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City Report · MN

Elk River

Pop. 26,793·4th most expensive in Minnesota·Rental market data updated monthly for Elk River, MN
Median rent (all units)
$2,129/mo
Year-over-Year
Stable
Month-over-Month
+12.5%
vs US Median
+$164
Rising (Monthly)
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Most AffordableMost Expensive
Elk River · $2,129
More expensive than 66% of US cities · National median $1,965/mo
Affordability
23% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $2,129/mo, rent takes about 23% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$85,000/yr
Local median income
$108,741/yr
Based on the 30%-of-income rule using Elk River's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,100
1 BR
$1,250
2 BR
$1,520
3 BR
$2,020
4 BR+
$2,270
Research median
$1,520/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$25,548/yr
At $2,129/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 0.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+0.0% YoY, +12.5% MoM), not inventory.
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Demographics

Who lives here

Elk River, MN is majority owner-occupied, has a median income above the national average, 33.8% of residents hold a bachelor's degree or higher.

Population
26,793
Median income
$108,741
Median age
37.2
Renters
20.8%
Age distribution
24.8%
22.1%
27%
12.4%
13.7%
Under 1824.8%
18–3422.1%
35–5427%
55–6412.4%
65+13.7%
Gender
51.4%
48.6%
Male51.4%
Female48.6%
Race & ethnicity
83.9%
White83.9%
Black4.8%
Hispanic3.6%
Asian1.7%
Other6.1%
Education (25+)
25.7%
35.5%
33.8%
No HS diploma5.1%
HS diploma25.7%
Some college35.5%
Bachelor's+33.8%
Housing tenure
79.2%
20.8%
Owner79.2%
Renter20.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How Elk River, MN has changed in 5 years

Income
$83,875 → $108,741
up 29.6%
Population
25,467 → 26,793
up 5.2%
Renter share
19.5% → 20.8%
+1.3 pts
Bachelor's+
25.7% → 33.8%
+8.1 pts
Median age
36 → 37.2
+1.2 yrs

Household income in the area moved from $83,875 to $108,741 across the same window, up 29.6% versus 2021. The population has grown by 5.2% since 2021, moving from about 25,467 residents to roughly 26,793. College-educated residents now make up 33.8% of adults here, versus 25.7% in 2021.

Community

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View Elk River rent history (2015–2026) →
Salary vs rent

Can you afford rent in Elk River on your salary?

At $2,129/mo, how Elk River rent compares to typical pay (30% rule).

By apartment size

Elk River rent by bedroom count

Median rent for each apartment size in Elk River. Click any size for full breakdown.

Local insights

Tips for renters in Elk River

About renting in Elk River, MN

Last updated: July 20, 2026

The median rent in Elk River is $2,129/mo as of July 2026. A studio apartment averages $1,100/mo while a 2-bedroom runs $1,520/mo. One-bedroom apartments average $1,250/mo and 3-bedroom units go for $2,020/mo.

At 23% of local median household income ($108,741/yr), Elk River ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

Is Elk River an affordable city for renters?

Elk River is considered very affordable for renters. At $2,129/mo, rent takes approximately 23% of the local median household income ($108,741/yr). The standard benchmark is 30%. Elk River falls comfortably within that range.

How much income do you need to rent in Elk River?

To keep rent at or below 30% of gross income, you would need to earn at least $85,000/year (~$41/hour full-time) to afford the median rent of $2,129/mo in Elk River. The local median household income is $108,741/yr, meaning the typical Elk River household meets that threshold.

Is rent going up or down in Elk River?

Rent in Elk River has been relatively stable over the past year, with a 0.0% change year over year as of July 2026.

How does Elk River rent compare to other cities in Minnesota?

Elk River is one of the pricier cities in Minnesota for rent, ranking #4 out of 67 tracked cities at $2,129/mo.

Which nearby cities are cheaper to rent in than Elk River?

Several nearby cities have lower median rents than Elk River ($2,129/mo): Saint Michael ($1,778/mo), Ramsey ($1,968/mo), Champlin ($1,990/mo).

What percentage of Elk River residents rent vs. own?

According to Census data, approximately 20.8% of Elk River households are renters, while 79.2% are owner-occupied. Elk River leans toward homeownership, which can mean a smaller rental inventory.

How does Elk River rent compare to the national average?

Elk River's median rent of $2,129/mo is $164 (8%) above the US national median of $1,965/mo. Within Minnesota, it ranks #4 out of 67 tracked cities.
Income Affordability
23%
VERY AFFORDABLE

At $2,129/mo, rent takes ~23% of Elk River's median household income ($108,741/yr). The standard benchmark is 30%.

Elk River 23%Benchmark 30%
State income tax5.35–9.85%
Run the Elk River affordability calculator →
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Elk River, MN

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