Cheap Apartments for Rent in the Downtown Mankato Neighborhood of Mankato, MN from $500 (35 Rentals)

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

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930 N 5th St, Unit 3
$750
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$750

Total Monthly Price
$750
1 Bedroom Apartment Available Jan 1, 2026

930 N 5th St, Unit 3

930 N 5th StMankato, MN 56001
Cost Per Sq.Ft.
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528 N 6th St, Unit .5
$825
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$825

Total Monthly Price
$825
2 Bedroom Apartment Available Now

528 N 6th St, Unit .5

528 N 6th StMankato, MN 56001
Affordability
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107 E Liberty St, Unit 3
$875
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$875

Total Monthly Price
$875
1 Bedroom Apartment Available Now

107 E Liberty St, Unit 3

107 E Liberty StMankato, MN 56001
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1101 N 6th St, Unit 2
$900
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$900

Total Monthly Price
$900
1 Bedroom Apartment Available Now

1101 N 6th St, Unit 2

1101 N 6th StMankato, MN 56001
Affordability
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Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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College Station
Rent Specials
$931 - $2,135
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$931 - $2,135

Total Monthly Price
$931 - $2,135
1 to 5 Bedroom Apartments Contact Us For Availability

College Station

1341 Pohl RdMankato, MN 56001
Student Housing
  • Verified
  • Customer Reviewed
  • Utilities Included
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525 S Broad St, Unit 4
$950
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$950

Total Monthly Price
$950
2 Bedroom Apartment Available Now

525 S Broad St, Unit 4

525 S Broad StMankato, MN 56001
Affordability
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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.

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The Edge Apartments
Rent Specials
$1,061 - $1,311
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,050 - $1,300
Required Monthly Fees
$11

Total Monthly Price
$1,061 - $1,311
1 to 2 Bedroom Apartments Available Now

The Edge Apartments

1902 Warren StMankato, MN 56001
Outdoors
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  • Customer Reviewed
  • Utilities Included
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River Bluff Apartments
Rent Specials
$1,086 - $1,511
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,075 - $1,500
Required Monthly Fees
$11

Total Monthly Price
$1,086 - $1,511
1 to 3 Bedroom Apartments Available Now

River Bluff Apartments

405 N 5th StMankato, MN 56001
Outdoors
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  • Customer Reviewed
  • Matterport 3D Tour

Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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1325 Fair Street, Unit Unit #1
$1,200
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,200

Total Monthly Price
$1,200
2 Bedroom Apartment Available Now

1325 Fair Street, Unit Unit #1

1325 Fair StreetMankato, MN 56001
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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
property at 633 S 2nd St

633 S 2nd St

MankatoMN56001
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River Bluff Suites
Studio to 2 Bedroom Apartments

River Bluff Suites

123 N 4th StMankato, MN 56001
  • Utilities Included
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107 S 5th St
Studio to 2 Bedroom Apartments

107 S 5th St

107 S 5th StMankato, MN 56001

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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Hoover Estates
$1,065
Total Monthly Price

Total Monthly Price

Base Rent
$1,050
Required Monthly Fees
$15

Total Monthly Price
$1,065
2 Bedroom Apartments Contact Us For Availability

Hoover Estates

1866 Lee BlvdNorth Mankato, MN 56003
  • Verified
  • Utilities Included
  • Low Income

Downtown Mankato, Mankato, MN Local Guide

Cheapest Available Downtown Mankato Apartments for Rent

 

The cheapest available apartment rental in the Downtown Mankato area of Mankato, MN is a Studio unit found at Highland Hills Apartments priced from $750. Glenwood Terrace has the second lowest priced unit, which is a 2 Beds apartment currently listed from $950. Here are the most affordable Downtown Mankato apartments for rent in Mankato, MN:

Apartment ListingModel NameBed/BathPriced From
Highland Hills ApartmentsStudioStudio,1BA$750
Glenwood Terrace2 BR/ 1 BA2BR,1BA$950
Knollcrest2 bed2BR,1BA$995
Huntington Hills Apartments & Townhomes1BR Apartment1BR,1BA$1,000
Commerce ApartmentsTwo Bedroom2BR,1BA$1,000

Best Value Apartments for Rent in Downtown Mankato, MN

As of October 20, 2025 the best value apartment in the Downtown Mankato area is the $0.94 price per square foot Three Bedroom Model at 442 Belgrade Ave in the in the City Center Mankato neighborhood starting from $1,500. The second greatest value Downtown Mankato apartment is the 3 Bedroom 1.5 Bath Affordable Model at Dublin Road Townhomes starting at $1,450 with a $1.14 price per square foot in the City Center Mankato neighborhood. Here is today’s list of the best values for Downtown Mankato apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
442 Belgrade AveThree Bedroom3BR,2BA$0.94
Dublin Road Townhomes3 Bedroom 1.5 Bath Affordable3BR,1.5BA$1.14
1104 N 5th St, Unit 3 Bed1104 N 5th St3BR,1BA$1.08
320 E Hickory St, Unit 1320 E Hickory St3BR,1BA$1.09
Southwood Flats2 Bed, 1 Bath (remodeled)2BR,1BA$1.16
Knollcrest2 bed2BR,1BA$1.11
Glenwood Terrace2 BR/ 1 BA2BR,1BA$1.14
1101 N 6th St, Unit 21101 N 6th St1BR,1BA$1.13
Bunting Lane ApartmentsTwo Bed2BR,1BA$0.82
112 S 5th St, Unit Upper112 S 5th St1BR,1BA$1.14

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

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.

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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Pet Friendly Lifestyle
Downtown Mankato, Mankato, MN

Ranked #7

Among cities in Minnesota for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Getting Around the Downtown Mankato Neighborhood in Mankato, MN

Walk Score®

87 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

82 / 100

Very Bikeable

Biking is convenient for most trips

Frequently Asked Questions about Cheap Downtown Mankato Apartments

What is the price of a cheap apartment in Downtown Mankato?

The cheapest apartment in Downtown Mankato is Highland Hills Apartments which is listed at $830, while the average apartment in Downtown Mankato costs $2,135.

What types of apartments are the cheapest in Downtown 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 25 regular apartments in Downtown 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 Downtown Mankato?

Cheap apartments in Downtown Mankato have an average cost of $877 which is $1,258 cheaper than the average rent for all rentals in Downtown 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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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

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The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.