Rentometer, Inc. | Data as of 12/04/2025
Spencer, Iowa offers a welcoming rental market that caters to a variety of lifestyle needs, from young professionals seeking a compact one‑bedroom apartment to families looking for spacious three‑bedroom homes. While the local inventory is dominated by apartments, the city’s vibrant downtown district, close‑by riverfront parks, and well‑rated schools make it an attractive place to call home. Residents enjoy easy access to the historic Spencer Theatre, the bustling Main Street shopping corridor, and outdoor recreation at Lake Okoboji’s neighboring lakes, providing a balanced blend of cultural amenities and natural beauty.
Rental pricing in Spencer reflects the city’s affordable yet comfortable living standards. One‑bedroom apartments typically sit in the $900s, with an average rent near $918 and a median around $870, making them an excellent entry point for renters. Two‑bedroom units are commonly found in the $1100s, with an average of $1,123 and a median of $1,175, offering additional space for growing households. For those needing even more room, three‑bedroom apartments average $1,532 with a median close to $1,580, providing generous floor plans without compromising affordability. These price ranges underscore Spencer’s reputation as a cost‑effective rental destination in the Midwest.
Beyond pricing, Spencer’s neighborhoods each have distinct character. The River Bend area boasts modern apartment complexes with easy access to the Floyd River trail, while the historic West End offers charming units within walking distance of local cafés and boutique shops. Whether you’re drawn to the city’s community events, its proximity to major highways, or the friendly Midwestern atmosphere, Spencer’s rental market delivers a compelling mix of convenience, affordability, and quality of life.
| Property Type | Bedrooms | Average | Median | Min - Max | 25th - 75th |
|---|---|---|---|---|---|
| Apartment | 1 Bedroom | $918 | $870 | $725 - $1,160 | $725 - $1,160 |
| Apartment | 2 Bedroom | $1,122 | $1,040 | $875 - $1,535 | $906 - $1,535 |
| Apartment | 3 Bedroom | $1,531 | $1,580 | $1,390 - $1,625 | $1,390 - $1,625 |
In the current period, the average rent in Spencer was
$918 for 1 Bedroom,
$1,123 for 2 Bedroom, and
$1,532 for 3 Bedroom.
Note: This analysis includes only bedroom types with sufficient data.
Data provided by Rentometer, Inc.