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City Report · MN

Mankato

Pop. 45,473·63rd most expensive in Minnesota·One of the most affordable rental markets in the US
Median rent (all units)
$1,232/mo
Year-over-Year
-3.1%
Month-over-Month
-8.9%
vs US Median
-$733
Falling (Monthly)
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Most AffordableMost Expensive
Mankato · $1,232
More affordable than 91% of US cities · National median $1,965/mo
Rent Reality Score
68/100
Good value
OverheatedFairGreat value

Rents are 9% below what Mankato's 10-year trend predicts — a better deal than its own history suggests.

Actual rent
$1,232/mo
Expected by trend
$1,350/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
Research median
$1,250/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
$14,784/yr
At $1,232/mo median
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 3.1% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (-3.1% YoY, -8.9% MoM), not inventory.
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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%
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 → $1,232
up 19.3%
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 $1,232, up 19.3% from the 2023 baseline. Median household income climbed from $56,274 to $66,873 between 2021 and 2024, a 18.8% shift. 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

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

Can you afford rent in Mankato on your salary?

At $1,232/mo, how Mankato rent compares to typical pay (30% rule).

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: July 20, 2026

The median rent in Mankato is $1,232/mo as of July 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 22% of local median household income ($66,873/yr), Mankato ranks as affordable compared to the national benchmark of 30%. Rents have decreased 3.1% over the past year.

FAQ

Frequently asked questions

Is Mankato an affordable city for renters?

Mankato is considered very affordable for renters. At $1,232/mo, rent takes approximately 22% 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 $49,000/year (~$24/hour full-time) to afford the median rent of $1,232/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 3.1% over the past year as of July 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 #63 out of 67 tracked cities at $1,232/mo.

Which nearby cities are cheaper to rent in than Mankato?

Several nearby cities have lower median rents than Mankato ($1,232/mo): Albert Lea ($960/mo), Waseca ($990/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 $1,232/mo is $733 (37%) below the US national median of $1,965/mo. Within Minnesota, it ranks #63 out of 67 tracked cities.
Income Affordability
22%
VERY AFFORDABLE

At $1,232/mo, rent takes ~22% of Mankato's median household income ($66,873/yr). The standard benchmark is 30%.

Mankato 22%Benchmark 30%
State income tax5.35–9.85%
Run the Mankato affordability calculator →
Lowest-rent ZIP codes in Mankato
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Neighborhoods

Estimated from ZIP-level data

Schools nearby

Public schools near Mankato, MN

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