St. Olaf renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in St. Olaf is about $585 per month. This puts it in the 10th percentile compared to the state average cost of rent, which is $884. Households in St. Olaf have a median income of $6,292 per month so the average renter in St. Olaf is spending roughly 9% of their earnings on housing.
Nationally, and in St. Olaf, home values are the data point most closely correlated with the cost of rent. The median price of a home in St. Olaf is $98,070 right now, which is lower than nearby cities, meaning that rents in St. Olaf also tend to be lower versus these nearby cities.
Higher rent prices are common in the southeastern parts of St. Olaf while lower rent rates are often available in northern areas.
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