Rents are 3% above what Mankato's 10-year trend predicts — running hotter than its own history.
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 $1,257 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 Mankato is at its highest level since Zillow's records here began in February 2023.
Rent in Mankato changed +8.4% over the year to September 2026. Across the 53 Minnesota cities Zillow tracks, the typical change was +3.4%.
Rent has risen 2 months in a row, and rose in 7 of the last 12 months.
30% of the median household income ($66,873) is $1,672 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,250); a 3-bedroom is $1,750.
From Zillow's monthly rent index (ZORI) for Mankato. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Is your rent fair?
Compare your rent to the local median.
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.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Mankato, MN has changed in 5 years
Five years ago, renters in Mankato, MN paid around $993 a month. That figure now sits near $1,257, up 26.6% from the 2023 baseline. Median household income climbed from $56,274 to $66,873 between 2021 and 2024, a 18.8% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. 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.
Discussions about Mankato
No discussions yet. Start the conversation.
Can you afford rent in Mankato on your salary?
At $1,257/mo, how Mankato rent compares to typical pay (30% rule).
Mankato rent by bedroom count
Median rent for each apartment size in Mankato. Click any size for full breakdown.
Tips for renters in Mankato
Last updated: October 17, 2026
The median rent in Mankato is $1,257/mo as of October 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 23% of local median household income ($66,873/yr), Mankato ranks as affordable compared to the national benchmark of 30%. Rents have increased 8.4% over the past year.
Frequently asked questions
How much income do you need to rent in Mankato?
Is rent going up or down in Mankato?
How does Mankato rent compare to other cities in Minnesota?
Which nearby cities are cheaper to rent in than Mankato?
At $1,257/mo, rent takes ~23% of Mankato's median household income ($66,873/yr). The standard benchmark is 30%.
How does this area stack up?
Pick another city or ZIP to compare.
Estimated from ZIP-level data
Be the first to submit your rent for Mankato.
No discussions yet.