and $4,111 for a 4 bedroom.
  • How have rent prices in Lake Elmo, MN changed compared to last year?
    In the past year, the average rent price in Lake Elmo, MN has decreased by $1,151. That means the average rent is 58% lower than last year.
  • How many available rental listings are in Lake Elmo, MN?
    There are 12 available rental listings in Lake Elmo, MN.
  • 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.