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Studio Apartment for Rent in Albert Lea, MN

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    $875

    Total Monthly Price

    • Studio
    • 1 Bath
    • 475 Sq Ft
    • Condo for Rent

    207 E 4th St, Albert Lea, MN 56007

    Ramsey Schoolhouse Apartments - Fully remodeled Studio, 1 bath with complete updates including new walls, paint, lights, HVAC, ceiling fans, flooring, kitchen and bathrooms. This main floor apartment features in apartment laundry, quartz countertops, private balcony and security door. Located close to downtown and within walking distance to numerous banks, restaurants, the public pool and

    207 E 4th St, Albert Lea, MN 56007

Why Live in Albert Lea

Albert Lea, a small town in southern Minnesota with a population of about 18,000, is known for its picturesque lakes and vibrant community. Located approximately 90 miles south of the Twin Cities, Albert Lea features Fountain Lake and Albert Lea Lake, which are central to the town's outdoor recreation. Residents enjoy activities such as boating, fishing, waterskiing, kayaking, and canoeing. The town offers a variety of home styles, including bungalows, ranches, split- and bi-levels, with waterfront properties being the most sought after. Albert Lea boasts over 300 acres of parklands across more than 40 parks, including Myre Big Island State Park, which is home to diverse wildlife and a savanna landscape. The town's crime rate is lower than the national average, contributing to its appeal. Albert Lea's downtown area is lively with boutiques, local shops, and dining options like 112 on Broadway and Jake's Pizza. The town hosts numerous seasonal events, such as Wind Down Wednesdays and the Big Freeze, fostering a strong sense of community. Interstates 35 and 90 provide easy access to nearby cities, and Mason City Municipal Airport offers daily flights to Chicago. The SMART bus service facilitates local transportation. Albert Lea's humid climate brings hot summers and cold winters, with beautiful spring and fall seasons.

Frequently Asked Questions

How much does it cost to rent a home in Albert Lea, MN?
The median rent for a home in Albert Lea, MN is $950 per month, though prices vary by neighborhood, size, and property type. As of July 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Albert Lea, MN?
To comfortably afford the median rent in Albert Lea, MN, a household needs to earn roughly $38,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $950 per month in Albert Lea, MN, renters typically need to show $2,850 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Albert Lea, MN?
In Albert Lea, MN, the price-to-rent ratio is 16.2, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.

Rental Home Trends

Number of Homes for Rent
1
Median Rent
$950
Median Single Family Home Rent
$1,275
Median Condo Rent
$938
How to Rent a Home