Search the lowest-cost Apartments available for rent right now in Lake Elmo.
Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.
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| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Cheap Lake Elmo Studio Apartments | $1,409 | $1,219 | $1,999 |
| Cheap Lake Elmo 1 Bedroom Apartments | $1,654 | $1,185 | $2,661 |
| Cheap Lake Elmo 2 Bedroom Apartments | $2,141 | $1,295 | $4,280 |
| Cheap Lake Elmo 3 Bedroom Apartments | $2,694 | $1,795 | $5,985 |
The cheapest available apartment rental in Lake Elmo, MN is a 1 Bed unit found at Oakdale Commons - 55+ in the Turnberry Heritage Townhomes neighborhood priced from $1,185. Minnehaha Manor in the Midvale neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,219. Here is today’s list of the most affordable Lake Elmo apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Oakdale Commons - 55+ | Northern Red Oak | 1BR,1BA | $1,185 |
| Minnehaha Manor | Aspen | Studio,1BA | $1,219 |
| Norhart Oakdale | Zen | Studio,1BA | $1,299 |
| Eastgate Apartments | 1 Bedroom Renovated | 1BR,1BA | $1,345 |
| Reserve At Settlers Ridge | Spruce - 60% AMI | 1BR,1BA | $1,419 |
| Crown Villa Apartments | 1 Bedroom/1Bath | 1BR,1BA | $1,429 |
| City Walk at Woodbury | Ashbury | 1BR,1BA | $1,445 |
| Springs at Lake Elmo | Studio Grand Overlook | Studio,1BA | $1,470 |
| The Espen Residences | Cypress | Studio,1BA | $1,474 |
| Springs at Willowbrooke | Studio Grand Overlook | Studio,1BA | $1,476 |
As of May 08, 2026 the best value apartment in the Lake Elmo area is the $1.26 price per square foot The Craftsman Model at Meridian at CityPlace in the in the Turnberry Heritage Townhomes neighborhood starting from $2,866. The second greatest value Lake Elmo apartment is the Grove-A Model at Woodhelm Townhomes starting at $3,325 with a $1.82 price per square foot in the Washington Far Eastern Suburbs neighborhood. Here is today’s list of the best values for Lake Elmo apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Meridian at CityPlace | The Craftsman | 3BR,3.5BA | $1.26 |
| Woodhelm Townhomes | Grove-A | 2BR,2.5BA | $1.82 |
| The Harlan | Robins Egg | 3BR,2BA | $1.64 |
| The Bosk Apartment Homes | B1R (Stainless Steel Appliances, In-Unit Laundry) | 2BR,1BA | $1.81 |
| The Legends of Woodbury 55+ Apartments | Two Bedroom - D | 2BR,1BA | $1.85 |
| City Walk at Woodbury | Aldridge | 1BR,1BA | $1.80 |
| Cedric's Landing | 1 Bedroom, 1 Bathroom | 1BR,1BA | $1.79 |
| Crown Villa Apartments | 1 Bed/1Bath- ADA unit | 1BR,1BA | $1.89 |
| Oakdale Commons - 55+ | Northern Red Oak | 1BR,1BA | $1.64 |
| Eastgate Apartments | 1 Bedroom Renovated | 1BR,1BA | $1.87 |
Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.
Read ArticleFrom the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.
Read ArticleThe common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.
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Currently the most affordable Cheap Studio Apartment in Lake Elmo is at Minnehaha Manor listed at $1,219.
The lowest price for a Cheap One Bedroom Lake Elmo Apartment is $1,185 at Oakdale Commons - 55+.
Today's best deal for a Cheap Two Bedroom Apartment in Lake Elmo is starting from $1,514 at Minnehaha Manor.
The best deal on a cheap Lake Elmo Three Bedroom Apartment rental is at The Legends of Woodbury 55+ Apartments and starts from $1,974.
The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.
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