Rents are right about where Austin's 10-year trend predicts.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,161 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
Rent in Austin is at its highest level since Zillow's records here began in June 2023.
Rent in Austin changed +9.6% over the year to September 2026. Across the 53 Minnesota cities Zillow tracks, the typical change was +3.4%.
Rent has risen 8 months in a row, and rose in 11 of the last 12 months.
30% of the median household income ($68,057) is $1,701 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($1,400).
Albert Lea, 17 miles away, rents for 10% less ($1,043/mo), about $1,400 a year in savings.
From Zillow's monthly rent index (ZORI) for Austin. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Austin, MN is majority owner-occupied, has a large share of families with children, 23.6% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Austin, MN has changed in 5 years
Local incomes tracked alongside that move, going from a median of $54,320 in 2021 to $68,057 more recently. The population has grown by 1.3% since 2021, moving from about 26,030 residents to roughly 26,358. Renters now make up 28.5% of households, compared with 31.4% five years ago.
Discussions about Austin
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Can you afford rent in Austin on your salary?
At $1,161/mo, how Austin rent compares to typical pay (30% rule).
Austin rent by bedroom count
Median rent for each apartment size in Austin. Click any size for full breakdown.
Tips for renters in Austin
Last updated: October 17, 2026
The median rent in Austin is $1,161/mo as of October 2026. A studio apartment averages $720/mo while a 2-bedroom runs $1,050/mo. One-bedroom apartments average $800/mo and 3-bedroom units go for $1,330/mo.
At 20% of local median household income ($68,057/yr), Austin ranks as affordable compared to the national benchmark of 30%. Rents have increased 9.6% over the past year.
Frequently asked questions
How much income do you need to rent in Austin?
Is rent going up or down in Austin?
How does Austin rent compare to other cities in Minnesota?
Which nearby cities are cheaper to rent in than Austin?
At $1,161/mo, rent takes ~20% of Austin's median household income ($68,057/yr). The standard benchmark is 30%.
How does this area stack up?
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Estimated from ZIP-level data
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