Rentometer, Inc. | Data as of 10/23/2025
Prior Lake, Minnesota offers a balanced rental market that caters to a variety of lifestyle preferences, from convenient apartment living to spacious family homes. The city’s scenic lakeside setting and well‑maintained parks make it a desirable location for professionals, retirees, and growing families alike. Proximity to major highways and the Twin Cities provides easy commutes, while local attractions such as the historic Prior Lake Center and the vibrant downtown area add cultural and recreational appeal.
Apartment rentals in Prior Lake generally fall within the $1400‑$1900 range, with one‑bedroom units averaging in the low $1400s and median rents just under $1500. Two‑bedroom apartments typically sit in the $1700s, and three‑bedroom units trend toward the high $1800s, reflecting the city’s blend of affordability and quality. For those seeking more space, single‑family houses command higher figures: two‑bedroom homes average around $2100, three‑bedroom homes near $2800, and larger four‑plus‑bedroom homes approach the $3300 mark, with median rents closely aligning with these averages.
Neighborhoods such as Grandview and Wedgewood provide a mix of newer developments and established communities, each offering easy access to schools, shopping, and outdoor activities. Whether renters are looking for modern apartment complexes near the lakefront or quieter residential streets with larger homes, Prior Lake’s rental market delivers a range of options that combine comfort, convenience, and the natural beauty of Minnesota’s lake country.
| Property Type | Bedrooms | Average | Median | Min - Max | 25th - 75th |
|---|---|---|---|---|---|
| Apartment | 1 Bedroom | $1,453 | $1,413 | $1,295 - $1,929 | $1,325 - $1,495 |
| Apartment | 2 Bedroom | $1,769 | $1,656 | $1,399 - $2,254 | $1,529 - $2,175 |
| Apartment | 3 Bedroom | $1,880 | $1,972 | $1,673 - $1,987 | $1,799 - $1,972 |
| House | 2 Bedroom | $2,147 | $2,100 | $1,550 - $2,895 | $1,999 - $2,195 |
| House | 3 Bedroom | $2,821 | $2,500 | $2,000 - $4,500 | $2,326 - $3,100 |
| House | 4+ Bedroom | $3,359 | $3,197 | $2,639 - $4,995 | $2,749 - $3,900 |
In the current period, the average rent in Prior Lake was $1,473 for 1 Bedroom, $1,869 for 2 Bedroom, $2,586 for 3 Bedroom, and $3,283 for 4+ Bedroom.
Data provided by Rentometer, Inc.