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Studio Apartments for Rent in Prior Lake, MN

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    Starting at $1,065 Plus Fees

    • Studio

    5160-5200 160th St SE, Prior Lake, MN 55372

    Monthly rent includes heat, gas, water and trash. Tenant pays electric. On-site laundry, roomy closet space and off-street parking is included. Located across the street from a beautiful park, playground and softball diamond. One and two bedroom apartments available. Rental rate varies based on size and location of the unit. Second and third floor units include a balcony. First month free rent

    Parkwood Apartments

    5160-5200 160th St SE, Prior Lake, MN 55372
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    Starting at $1,195

    Total Monthly Price

    • Studio

    16535 Tranquility Ct SE, Prior Lake, MN 55372

    Welcome to Creekside Commons, where modern comfort meets the serenity of nature. Explore our range of 1-, 2-, and 3-bedroom apartments designed for your lifestyle.Nestled in Prior Lake, Creekside Commons offers a sanctuary from the bustling world. With thoughtfully designed spaces and a commitment to fostering connections, we invite you to embrace a lifestyle where convenience harmonizes

    Creekside Commons Apartments

    16535 Tranquility Ct SE, Prior Lake, MN 55372

Why Live in Prior Lake

Prior Lake, MN, is a vibrant community of around 29,000 residents, known for its outdoor recreation and small-town atmosphere. Anchored by two large recreational lakes, it offers numerous activities such as boating, jet skiing, and public beaches. The city features 51 parks, including the expansive Lakefront Park, which boasts amenities like trails, tennis and Pickleball courts, ice rinks, a sledding hill, playgrounds, fishing docks, and kayak rentals. Events like the Lakefront Music Fest in July and DecemBRRR Dazzle in winter draw large crowds, adding to the community spirit. Downtown Prior Lake offers a variety of dining and shopping options, including Perron's Sul Lago Italian Bistro and Charlie's on Prior, where diners enjoy lake views. The Prior Lake Farmers Market operates year-round, providing fresh local produce. The area is served by the highly rated Prior Lake-Savage Area Schools, including Westwood Elementary School, Hidden Oaks Middle School, and Prior Lake High School, which are part of an E-STEM district. New housing developments like Springview Meadows feature farmhouse-style homes with modern amenities. Essential services are conveniently located, with a Target 3 miles north and a Hy-Vee grocery store nearby. St. Francis Regional Medical Center is 7 miles northwest, and Minneapolis–Saint Paul International Airport is 13 miles away. The community is car-dependent but has some public transportation options to downtown Minneapolis.

Frequently Asked Questions

How much does it cost to rent a home in Prior Lake, MN?
The median rent for a home in Prior Lake, MN is $2,525 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 Prior Lake, MN?
To comfortably afford the median rent in Prior Lake, MN, a household needs to earn roughly $101,000 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 $2,525 per month in Prior Lake, MN, renters typically need to show $7,575 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 Prior Lake, MN?
In Prior Lake, 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.
What neighborhoods in Prior Lake, MN are best for renting a home?
The best neighborhood for renting in Prior Lake, MN depends on your priorities: commute, walkability, budget, and lifestyle all play a role. Popular areas for renting a home include West Bloomington and South Loop, each with its own character and price range.

Rental Home Trends

Number of Homes for Rent
2
Median Rent
$2,525
Median Single Family Home Rent
$2,525
Median Townhouse Rent
$2,870
Median Condo Rent
$1,395
How to Rent a Home