Minnetonka, MN Rental Market Trends
Last updated: May 15, 2026 | Source: RentCafe Market Analysis, Yardi Matrix, U.S. Census Bureau
Highlights
The average rent for an apartment in Minnetonka is $2,021, a 5.12% increase compared to the previous year, when the average rent was $1,923.
Studio Apartments at $1,369 offer the most budget-friendly option with 508 square feet, ideal for single renters prioritizing location over space.
One-bedroom apartments provide 796 square feet for $1,822, balancing privacy and affordability.
Two-beedroom units at $2,197 offer 1,161 square feet, perfect for roommates or small families.
Three-bedroom apartments deliver maximum space (1,505 sq ft) for $2,615, suitable for larger households.
Average rent in Minnetonka, MN
Last updated: May 15, 2026
| Average Rent | Average Apartment Size | |
|---|---|---|
| All Rentals | $2,021 | 990 sq. ft. |
| Studio | $1,369 | 508 sq. ft. |
| 1 Bed | $1,822 | 796 sq. ft. |
| 2 Beds | $2,197 | 1,161 sq. ft. |
| 3 Beds | $2,615 | 1,505 sq. ft. |
Minnetonka, MN rent trends
Rental prices in Minnetonka, MN have increased by 5.12% over the past year. The average rent moved from $1,923 to $2,021.
What's the typical rent budget in Minnetonka, MN?
The largest share of rentals in Minnetonka, MN (48%) fall between $1,501-$2,000 per month. This suggests that most people succesfully find suitable apartments within this price.
Do most people rent or own in Minnetonka, MN?
6,681 or 28% of the households in Minnetonka, MN are renter-occupied while 16,834 or 72% are owner-occupied.
Most affordable neighborhoods in Minnetonka?
Covington Hills $1,553/month
Runnymeade $1,679/month
Glen Lake $1,978/month
All of these neighborhoods fall below the city wide average of $2,021/month.Average Rent in Minnetonka, MN By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Westernesse | $2,260 |
| Glen Lake | $1,978 |
| Runnymeade | $1,679 |
| Covington Hills | $1,553 |
/
Minnetonka | Rent Comparison by Neighborhood
Rent in Covington Hills is 22% lower than in Glen Lake
$1,553
Covington Hills rent is 23% lower than Minnetonka average
Average Rent
$1,553
$1,978
Glen Lake rent is 2% lower than Minnetonka average
Average Rent
$1,978
How Minnetonka Compares to Other Cities
| City | Average Rent |
|---|---|
| Minnetonka | $2,021 |
| Minneapolis | $1,696 |
| St. Paul | $1,534 |
| Rochester | $1,679 |
| Moorhead | $1,116 |
| Bloomington | $1,717 |
| St. Louis Park | $1,791 |
| Edina | $1,854 |
| St. Cloud | $1,191 |
| Burnsville | $1,559 |
| Eden Prairie | $1,773 |
| Plymouth, MN | $1,725 |
| Roseville | $1,457 |
| Hopkins, MN | $1,585 |
| Brooklyn Park | $1,368 |
| Eagan | $1,719 |
| Maple Grove, MN | $2,211 |
| Golden Valley | $1,919 |
| Brooklyn Center, MN | $1,335 |
| Chaska, MN | $1,772 |
| New Brighton, MN | $1,361 |
Where this data comes from
The rental statistics on this page were compiled by RentCafe.com, a nationwide apartment search website trusted by millions of renters to find apartments and houses for rent throughout the U.S.
Rent prices, trends, and apartment sizes were calculated based on data from our sister company, Yardi Matrix, an apartment market intelligence solution that covers approximately 90% of the U.S. metro area population. The data includes comprehensive information on all Minnetonka apartment buildings with 50 or more units, totaling 23.5 million apartments across 181 U.S. markets.
Housing composition data was sourced from the U.S. Census Bureau, using the most recently available information by tenure.