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City Report · MN

Prior Lake

Pop. 28,016·6th most expensive in Minnesota·Prior Lake rents are up 13.4% over the past year
Median rent (all units)
$2,051/mo
Year-over-Year
+13.4%
Month-over-Month
-1.2%
vs US Median
+$86
Falling (Monthly)
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Most AffordableMost Expensive
Prior Lake · $2,051
More expensive than 62% of US cities · National median $1,965/mo
Affordability
18% of income
VERY AFFORDABLE
0%30% benchmark60%+

At $2,051/mo, rent takes about 18% of the local median household income, comfortably within the 30% benchmark.

Income to afford
$82,000/yr
Local median income
$134,255/yr
Based on the 30%-of-income rule using Prior Lake's median rent and household income. See the full affordability breakdown →
Medians by bedroom

Rent by unit size

Studio
$1,240
1 BR
$1,400
2 BR
$1,710
3 BR
$2,280
4 BR+
$2,550
Research median
$1,710/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
$24,612/yr
At $2,051/mo median
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 13.4% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+13.4% YoY, -1.2% MoM), not inventory.
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Demographics

Who lives here

Prior Lake, MN is majority owner-occupied, has a large share of families with children, has a median income above the national average, 52.4% of residents hold a bachelor's degree or higher.

Population
28,016
Median income
$134,255
Median age
39.6
Renters
13.8%
Age distribution
25.3%
19.1%
26.7%
13.1%
15.7%
Under 1825.3%
18–3419.1%
35–5426.7%
55–6413.1%
65+15.7%
Gender
49.9%
50.1%
Male49.9%
Female50.1%
Race & ethnicity
80.8%
White80.8%
Black2.2%
Hispanic5.8%
Asian5.5%
Other5.6%
Education (25+)
13.8%
30%
52.4%
No HS diploma3.8%
HS diploma13.8%
Some college30%
Bachelor's+52.4%
Housing tenure
86.2%
13.8%
Owner86.2%
Renter13.8%

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

2021 vs 2026

How Prior Lake, MN has changed in 5 years

Income
$115,837 → $134,255
up 15.9%
Population
27,242 → 28,016
up 2.8%
Renter share
14% → 13.8%
-0.2 pts
Bachelor's+
50.3% → 52.4%
+2.1 pts

Median household income rose from $115,837 to $134,255 between 2021 and 2024, a 15.9% shift. The population has grown by 2.8% since 2021, moving from about 27,242 residents to roughly 28,016. College-educated residents now make up 52.4% of adults here, versus 50.3% in 2021.

Community

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View Prior Lake rent history (2015–2026) →
Salary vs rent

Can you afford rent in Prior Lake on your salary?

At $2,051/mo, how Prior Lake rent compares to typical pay (30% rule).

By apartment size

Prior Lake rent by bedroom count

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

Local insights

Tips for renters in Prior Lake

About renting in Prior Lake, MN

Last updated: July 20, 2026

The median rent in Prior Lake is $2,051/mo as of July 2026. A studio apartment averages $1,240/mo while a 2-bedroom runs $1,710/mo. One-bedroom apartments average $1,400/mo and 3-bedroom units go for $2,280/mo.

At 18% of local median household income ($134,255/yr), Prior Lake ranks as affordable compared to the national benchmark of 30%. Rents have increased 13.4% over the past year.

FAQ

Frequently asked questions

Is Prior Lake an affordable city for renters?

Prior Lake is considered very affordable for renters. At $2,051/mo, rent takes approximately 18% of the local median household income ($134,255/yr). The standard benchmark is 30%. Prior Lake falls comfortably within that range.

How much income do you need to rent in Prior Lake?

To keep rent at or below 30% of gross income, you would need to earn at least $82,000/year (~$39/hour full-time) to afford the median rent of $2,051/mo in Prior Lake. The local median household income is $134,255/yr, meaning the typical Prior Lake household meets that threshold.

Is rent going up or down in Prior Lake?

Rent in Prior Lake has increased 13.4% over the past year as of July 2026, putting upward pressure on renter budgets.

How does Prior Lake rent compare to other cities in Minnesota?

Prior Lake is one of the pricier cities in Minnesota for rent, ranking #6 out of 67 tracked cities at $2,051/mo.

Which nearby cities are cheaper to rent in than Prior Lake?

Several nearby cities have lower median rents than Prior Lake ($2,051/mo): Burnsville ($1,486/mo), Eden Prairie ($1,772/mo), Shakopee ($1,788/mo).

What percentage of Prior Lake residents rent vs. own?

According to Census data, approximately 13.8% of Prior Lake households are renters, while 86.2% are owner-occupied. Prior Lake leans toward homeownership, which can mean a smaller rental inventory.

How does Prior Lake rent compare to the national average?

Prior Lake's median rent of $2,051/mo is $86 (4%) above the US national median of $1,965/mo. Within Minnesota, it ranks #6 out of 67 tracked cities.
Income Affordability
18%
VERY AFFORDABLE

At $2,051/mo, rent takes ~18% of Prior Lake's median household income ($134,255/yr). The standard benchmark is 30%.

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

Estimated from ZIP-level data

Schools nearby

Public schools near Prior Lake, MN

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