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City Report · MN

Lakeville

Pop. 74,354·8th most expensive in Minnesota·Rental market data updated monthly for Lakeville, MN
Median rent (all units)
$2,029/mo
Year-over-Year
+5.0%
Month-over-Month
+3.8%
vs US Median
+$64
Rising (Monthly)
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Most AffordableMost Expensive
Lakeville · $2,029
More expensive than 61% of US cities · National median $1,965/mo
Rent Reality Score
49/100
Fairly priced
OverheatedFairGreat value

Rents are right about where Lakeville's 10-year trend predicts.

Actual rent
$2,029/mo
Expected by trend
$2,022/mo
The Rent Reality Score compares today's median rent to where Lakeville's own long-run trajectory projects it should be. See the full rankings →
Medians by bedroom

Rent by unit size

Studio
$1,550
1 BR
$1,750
2 BR
$2,140
3 BR
$2,850
4 BR+
$3,190
Research median
$2,140/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
$24,348/yr
At $2,029/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 5.0% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+5.0% YoY, +3.8% MoM), not inventory.
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Demographics

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.

Population
74,354
Median income
$139,041
Median age
36.8
Renters
12.2%
Age distribution
27.8%
18.9%
29.3%
13%
Under 1827.8%
18–3418.9%
35–5429.3%
55–6413%
65+10.9%
Gender
51.2%
48.8%
Male51.2%
Female48.8%
Race & ethnicity
77.6%
White77.6%
Black6.6%
Hispanic6.1%
Asian6.2%
Other3.5%
Education (25+)
16.3%
29.7%
50.6%
No HS diploma3.5%
HS diploma16.3%
Some college29.7%
Bachelor's+50.6%
Housing tenure
87.8%
12.2%
Owner87.8%
Renter12.2%

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

2021 vs 2026

How Lakeville, MN has changed in 5 years

Rent
$1,600 → $2,029
up 26.8%
Income
$119,970 → $139,041
up 15.9%
Population
69,026 → 74,354
up 7.7%
Renter share
11.9% → 12.2%
+0.3 pts
Bachelor's+
48.7% → 50.6%
+1.9 pts
Median age
36 → 36.8
+0.8 yrs

Compared with 2021, rent in Lakeville, MN has increased by $429 per month, settling near $2,029 after starting the period at $1,600. 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 10.9 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.

Community

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View Lakeville rent history (2015–2026) →
Salary vs rent

Can you afford rent in Lakeville on your salary?

At $2,029/mo, how Lakeville rent compares to typical pay (30% rule).

By apartment size

Lakeville rent by bedroom count

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

Local insights

Tips for renters in Lakeville

About renting in Lakeville, MN

Last updated: July 20, 2026

The median rent in Lakeville is $2,029/mo as of July 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 5.0% over the past year.

FAQ

Frequently asked questions

Is Lakeville an affordable city for renters?

Lakeville is considered very affordable for renters. At $2,029/mo, rent takes approximately 18% of the local median household income ($139,041/yr). The standard benchmark is 30%. Lakeville falls comfortably within that range.

How much income do you need to rent in Lakeville?

To keep rent at or below 30% of gross income, you would need to earn at least $81,000/year (~$39/hour full-time) to afford the median rent of $2,029/mo in Lakeville. The local median household income is $139,041/yr, meaning the typical Lakeville household meets that threshold.

Is rent going up or down in Lakeville?

Rent in Lakeville has increased 5.0% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Lakeville rent compare to other cities in Minnesota?

Lakeville is one of the pricier cities in Minnesota for rent, ranking #8 out of 67 tracked cities at $2,029/mo.

Which nearby cities are cheaper to rent in than Lakeville?

Several nearby cities have lower median rents than Lakeville ($2,029/mo): Burnsville ($1,486/mo), Bloomington ($1,684/mo), Apple Valley ($1,955/mo).

What percentage of Lakeville residents rent vs. own?

According to Census data, approximately 12.2% of Lakeville households are renters, while 87.8% are owner-occupied. Lakeville leans toward homeownership, which can mean a smaller rental inventory.

How does Lakeville rent compare to the national average?

Lakeville's median rent of $2,029/mo is $64 (3%) above the US national median of $1,965/mo. Within Minnesota, it ranks #8 out of 67 tracked cities.
Income Affordability
18%
VERY AFFORDABLE

At $2,029/mo, rent takes ~18% of Lakeville's median household income ($139,041/yr). The standard benchmark is 30%.

Lakeville 18%Benchmark 30%
State income tax5.35–9.85%
Run the Lakeville affordability calculator →
Lowest-rent ZIP codes in Lakeville
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Lakeville, MN

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