Rents are 3% below what Lakeville's 10-year trend predicts — a better deal than its own history suggests.
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 $2,101 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
January. Asking rents in Lakeville usually run 1.5% below trend in January and 0.8% above it in July, about $48 a month apart at today's median. Based on 5 years of data.
Rent in Lakeville is 0.1% below its high of $2,104 in August 2026, at $2,101 as of September 2026.
Rent in Lakeville changed +1.3% over the year to September 2026. Across the 53 Minnesota cities Zillow tracks, the typical change was +3.4%.
Rent rose in 7 of the last 12 months.
30% of the median household income ($139,041) is $3,476 a month. That covers HUD's Fair Market Rent for up to a 4-bedroom ($3,190).
Burnsville, 8 miles away, rents for 29% less ($1,493/mo), about $7,300 a year in savings.
From Zillow's monthly rent index (ZORI) for Lakeville. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. 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
Lakeville, MN is majority owner-occupied, has a large share of families with children, has a median income above the national average, 50.6% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Lakeville, MN has changed in 5 years
Compared with 2021, rent in Lakeville, MN has increased by $392 per month, settling near $2,101 after starting the period at $1,709. On the earnings side, the typical household in Lakeville, MN now reports about $139,041, up from $119,970 in 2021. Rent outpaced income growth by roughly 7.0 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 69,026 to 74,354 between 2021 and 2024, a 7.7% change. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Lakeville, MN reflects that arc in its own way.
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Can you afford rent in Lakeville on your salary?
At $2,101/mo, how Lakeville rent compares to typical pay (30% rule).
Lakeville rent by bedroom count
Median rent for each apartment size in Lakeville. Click any size for full breakdown.
Tips for renters in Lakeville
Last updated: October 17, 2026
The median rent in Lakeville is $2,101/mo as of October 2026. A studio apartment averages $1,550/mo while a 2-bedroom runs $2,140/mo. One-bedroom apartments average $1,750/mo and 3-bedroom units go for $2,850/mo.
At 18% of local median household income ($139,041/yr), Lakeville ranks as affordable compared to the national benchmark of 30%. Rents have increased 1.3% over the past year.
Frequently asked questions
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Is rent going up or down in Lakeville?
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How does Lakeville rent compare to other cities in Minnesota?
Which nearby cities are cheaper to rent in than Lakeville?
At $2,101/mo, rent takes ~18% of Lakeville's median household income ($139,041/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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