Rents are 3% below what Shakopee's 10-year trend predicts — a better deal than its own history suggests.
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 $1,763 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
December. Asking rents in Shakopee usually run 2% below trend in December and 1.7% above it in July, about $65 a month apart at today's median. Based on 6 years of data.
Rent in Shakopee is at its highest level since Zillow's records here began in March 2020.
Rent in Shakopee changed +2.6% over the year to September 2026. Across the 53 Minnesota cities Zillow tracks, the typical change was +3.4%.
Rent in Shakopee is 32% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 3 months in a row, and rose in 8 of the last 12 months.
30% of the median household income ($107,223) is $2,681 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($2,410); a 4-bedroom is $2,700.
Burnsville, 11 miles away, rents for 15% less ($1,493/mo), about $3,200 a year in savings.
From Zillow's monthly rent index (ZORI) for Shakopee. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. 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
Shakopee, MN is majority owner-occupied, has a large share of families with children, has a median income above the national average, 40.4% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Shakopee, MN has changed in 5 years
Across the past five years, the going rent in Shakopee, MN has shifted from $1,381 to $1,763, up 27.7% since 2021. Local incomes tracked alongside that move, going from a median of $96,473 in 2021 to $107,223 more recently. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show Shakopee, MN adding about 2,616 residents over the five-year window, up 6.0% on net. Bachelor's-degree-or-higher attainment moved from 38.1% to 40.4% across the same window. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the Shakopee, MN market of 2021.
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Can you afford rent in Shakopee on your salary?
At $1,763/mo, how Shakopee rent compares to typical pay (30% rule).
Shakopee rent by bedroom count
Median rent for each apartment size in Shakopee. Click any size for full breakdown.
Tips for renters in Shakopee
Last updated: October 17, 2026
The median rent in Shakopee is $1,763/mo as of October 2026. A studio apartment averages $1,310/mo while a 2-bedroom runs $1,810/mo. One-bedroom apartments average $1,480/mo and 3-bedroom units go for $2,410/mo.
At 20% of local median household income ($107,223/yr), Shakopee ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.6% over the past year.
Frequently asked questions
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How does Shakopee rent compare to other cities in Minnesota?
At $1,763/mo, rent takes ~20% of Shakopee's median household income ($107,223/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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