Department of Numbers

Mankato Minnesota Residential Rent and Rental Statistics

The median monthly gross residential rent in Mankato, MN (the Mankato-North Mankato metro area) was $836 in 2016 according to the Census ACS survey.1 Average gross rent in Mankato was $923 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Mankato median and average rent data will be released in September of 2018.

Data is also available below for Mankato rental vacancy rates, Mankato rent as a percent of median income and the fraction of renters in Mankato.

Show dollars as: Nominal Real

Real Gross Rent in Mankato Minnesota (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Minnesota Median Gross Rent $912 +1.33% +8.96%
Mankato, MN Median Gross Rent $836 +5.56% +20.11%

Mankato, MN Real Gross Rent Trends

At $836, real median gross rent in Mankato was at its highest level in 2016 since the series began in 2005. At $923, real average gross rent in Mankato was at its highest level in 2016 since the series began in 2005.

Real Gross Rent in Mankato: Mankato MN Median, Mankato MN Average, Minnesota Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Mankato

Date US
Median
Minnesota
Median
Mankato, MN
Median
Mankato, MN
Average
2016 $981 $912 $836 $923
2015 $972 $900 $792 $838
2014 $942 $866 $820 $836
2013 $910 $837 $696 $782
2012 $898 $826 $719 $774
2011 $898 $812 $667 $720
2010 $912 $815 $769 $810
2009 $916 $824 $687 $747
2008 $932 $830 $715 $800
2007 $885 $798 $721 $782
2006 $895 $822 $685 $734
2005 $869 $826 $648 $677

Mankato Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Mankato Minnesota was 4.89% according to Census ACS data.

Rental Vacancy Rate in Mankato Minnesota

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Minnesota 4.01% -0.34% +0.07%
Mankato, MN 4.89% -2.32% +3.79%

Trends in Mankato, MN Rental Vacancy Rate

The rental vacancy rate in Mankato peaked in 2015 at 7.21%. Since then it has fallen by 2.32% to 4.89%. Data records for this series originated in 2005.

Rental Vacancy Rate: Mankato MN, Minnesota, US

Rental vacancy rate in Minnesota

Historical Rental Vacancy Rate data for Mankato

Date US Minnesota Mankato, MN
2016 5.89% 4.01% 4.89%
2015 5.85% 4.35% 7.21%
2014 6.32% 4.53%
2013 6.49% 3.94% 1.10%
2012 6.77% 4.10% 6.60%
2011 7.40% 5.37% 4.47%
2010 8.17% 5.96% 7.05%
2009 8.43% 5.97% 5.83%
2008 7.86% 5.76% 1.60%
2007 7.87% 7.07%
2006 7.70% 8.06% 5.57%
2005 7.74% 8.20% 3.78%

Rent as a Fraction of Income

Using median household income data for Mankato, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Mankato, median monthly gross rent as a fraction of median household income was 17.35% in 2016 according to the ACS.

Mankato Minnesota Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Minnesota 16.68% -0.10% +0.24%
Mankato, MN 17.35% -0.53% +1.69%

Trends in Mankato, MN Rent as a Fraction of Income

The fraction of median Mankato household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.05%. Since then it has fallen by 0.70% to 17.35%.

Fraction of Income towards Rent: Mankato MN, Minnesota, US

Percent of median household income going towards median monthly gross rent in Mankato Minnesota

Historical Data for Annual Rent as a Fraction of Income in Mankato Minnesota

Date US Minnesota Mankato, MN
2016 20.43% 16.68% 17.35%
2015 20.63% 16.78% 17.88%
2014 20.89% 16.77% 18.05%
2013 20.78% 16.45% 15.65%
2012 20.65% 16.56% 16.17%
2011 20.70% 16.58% 15.31%
2010 20.50% 16.53% 16.92%
2009 20.12% 16.33% 16.13%
2008 19.00% 15.37% 14.62%
2007 18.66% 15.29% 13.96%
2006 18.90% 15.57% 15.20%
2005 18.89% 15.96% 13.59%

Renter Fraction in Mankato Minnesota

You can calculate the renter fraction in Mankato in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Mankato as a fraction of total Mankato households. In 2016 36.16% of households were renters according to Census ACS data.

Mankato Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Minnesota 28.70% -0.36% +0.25%
Mankato, MN 36.16% +2.78% +3.86%

Trends in the Mankato, MN Renter Fraction

At 36.16%, the 2016 household based renter fraction in Mankato was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Mankato MN, Minnesota, US

Fraction of renters in Mankato

History of Mankato Renter Fraction

Date US Minnesota Mankato, MN
2016 36.88% 28.70% 36.16%
2015 36.97% 29.06% 33.38%
2014 36.90% 28.31% 34.67%
2013 36.50% 28.45% 32.30%
2012 36.09% 28.56% 30.53%
2011 35.42% 27.24% 31.21%
2010 34.65% 26.98% 32.15%
2009 34.13% 26.29% 29.17%
2008 33.36% 25.34% 30.94%
2007 32.80% 24.76% 26.39%
2006 32.73% 23.70% 30.18%
2005 33.10% 24.23% 28.40%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.