How much does it cost to rent in Mankato, MN?

As of August 2026, the median monthly rent in Mankato, MN is $1,196. This figure is based on aggregated data from public sources and community-submitted rents.

Is Mankato cheaper than other Minnesota cities?

Mankato is among the more affordable cities in Minnesota, ranking #64 out of 67 cities at $1,196/mo.

When was Mankato rent data last updated?

Mankato rent data reflects August 2026 and was last refreshed on August 17, 2026. RentDataNow refreshes all data monthly using public and private datasets.

What is the Fair Market Rent in Mankato, MN?

HUD sets the Fair Market Rent for a two-bedroom home in Mankato, MN at $1,250 per month, which is 5% above the $1,196 market median. Fair Market Rent is the Housing Choice Voucher (Section 8) payment standard. It is a 40th-percentile gross rent that includes essential utilities such as electricity, water, gas, sewer, and trash, and HUD updates it once a year, so it measures something different from current market asking rent.

City Report · MN

Mankato

Name: Average Rent Prices in Mankato, MN
Creator: RentDataNow
License: https://creativecommons.org/licenses/by/4.0/

Pop. 45,473·64th most expensive in Minnesota·Mankato rents have dropped 7.6%, currently a renter's market

Median rent (all units)

$1,196/mo

Year-over-Year

-7.6%

Month-over-Month

-2.9%

vs US Median

-$766

Falling (Monthly)

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Most AffordableMost Expensive

Mankato · $1,196

More affordable than 93% of US cities · National median $1,962/mo

Rent Reality Score

76/100

Good value

OverheatedFairGreat value

Rents are 13% below what Mankato's 10-year trend predicts — a better deal than its own history suggests.

Actual rent

$1,196/mo

Expected by trend

$1,371/mo

The Rent Reality Score compares today's median rent to where Mankato's own long-run trajectory projects it should be. See the full rankings →

Medians by bedroom

Rent by unit size

Studio

$1,030

1 BR

$1,030

2 BR

$1,250

3 BR

$1,750

4 BR+

$2,100

Fair Market Rent (HUD)

$1,250/mo

These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,196 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 →

Rent trends

12-month history

Loading…

Last updated: August 17, 2026

Annual cost

$14,352/yr

At $1,196/mo median

Rent Market Meter

Strong Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are down 7.6% year-over-year. Push hard on price, concessions, and lease terms.

Based on rent-price momentum (-7.6% YoY, -2.9% MoM), not inventory.

Rent check

Is your rent fair?

Compare your rent to the local median.

Demographics

Who lives here

Mankato, MN is roughly split between renters and owners, skews toward younger working-age adults, 35.1% of residents hold a bachelor's degree or higher.

Population

45,473

Median income

$66,873

Median age

26.5

Renters

50%

Age distribution

17%

43.2%

19.5%

12.7%

Under 1817%

18–3443.2%

35–5419.5%

55–647.6%

65+12.7%

Gender

50.9%

49.1%

Male50.9%

Female49.1%

Race & ethnicity

82%

White82%

Black7.1%

Hispanic5.2%

Asian3.4%

Other2.4%

Education (25+)

22.5%

35.7%

35.1%

No HS diploma6.7%

HS diploma22.5%

Some college35.7%

Bachelor's+35.1%

Housing tenure

50%

Owner50%

Renter50%

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

2023 vs 2026

How Mankato, MN has changed in 5 years

Rent

$1,033 → $1,196

up 15.8%

Income

$56,274 → $66,873

up 18.8%

Population

43,938 → 45,473

up 3.5%

Renter share

47.7% → 50%

+2.3 pts

Bachelor's+

38.9% → 35.1%

-3.8 pts

Five years ago, renters in Mankato, MN paid around $1,033 a month. That figure now sits near $1,196, up 15.8% from the 2023 baseline. Median household income climbed from $56,274 to $66,873 between 2021 and 2024, a 18.8% shift. With wages climbing faster than rent over the same window, renters here have a bit more breathing room than they did five years back. Census counts show Mankato, MN adding about 1,535 residents over the five-year window, up 3.5% on net. The renter share has risen from 47.7% to 50%, with owner-occupied housing accounting for the remainder. Bachelor's-degree-or-higher attainment moved from 38.9% to 35.1% across the same window. Taken together, the five-year picture in Mankato, MN reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

Community

Discussions about Mankato

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View Mankato rent history (2015–2026) →

Salary vs rent

Can you afford rent in Mankato on your salary?

At $1,196/mo, how Mankato rent compares to typical pay (30% rule).

Registered Nurse

Avg $98,259/yr · Rent = 14.6% income

very comfortable

Elementary School Teacher

Avg $69,763/yr · Rent = 20.6% income

affordable

Police Officer

Avg $80,361/yr · Rent = 17.9% income

very comfortable

Software Developer

Avg $143,634/yr · Rent = 10% income

very comfortable

Lawyer

Avg $183,529/yr · Rent = 7.8% income

very comfortable

Firefighter

Avg $65,322/yr · Rent = 22% income

affordable

Truck Driver

Avg $58,978/yr · Rent = 24.3% income

affordable

Electrician

Avg $72,696/yr · Rent = 19.7% income

very comfortable

By apartment size

Mankato rent by bedroom count

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

Local insights

Tips for renters in Mankato

About renting in Mankato, MN

Last updated: August 17, 2026

The median rent in Mankato is $1,196/mo as of August 2026. A studio apartment averages $1,030/mo while a 2-bedroom runs $1,250/mo. One-bedroom apartments average $1,030/mo and 3-bedroom units go for $1,750/mo.

At 21% of local median household income ($66,873/yr), Mankato ranks as affordable compared to the national benchmark of 30%. Rents have decreased 7.6% over the past year.

FAQ

Frequently asked questions

Is Mankato an affordable city for renters?

Mankato is considered very affordable for renters. At $1,196/mo, rent takes approximately 21% of the local median household income ($66,873/yr). The standard benchmark is 30%. Mankato falls comfortably within that range.

How much income do you need to rent in Mankato?

To keep rent at or below 30% of gross income, you would need to earn at least $48,000/year (~$23/hour full-time) to afford the median rent of $1,196/mo in Mankato. The local median household income is $66,873/yr, meaning the typical Mankato household meets that threshold.

Is rent going up or down in Mankato?

Rent in Mankato has decreased 7.6% over the past year as of August 2026, offering some relief compared to 12 months ago.

How does Mankato rent compare to other cities in Minnesota?

Mankato is one of the more affordable cities in Minnesota for rent, ranking #64 out of 67 tracked cities at $1,196/mo.

Which nearby cities are cheaper to rent in than Mankato?

Several nearby cities have lower median rents than Mankato ($1,196/mo): Waseca ($990/mo), Albert Lea ($1,046/mo).

What percentage of Mankato residents rent vs. own?

According to Census data, approximately 50% of Mankato households are renters, while 50% are owner-occupied. Mankato leans toward homeownership, which can mean a smaller rental inventory.

How does Mankato rent compare to the national average?

Mankato's median rent of $1,196/mo is $766 (39%) below the US national median of $1,962/mo. Within Minnesota, it ranks #64 out of 67 tracked cities.

Income Affordability

21%

VERY AFFORDABLE

At $1,196/mo, rent takes ~21% of Mankato's median household income ($66,873/yr). The standard benchmark is 30%.

Mankato 21%Benchmark 30%

State income tax5.35–9.85%

Run the Mankato affordability calculator →

Nearby cities