ZIP Code · MN

ZIP 55305

Part of Minnetonka, MN

Pop. 21,068·Hennepin County·28th most expensive ZIP in Minnesota

Median rent (all units)

$1,922/mo

Year-over-Year

+5.3%

Month-over-Month

+0.5%

vs US Median

-$10

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 55305 · $1,922

More expensive than 57% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$1,540

1 BR

$1,740

2 BR

$2,120

3 BR

$2,810

4 BR+

$3,140

Research median

$2,120/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: October 17, 2026

From the history

What the numbers show

Cheapest month to sign

December. Asking rents in ZIP 55305 usually run 1.5% below trend in December and 1.2% above it in July, about $52 a month apart at today's median. Based on 6 years of data.

Compared with the peak

Rent in ZIP 55305 is at its highest level since Zillow's records here began in January 2020.

Past year vs. the rest of Minnesota

Rent in ZIP 55305 changed +5.3% over the year to September 2026. Across the 102 Minnesota ZIP codes Zillow tracks, the typical change was +3.4%.

Since before the pandemic

Rent in ZIP 55305 is 28% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 8 months in a row, and rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($104,914) is $2,623 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,120); a 3-bedroom is $2,810.

Cheaper nearby

ZIP 55343, 3 miles away, rents for 14% less ($1,647/mo), about $3,300 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 55305. 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.

Annual cost

$23,064/yr

At $1,922/mo median

Location

CityMinnetonka

StateMN

CountyHennepin County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 5.3% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+5.3% YoY, +0.5% MoM), not inventory.

Demographics

Who lives here

ZIP 55305 (Minnetonka, MN) is majority owner-occupied, has a large retiree population, has a median income above the national average, 63.9% of residents hold a bachelor's degree or higher.

Population

21,068

Median income

$104,914

Median age

40.5

Renters

42.5%

Age distribution

19%

23.8%

20.8%

13%

23.4%

Under 1819%

18–3423.8%

35–5420.8%

55–6413%

65+23.4%

Gender

48.1%

51.9%

Male48.1%

Female51.9%

Race & ethnicity

77.5%

White77.5%

Black5.9%

Hispanic5.1%

Asian7.8%

Other3.7%

Education (25+)

22.2%

63.9%

No HS diploma2.7%

HS diploma11.2%

Some college22.2%

Bachelor's+63.9%

Housing tenure

57.5%

42.5%

Owner57.5%

Renter42.5%

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

2021 vs 2026

How ZIP 55305 in Minnetonka, MN has changed in 5 years

Rent

$1,534 → $1,922

up 25.3%

Income

$95,701 → $104,914

up 9.6%

Population

21,687 → 21,068

down 2.9%

Renter share

41.4% → 42.5%

+1.1 pts

Bachelor's+

58.9% → 63.9%

+5.0 pts

Median age

39.7 → 40.5

+0.8 yrs

Across the past five years, the going rent in ZIP 55305 in Minnetonka, MN has shifted from $1,534 to $1,922, up 25.3% since 2021. Median household income climbed from $95,701 to $104,914 between 2021 and 2024, a 9.6% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 55305 in Minnetonka, MN losing about 619 residents over the five-year window, down 2.9% on net. Bachelor's-degree-or-higher attainment moved from 58.9% to 63.9% across the same window. Taken together, the five-year picture in ZIP 55305 in Minnetonka, 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.

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About renting in ZIP 55305

Last updated: October 17, 2026

ZIP code 55305 covers Minnetonka, MN. The median rent here is $1,922/mo as of October 2026. A 1-bedroom rents for a median of $1,740/mo. A 2-bedroom rents for a median of $2,120/mo.

At 22% of local median household income ($104,914/yr), ZIP 55305 ranks as affordable compared to the national benchmark of 30%. Rents have increased 5.3% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 55305?

To keep rent at or below 30% of gross income, you would need to earn at least $77,000/year (about $37/hour full-time) to afford the median rent of $1,922/mo in ZIP 55305. The local median household income is $104,914/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 55305?

Rent in ZIP 55305 has risen 5.3% over the past year as of September 2026. That is the highest level since Zillow's records here began in January 2020.

When is the cheapest time to rent in ZIP 55305?

Asking rents in ZIP 55305 are usually lowest in December, about 1.5% below their yearly trend, and highest in July, about 1.2% above it. At today's median that is a gap of roughly $52 a month. This pattern comes from 6 years of Zillow rent data.

How does ZIP 55305 compare to other ZIPs in Minnesota?

ZIP 55305 is one of the pricier among Minnesota ZIP codes for rent, ranking #28 of 123 at $1,922/mo. Over the year to September 2026, rent in ZIP 55305 changed +5.3%, against a typical +3.4% across the 102 Minnesota ZIP codes Zillow tracks.