Cheap Apartments for Rent in Mankato, MN from $500 (46 Rentals)

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Search the lowest-cost Apartments available for rent right now in Mankato.

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.

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.

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404 S 4th St
Studio to 2 Bedroom Apartments

404 S 4th St

404 S 4th StMankato, MN 56001
  • Utilities Included
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Parkway
1 to 2 Bedroom Apartments

Parkway

101-103 Parkway AveMankato, MN 56001

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Sinclair Flats
1 to 3 Bedroom Apartments

Sinclair Flats

210 Dewey LnMankato, MN 56001
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Rosa Place
1 to 3 Bedroom Apartments

Rosa Place

510 Timberwolf DrMankato, MN 56001
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The Preserve Apartments
1 to 3 Bedroom Apartments

The Preserve Apartments

240 Jaycee CtMankato, MN 56001
Student Housing
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River Bluff Suites
1 Bedroom Apartments

River Bluff Suites

123 N 4th StMankato, MN 56001
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Gray Hawk Apartments
1 to 3 Bedroom Apartments

Gray Hawk Apartments

160-180 Homestead RdMankato, MN 56001
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Echo Rivers
1 to 2 Bedroom Apartments

Echo Rivers

115 Echo StMankato, MN 56001
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107 S 5th St
2 Bedroom Apartments

107 S 5th St

107 S 5th StMankato, MN 56001

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

Mankato, MN Local Guide

Cheapest Neighborhoods for Apartments in Mankato, MN

Pricing Updated: 06/11/2025

Current apartment rentals in the Mankato, MN area range in price from $595 to $3,725 with an overall median price of $1,854. The three Mankato neighborhoods with the lowest median rent pricing are The Prairie at $875, City Center Mankato at $775, and Downtown Mankato at $682. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Mankato Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
The Prairie$1,780$87555
City Center Mankato$1,812$77576
Downtown Mankato$1,812$68263
Five Corners$1,812$68258
Sibley Park$1,812$77580
Erlandson Park$1,850$77551
Lincoln Park$1,850$682100
Riverfront Park$1,850$77549
Washington Park$1,850$77551
West Mankato$1,850$77584

Cheapest Available Mankato Apartments for Rent

 

The cheapest available apartment rental in Mankato, MN is a 2 Beds unit found at Bunting Lane Apartments in the University neighborhood priced from $682. Highland Hills Apartments in the University neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $775. Here is today’s list of the most affordable Mankato apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Bunting Lane ApartmentsRandom Roommate Included!2BR,2BA$682
Highland Hills ApartmentsElm Tree Court1BR,1BA$775
442 Belgrade AveOne Bedroom1BR,1BA$875
Village Court Apartments2 Bed, 1 Bath (original)2BR,1BA$949
Woodside ApartmentsStudioStudio,1BA$1,045
River Bluff ApartmentsTwo Bedroom2BR,1BA$1,070
Riverfront CourtTwo Bedroom/ One Bathroom w Balcony2BR,1BA$1,120
The Edge ApartmentsTwo Bedroom2BR,1BA$1,200

Best Value Apartments for Rent in Mankato, MN

As of June 11, 2025 the best value apartment in the Mankato area is the $0.93 price per square foot 220 State St Model at 220 State St, Unit #2 2nd Floor in the in the University neighborhood starting from $1,400. The second greatest value Mankato apartment is the 2 Bedroom 1 Bath Model at Tartan Glen starting at $1,550 with a $1.22 price per square foot in the University neighborhood. Here is today’s list of the best values for Mankato apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
220 State St, Unit #2 2nd Floor220 State St3BR,1BA$0.93
Tartan Glen2 Bedroom 1 Bath2BR,1BA$1.22
Legacy Park EstatesThree Bedroom 1.75 Bathroom3BR,1.75BA$1.25
Augusta Commons3 Bedroom 2 Bath3BR,2BA$1.23
2108 Arlington Trl, Unit 42108 Arlington Trl2BR,1BA$1.16
Cardinal Creek ApartmentsTwo Bedroom2BR,2BA$1.29
Southwood Flats2 Bed, 1 Bath (remodeled)2BR,1BA$1.31
The Edge ApartmentsTwo Bedroom2BR,1BA$1.22
442 Belgrade AveTwo Bedroom2BR,1BA$1.13
612 N 4th St, Unit 1612 N 4th St2BR,1BA$1.22

Quick Rent Budget Calculator

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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.

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Mankato, MN Rentals by Map

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Getting Around Mankato, MN

Walk Score®

46 / 100

Car-Dependent

Most errands require a car

Bike Score®

57 / 100

Bikeable

Some bike infrastructure

Transit Score®

1 / 100

Minimal Transit

It may be possible to get on a bus

Frequently Asked Questions about Cheap Mankato Apartments

What is a cheap apartment in Mankato?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Mankato is under $1,200.

What is the price of a cheap apartment in Mankato?

The cheapest apartment in Mankato is Highland Hills Apartments which is listed at $775, while the average apartment in Mankato costs $1,854.

What types of apartments are the cheapest in Mankato?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 66 regular apartments in Mankato that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Mankato?

Cheap apartments in Mankato have an average cost of $961 which is $893 cheaper than the average rent for all rentals in Mankato.

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.

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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.

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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.

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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.

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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.