5

Studio Apartments for Rent in Faribault, MN

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  • /49

    Starting at $1,255

    Total Monthly Price

    • Studio - 3 Beds

    1740 Willow St, Faribault, MN 55021

    THREE BUILDINGS NOW LEASING | ELMVIEW APARTMENTSDiscover modern apartment living at Elmview Apartments in Faribault, MN. With availability across all three buildings, Elmview offers thoughtfully designed studio, 1, 2, 3, and 4-bedroom apartment homes featuring modern finishes, premium amenities, and everyday convenience.Apartment Features• Pet friendly & smoke free•

    Elmview Apartments

    1740 Willow St, Faribault, MN 55021
  • /20

    Starting at $1,000 Plus Fees

    • Studio - 2 Beds

    601 1st Ave NE, Faribault, MN 55021

    CURRENT SPECIAL: TWO MONTHS FREE on Two Bedroom apartments - One Month FREE on Two Bedroom + Den apartments.Elegant Living in Downtown Faribault, Minnesota. Straight River Apartments is a new 111 unit apartment complex overlooking the beautiful Straight River. Opened September 2022. Utilities included in the rent are Water, Sewer, Refuse, and Internet. Residents are responsible

    Straight River Apartments, LLC

    601 1st Ave NE, Faribault, MN 55021

Why Live in Faribault

Faribault, Minnesota, situated at the confluence of the Cannon and Straight Rivers, is 50 miles south of Minneapolis and 54 miles south of St. Paul. Historically an industrial hub, Faribault continues to thrive with multiple manufacturing plants and the Minnesota Correctional Facility, the state's largest prison, as major employers. The city, with fewer than 24,000 residents, offers modest, affordable homes in various styles such as Colonial Revival, Craftsman, and ranch-style, with larger stone facade homes found in the Legacy Golf Village neighborhood. Shattuck-St. Mary’s, a renowned private boarding school, is notable for its exceptional ice hockey program, producing numerous NHL players, and its growing soccer program. Faribault's vibrant downtown features popular dining spots like Depot Bar and Grill and Basilleo’s Pizza, alongside local shops on Central and Lyndale Avenues. Outdoor enthusiasts can enjoy the River Bend Nature Center's 743 acres of natural habitat, including Turtle Lake and Fossil Beach, with year-round activities like cross-country skiing, hiking, and biking. The city is part of the Faribault Public School District, known for its diversity, and houses Minnesota’s State Academies for the Deaf and Blind. Hiawathaland Transit services the area, though it remains car-dependent, with Interstate 35 providing direct access to Minneapolis. The crime rate in Faribault is on par with the national average, and some areas may be prone to flooding due to the proximity to rivers.

Frequently Asked Questions

How much does it cost to rent a home in Faribault, MN?
The median rent for a home in Faribault, MN is $1,250 per month, though prices vary by neighborhood, size, and property type. As of August 2026, condos tend to be the most affordable option while single-family homes and townhouses are currently more expensive.
How much do you need to make to afford rent in Faribault, MN?
To comfortably afford the median rent in Faribault, MN, a household needs to earn roughly $50,000 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 $1,250 per month in Faribault, MN, renters typically need to show $3,750 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 Faribault, MN?
In Faribault, MN, the price-to-rent ratio is 18.4, 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
2
Median Rent
$1,250
Median Single Family Home Rent
$2,175
Median Townhouse Rent
$3,500
Median Condo Rent
$1,250
How to Rent a Home