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Elko New Market, MN Homes for Rent

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  • /22

    Starting at $1,700 Plus Fees

    • 2 Beds

    220 Old Town Rd, Elko New Market, MN 55054

    Come and enjoy maintenance free living at Old Town Apartments, Elko New Market's newest apartment complex. Feel at home in one of our one- or two-bedroom units. Our three-story building is complete with a community room, fitness center, and outdoor living area. Enjoy the small town feel of Elko New Market while being minutes away from all the amenities that the Twin Cities metro area has to

    Old Town Apartments

    (952) 242-0075

    220 Old Town Rd, Elko New Market, MN 55054
  • /18

    $3,170

    Total Monthly Price

    • 4 Beds
    • 2.5 Baths
    • 2,540 Sq Ft
    • House for Rent

    336 Brady St, Elko New Market, MN 55054

    Lease this home and get more from Invitation Homes professional property management. This home comes fully loaded with quality amenities, must-have services, high-end tech and ProCare® professional maintenance. Your estimated total monthly payment is $3169.95. That covers your base rent, $3120.00 + our required services designed to make your life easier: Smart Home with video doorbell $40 and

    (952) 242-0817

    336 Brady St, Elko New Market, MN 55054
  • /12

    $1,650

    Total Monthly Price

    • 3 Beds
    • 1 Bath
    • 1,000 Sq Ft
    • House for Rent

    9631 Main St, Elko New Market, MN 55020

    This recently remodeled 3-bedroom 1 bath home in Elko offers comfortable and functional layout perfect for everyday living. Includes a nice living area, well-sized bedrooms, and a full updated bathroom. Large kitchen with amble cabinet storage. Enjoy the convenience of an in-home laundry room located on the main level. Available: NowRent: $1,650/monthSecurity Deposit:

    9631 Main St, Elko New Market, MN 55020
  • /27

    $2,350

    Total Monthly Price

    • 3 Beds
    • 3 Baths
    • 1,876 Sq Ft
    • Townhouse for Rent

    9726 St Andrews Dr, Elko New Market, MN 55020

    For a video tour of this home please contact the listing agent Jake, or search the address "9726 Saint Andrews Drive New Elko Market" on YouTube.Welcome to this beautiful 3bed, 3bath townhome offering modern living across three thoughtfully laid-out levels. This home is stunning from top to bottom, with an open concept kitchen & natural lighting throughout. Kitchen includes custom

    9726 St Andrews Dr, Elko New Market, MN 55020

Why Live in Elko New Market

Elko New Market, MN, formed from the merger of Elko and New Market in 2007, is a growing exurb with new subdivisions and highly rated schools. The area features New Traditional homes with farmhouse or Craftsman designs, often situated on well-maintained lawns. Larger homes are prevalent in these subdivisions, while smaller, older houses are found near the downtown areas of Elko and New Market. The community is served by Lakeville Area Schools and New Prague Area Schools, both of which are highly rated. Recreational attractions include Wagner Park, which offers baseball diamonds, a playground, and an outdoor hockey rink that converts to basketball and pickleball courts in warmer months. Fredrickson Field hosts the Elko Express amateur baseball club, and Boulder Pointe Golf Club provides an 18-hole course with practice facilities. The area’s dining options are concentrated in the older downtowns, with bars and restaurants in both Elko and New Market. Shopping centers and grocery stores are located in Lakeville, about 10 miles away. Elko Speedway is a major attraction, hosting races and a drive-in theater during the summer. Interstate 35 facilitates commutes to the Twin Cities, approximately 30 miles away, with a Park and Ride option available for easier access to downtown Minneapolis.

Frequently Asked Questions

How much does it cost to rent a home in Elko New Market, MN?
The median rent for a home in Elko New Market, MN is $2,395 per month, though prices vary by neighborhood, size, and property type. As of May 2026, single-family homes tend to be the most affordable option while townhouses are currently more expensive.
How much do you need to make to afford rent in Elko New Market, MN?
To comfortably afford the median rent in Elko New Market, MN, a household needs to earn roughly $95,800 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 $2,395 per month in Elko New Market, MN, renters typically need to show $7,185 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 Elko New Market, MN?
In Elko New Market, MN, the price-to-rent ratio is 16.5, 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.
What neighborhoods in Elko New Market, MN are best for renting a home?
The best neighborhood for renting in Elko New Market, MN depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include Galaxie Commons, Downtown Apple Valley and West Bloomington, each with its own character and price range.

Rental Home Trends in Elko New Market, MN

Rental Home Trends

Number of Homes for Rent
4
Median Rent
$2,395
Median Single Family Home Rent
$2,385
Median Townhouse Rent
$2,395
How to Rent a Home