Cheap Homes for Rent in Lake Elmo, MN from $900 (14 Rentals)

How Many Bedrooms?Done
Select your price rangeDone
By AmenitiesDone
By Community TypeDone
Features and AvailabilityDone
Done

Search the lowest-cost Homes available for rent right now in Lake Elmo.

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

Read Article

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

Read Article
Showing Results 1-14, Page 1 of 1

Lake Elmo, MN Local Guide

Cheapest Available Lake Elmo Apartments for Rent

 

The cheapest available apartment rental in Lake Elmo, MN is a 1 Bed unit found at Briar Pond Apartments in the Midvale neighborhood priced from $1,034. Minnehaha Manor in the Midvale neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $1,090. Here is today’s list of the most affordable Lake Elmo apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Briar Pond Apartments1 Bedroom Floor Plan A-738sqft and AH-730sqft  ...1BR,1BA$1,034
Minnehaha ManorAspenStudio,1BA$1,090
Beyond WoodburyExploreStudio,1BA$1,241
Norhart OakdaleZenStudio,1BA$1,308
The Espen ResidencesCypressStudio,1BA$1,337

Best Value Apartments for Rent in Lake Elmo, MN

As of June 12, 2025 the best value apartment in the Lake Elmo area is the $1.49 price per square foot The Luxe Model at Meridian at CityPlace in the in the Turnberry Heritage Townhomes neighborhood starting from $3,995. The second greatest value Lake Elmo apartment is the Raleigh Model at Bentley Village starting at $2,895 with a $1.68 price per square foot in the Turnberry Heritage Townhomes neighborhood. Here is today’s list of the best values for Lake Elmo apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Meridian at CityPlaceThe Luxe4BR,3.5BA$1.49
Bentley VillageRaleigh3BR,3BA$1.68
The Legends of Woodbury 55+ ApartmentsTwo Bedroom - B2BR,1BA$1.75
Seasons VillasDiamond Tamarack2BR,1BA$1.87
Briarcliff Apartments, a 55+ CommunityTamarack (3D)3BR,1BA$1.82
Oakdale Commons - 55+Laurel Oak2BR,1BA$1.86
City Walk at WoodburyPlaza1BR,1BA$1.78
Waterford TownhomesRemodeled 2 Bedroom2BR,1BA$1.91
The Bosk Apartment HomesA1R (Stainless Steel Appliances, In-Unit Laundry)1BR,1BA$1.91
Briar Pond Apartments1 Bedroom Floor Plan A-738sqft and AH-730sqft  ...1BR,1BA$1.40

Quick Rent Budget Calculator

How much rent can you afford?

The 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.

decorative image of people with a giant lease agreement

Frequently Asked Questions about Lake Elmo

What type of rentals are currently available in Lake Elmo?

There are currently 63 Apartments for Rent in Lake Elmo, MN with pricing that ranges from $1,015 to $9,000. There are also 50 Single Family Homes for rent, Condos, and Townhome rentals currently available in Lake Elmo ranging from $950 to $7,900.

What is the current price range for Rental Homes in Lake Elmo?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Lake Elmo ranges from $950 to $7,900 with an average monthly rent of $3,245.

How much are larger Three and Four Bedroom Rentals in Lake Elmo?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Lake Elmo range from $1,695 to $9,000, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,600 to $3,500. Four Bedroom Single-Family rentals are also available starting from $2,495 and Four Bedroom Apartments start at $2,400.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

decorative image for The Art of the Rental Viewing: What to look for during a property tour article

The Art of the Rental Viewing: What to look for during a property tour

Written by: Marie Brown

You’ve scrolled through countless listings, walked through a blur of rentals, and finally found what feels like the one. The pictures? Fantastic. The neighborhood seems just right.

decorative image for Know Your Budget: Calculating What You Can Realistically Afford When Renting article

Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

decorative image for The Freedom of Short-Term Leases: Exploring the Advantages for Renters article

The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

decorative image for Navigating the Rental Market: Tips for First-Time Renters article

Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.