2

Lake City, MN Homes for Rent

Section Image
  • /15

    $2,100 Plus Fees

    • 3 Beds
    • 2 Baths
    • 1,600 Sq Ft
    • Condo for Rent

    213 N Park St Unit 1, Lake City, MN 55041

    Property Id: 2025145Waterfront Living on Beautiful Lake PepinWake up to breathtaking, front-row views of Lake Pepin in this spacious, fully furnished first-floor condo. Beautifully remodeled, this single-level home offers comfort, convenience, and an unbeatable waterfront location.The condo features a generous primary suite with a private bathroom, two additional bedrooms,

    213 N Park St Unit 1, Lake City, MN 55041
  • /31

    $1,800

    Total Monthly Price

    • 3 Beds
    • 1.5 Baths
    • 1,423 Sq Ft
    • House for Rent

    407 N Washington St, Lake City, MN 55041

    Charming 3+ Bedroom Home in the Heart of Lake City, MinnesotaExperience the best of Lake City living in this well-appointed 3+ bedroom, 2-bathroom home with a detached one-car garage. Nestled just steps from downtown, this property offers the perfect blend of comfort and convenience.Wake up to glimpses of the stunning Lake Pepin right from your front door — one of the widest points on the

    407 N Washington St, Lake City, MN 55041

Why Live in Lake City

Lake City, Minnesota, is a charming riverside community situated along Lake Pepin on the Mississippi River, renowned as the birthplace of water skiing. This small city is a haven for water enthusiasts, offering numerous waterfront parks and beaches perfect for boating, fishing, and other water sports. The area hosts vibrant riverfront festivities and sports tournaments, making it ideal for those who enjoy an active lifestyle. Golfing is also popular, with several courses and country clubs surrounding the city. The historic district showcases a rich collection of 19th-century architecture, including Queen Anne, colonial, and Folk Victorian homes, alongside more modern ranch-style and Cape Cod residences. New developments feature contemporary ranch and New Traditional designs. Lake City is known for its attractions, such as Hok-Si-La Park, which spans over 250 acres and includes campgrounds and a public beach. Ohuta Park offers a Riverwalk Trail, playground, and hosts summer festivals like Water Ski Days. The Jewel Golf Club and Lake City Golf are open to the public, while Frontenac State Park provides hiking trails and bird watching opportunities. The waterfront area is dotted with dining options like Kelly’s Lake House Bar & Grill and shopping venues such as Lake Pepin Pearl Button Company. Lake City Fresh Market caters to grocery needs, with Walmart located 15 miles away in Red Wing. U.S. Highways 61 and 63 provide connectivity, with Rochester International Airport 45 miles away.

Frequently Asked Questions

How much does it cost to rent a home in Lake City, MN?
The median rent for a home in Lake City, MN is $1,950 per month, though prices vary by neighborhood, size, and property type. As of July 2026, single-family homes tend to be the most affordable option while condos are currently more expensive.
How much do you need to make to afford rent in Lake City, MN?
To comfortably afford the median rent in Lake City, MN, a household needs to earn roughly $78,000 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 $1,950 per month in Lake City, MN, renters typically need to show $5,850 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 Lake City, MN?
In Lake City, MN, the price-to-rent ratio is 14.0, 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
$1,950
Median Single Family Home Rent
$1,800
Median Condo Rent
$2,100
How to Rent a Home