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Studio Apartment for Rent in Faribault, MN

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    Starting at $1,255

    Total Monthly Price

    • Studio - 3 Beds

    1740 Willow St, Faribault, MN 55021

    Find Your Perfect Home at Elmview I Apartments – Modern Living with Exceptional Comfort!Welcome to Elmview I Apartments, where contemporary design meets everyday convenience. Whetheryou're looking for a spacious 1, 2, or 3 bedroom home, our modern apartments are designed to elevateyour lifestyle.Each Apartment Features:- Pet friendly & smoke free- Sleek stainless-steel

    Elmview Apartments

    1740 Willow St, 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 $1,350 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 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 $54,000 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 $1,350 per month in Faribault, MN, renters typically need to show $4,050 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 17.3, 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
$1,350
Median Single Family Home Rent
$2,175
Median Townhouse Rent
$2,530
Median Condo Rent
$1,213
How to Rent a Home