Rents are right about where New Hope's 10-year trend predicts.
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 $1,359 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 New Hope is 0.4% below its high of $1,365 in June 2026, at $1,359 as of September 2026.
Rent in New Hope changed +2.9% over the year to September 2026. Across the 53 Minnesota cities Zillow tracks, the typical change was +3.4%.
Rent rose in 10 of the last 12 months.
30% of the median household income ($77,662) is $1,942 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,520); a 3-bedroom is $2,020.
From Zillow's monthly rent index (ZORI) for New Hope. 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
New Hope, MN is roughly split between renters and owners, 36.1% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How New Hope, MN has changed in 5 years
The median rent in New Hope, MN stood at $1,198 in 2023 and currently runs about $1,359, reflecting a 13.4% increase over the period. On the earnings side, the typical household in New Hope, MN now reports about $77,662, up from $64,929 in 2021. On paper, paychecks moved up faster than rent, which softens the affordability squeeze versus the 2021 baseline. The population has contracted by 2.3% since 2021, moving from about 21,683 residents to roughly 21,181. Renters now make up 47.4% of households, compared with 44.3% five years ago. College-educated residents now make up 36.1% of adults here, versus 32.6% in 2021. For context, the 2023 to 2026 window covers an unusually volatile run for US rents nationally, and New Hope, MN reflects that arc in its own way.
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Can you afford rent in New Hope on your salary?
At $1,359/mo, how New Hope rent compares to typical pay (30% rule).
New Hope rent by bedroom count
Median rent for each apartment size in New Hope. Click any size for full breakdown.
Tips for renters in New Hope
Last updated: October 17, 2026
The median rent in New Hope is $1,359/mo as of October 2026. A studio apartment averages $1,100/mo while a 2-bedroom runs $1,520/mo. One-bedroom apartments average $1,250/mo and 3-bedroom units go for $2,020/mo.
At 21% of local median household income ($77,662/yr), New Hope ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.9% over the past year.
Frequently asked questions
How much income do you need to rent in New Hope?
Is rent going up or down in New Hope?
How does New Hope rent compare to other cities in Minnesota?
At $1,359/mo, rent takes ~21% of New Hope's median household income ($77,662/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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