702 E Main St
Albert LeaMN56007
Cheap Homes for Rent in Owatonna, MN from $800 (10 Rentals)
Search the lowest-cost Homes available for rent right now in Owatonna.
121 Clinton St
AustinMN55912
930 S Broadway Ave
Albert LeaMN56007
423 Adams Ave
Albert LeaMN56007
1203 11th St NW
AustinMN55912
What Does “Rent Burdened” Mean? How Much Rent Is Too Much
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.
800 12th Ave NW
AustinMN55912
511 5th Ave NW
AustinMN55912
240 E Rice St
OwatonnaMN55060
514 S Grove Ave
OwatonnaMN55060
1111 4th St NW
AustinMN55912
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.
Showing Results 1-10, Page 1 of 1
Owatonna, MN Local Guide
Downtown Owatonna by Jon Platek is licensed under CC BY-SA 3.0
How much does it cost to rent a home in Owatonna?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Owatonna 2 Bedroom Homes for Rent | $1,250 | $900 | $1,700 |
| Owatonna 3 Bedroom Homes for Rent | $1,769 | $1,000 | $2,495 |
| Owatonna 4 Bedroom Homes for Rent | $2,245 | $1,065 | $3,000 |
| Owatonna 5 Bedroom Homes for Rent | $3,000 | $3,000 | $3,000 |
| Owatonna 6 Bedroom Homes for Rent | $3,200 | $3,200 | $3,200 |
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
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Owatonna, MN Local Guide
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Cheapest Neighborhoods for Apartments in Owatonna, MN
Pricing Updated: 05/24/2026Current apartment rentals in the Owatonna, MN area range in price from to with an overall median price of . Here is today’s list neighborhoods with the lowest median pricing for Owatonna Apartments for rent:
| Neighborhood | Median Price | Min Price | Available Units |
|---|---|---|---|
| Downtown Owatonna | $1,654 | $850 | 25 |
Cheapest Available Owatonna Apartments for Rent and Nearby
The cheapest available apartment rental in Owatonna, MN is a Studio unit found at Aire in the Downtown Owatonna neighborhood priced from $1,020. 111 Vine Apartments in the Downtown Owatonna neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $1,110. Here is today’s list of the most affordable Owatonna apartments for rent:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Aire | Studio, 1 bath | Studio,1BA | $1,020 |
| 111 Vine Apartments | 1 Bedroom 1 Bathroom | 1BR,1BA | $1,110 |
| South Pointe II Apartments | Studio | Studio,1BA | $1,160 |
Best Value Apartments for Rent in Owatonna, MN and Nearby
As of May 24, 2026 the best value apartment in the Owatonna area is the $1.83 price per square foot 2B Oak Model at ASCEND in the in the Downtown Owatonna neighborhood starting from $2,630. The second greatest value Owatonna apartment is the Two Bedroom Model at Apartments on Mound starting at $1,395 with a $1.22 price per square foot in the Downtown Owatonna neighborhood. Here is today’s list of the best values for Owatonna apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| ASCEND | 2B Oak | 2BR,2BA | $1.83 |
| Apartments on Mound | Two Bedroom | 2BR,1BA | $1.22 |
| South Pointe Apartments | 2 Bedroom 2 Bathroom | 2BR,2BA | $1.30 |
| West Lake Meadows | 2 Bed 2 Bath | 2BR,2BA | $1.51 |
| The Pointe @ Merchant Square | 2BR/2.0BA | 2BR,2BA | $1.53 |
| South Pointe II Apartments | One Bedroom One Bathroom | 1BR,1BA | $1.80 |
| 111 Vine Apartments | 1 Bedroom 1 Bathroom | 1BR,1BA | $1.64 |
| Cedar View Apartments | 2575 1 BD/1 BA | 1BR,1BA | $2.08 |
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.
Read Article
Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University
From 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.
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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.
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Best Local Schools in Owatonna, MN
Owatonna Summer School 7-8
Owatonna Public School District
Public School - Grades 6-8 (999)
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School data provided by Great Schools
Remember the 3 Rules of Real Estate:Location, Location, Location!
Explore Owatonna, MN Rentals by Map
See the most popular apartments and homes in Owatonna, MN
Frequently Asked Questions about Owatonna
What type of rentals are currently available in Owatonna?
There are currently 47 Apartments for Rent in Owatonna, MN with pricing that ranges from $850 to $2,830. There are also 35 Single Family Homes for rent, Condos, and Townhome rentals currently available in Owatonna ranging from $850 to $3,200.
What is the current price range for Rental Homes in Owatonna?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Owatonna ranges from $850 to $3,200 with an average monthly rent of $1,912.
Expert Rental Resources
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.
Articles, How-To's, and Tips
A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back
Written by: Lauren Harrington
I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.
Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts
Written by: Lauren Harrington
This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.
What Does “Rent Burdened” Mean? How Much Rent Is Too Much
Written by: Lauren Harrington
This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.
Maximizing Your Refund: Essential Tax Tips for Renters
Written by: Christine Leonard, Esq.
Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.