Cheap Apartments for Rent in Lake City, MN from $500 (18 Rentals)

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Search the lowest-cost Apartments available for rent right now in Lake City.

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Lake Pepin
1 to 2 Bedroom Apartments

Lake Pepin

221 N Franklin StLake City, MN 55041
Senior Living
  • Utilities Included
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Underwood Terrace
2 to 3 Bedroom Apartments

Underwood Terrace

515 N 10th StLake City, MN 55041
  • Utilities Included
Showing Results 1-18, Page 1 of 1

Lake City, MN Local Guide

Cheapest Available Lake City Apartments for Rent and Nearby

 

The cheapest available apartment rental in Lake City, MN is a 2 Beds unit found at Great River priced from $603. River's Edge has the second lowest priced unit, which is a 1 Bed apartment currently listed from $750. Here is today’s list of the most affordable Lake City apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Great River2 Bed, 1 Bath2BR,1BA$603
River's EdgeOne Bedroom1BR,1BA$750
Olympik Village ApartmentsZeus1BR,1BA$859
The Gates of RochesterCarlyle1BR,1BA$890
Park Place PlazaA2Studio,1BA$925

Best Value Apartments for Rent in Lake City, MN and Nearby

As of March 26, 2025 the best value apartment in the Lake City area is the $1.18 price per square foot 3 Bedroom Model at Georgetowne Homes in the in the North Rochester neighborhood starting from $1,600. The second greatest value Lake City apartment is the Pemberton Model at Winchester Apartments & Townhomes starting at $1,500 with a $1.20 price per square foot in the North Rochester neighborhood. Here is today’s list of the best values for Lake City apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Georgetowne Homes3 Bedroom3BR,2BA$1.18
Winchester Apartments & TownhomesPemberton3BR,1.5BA$1.20
Harvestview ApartmentsThree Bedroom3BR,2BA$1.38
River Glen2 Bedroom2BR,2BA$1.29
Dakota TownhomesTwo Bedroom2BR,1BA$1.34
Essex PlaceOne Bedroom - Finch1BR,1BA$1.32
Crossing Meadows60/11BR,1BA$1.33
The Gates of RochesterCarlyle1BR,1BA$1.25
Olympik Village ApartmentsZeus1BR,1BA$1.23
River's EdgeOne Bedroom1BR,1BA$1.11

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Lake City, MN Rentals by Map

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See the most popular apartments and homes in Lake City, MN

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Getting Around Lake City, MN

Walk Score®

38 / 100

Car-Dependent

Most errands require a car

Bike Score®

44 / 100

Somewhat Bikeable

Minimal bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Lake City Apartments

What is the Cheapest Studio apartment in Lake City?

Currently the most affordable Cheap Studio Apartment in Lake City is at Park Place Plaza listed at $925.

How much is rent for a Cheap One Bedroom Lake City Apartment?

The lowest price for a Cheap One Bedroom Lake City Apartment is $750 at River's Edge.

What is the lowest price for a Cheap Two Bedroom Lake City Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Lake City is starting from $603 at Great River.

What is the most affordable Lake City Three Bedroom Apartment?

The best deal on a cheap Lake City Three Bedroom Apartment rental is at Essex Place and starts from $1,115.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

decorative image for Understanding Amenity Fees: Know Where You Might Be Able to Save Money article

Understanding Amenity Fees: Know Where You Might Be Able to Save Money

Written by: Amber Kanuckel

With the rising costs of housing, a lot of renters are asking this question: Is it possible to opt out of various amenities that your rental property offers so that you can avoid paying the fees.

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Renting Smart: Lease Basics Every Renter Needs

Written by: Christine Leonard, Esq.

Often, in the excitement of finding a new place to live, there’s a rush to make it happen, and - too often - a new tenant signs a lease without reading it carefully.

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Battling the Butts: Your Guide to the Reality of Smoke-Free Renting

Written by: Andrea Lee Negroni, JD

While many apartment buildings are “no smoking” properties, it’s hard to know exactly how many. In 2017, the National Apartment Association reported more than half of rental properties had smoke free policies.

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How Your Move-In Inspection Can Protect Your Security Deposit

Written by: Christine Leonard, Esq.

If you’re anything like most people, housing costs represent a huge chunk of your monthly budget. On top of that, moving can be both a stressful and expensive affair.