Concierge
7620 Penn Ave S,
Richfield, MN 55423
1-2 Beds | $1,140 - $2,458
Rental Market Trends in Richfield, MN
What is the average rent in Richfield, MN?
$1,152/month
Average Rent
654 Sq Ft
Average Apartment Size
+2.5%
Increase in the Last Year
As of December 2024, the average rent in Richfield, MN is $1,152 per month. This is 26% lower than the national average rent of $1,560/month, making renting in Richfield more affordable than most cities in the US. When you rent an apartment in Richfield, you can expect to pay about $1,213 per month for a studio, $1,152 for a one-bedroom apartment, and around $1,531 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,066 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Richfield, MN?
In the past year, rent has increased by 2.5%, which averages out to $29 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated December 2024
Legend
2023
2024
Rent Ranges in Richfield, MN
Last Updated December 2024
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
0%
Below $700/month
37%
$700 - $1,000/month
52%
$1,001 - $1,500/month
8%
$1,501 - $2,000/month
3%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Richfield?
Based on current rent prices, Southeast Richfield, Southwest Richfield and Northeast Richfield are the most affordable neighborhoods in Richfield.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Richfield?
Based on current rent prices, Northwest Richfield, Northeast Richfield and Southwest Richfield are the most expensive neighborhoods in Richfield.
Neighborhood
Average Rent
Average Sq Ft
Which Richfield neighborhoods have the most rentals available?
The neighborhoods in Richfield with the most apartments available are Northwest Richfield, Southwest Richfield and Northeast Richfield .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Richfield, MN?
Because the average rent in Richfield is $1,152, you’ll want to make about $3,840 per month or $46,080 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Richfield, MN compare to other nearby cities and neighborhoods?
Use the tool below to compare Richfield, MN to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$728/month
$1,187/month
One Bedroom
$927/month
$1,248/month
Two Bedroom
$1,166/month
$1,706/month
Three Bedroom
$1,260/month
$2,312/month
Nearby City Rent Trends
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.