How many renters live in Lake County, Minnesota?
The County of Lake County has people living in households.
There are renters living in renter households in this County. Renters make up 13.71 percent of the population living in Lake County.
What is the rental market like in Lake County, Minnesota?
There are an estimated housing units in the Lake County area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Lake County, Minnesota, there are 1.13 rental units.
What is the vacancy rate for rentals in Lake County?
The rental vacancy rate in Lake County is 5 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Lake County for each bedroom size?
Occupied Rental Units by Size in Lake County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 25 | 259 | 395 | 153 | 14 |
Occupied Rental Units by Size in Lake County
A large number of apartments in Lake County have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Lake County
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $774 to $1,918. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $774 |
| One BR | $860 |
| Two BR | $1,130 |
| Three BR | $1,502 |
| Four BR | $1,918 |
2024 Fair Market Rents in Lake County, Minnesota
How many units are rented at Fair Market Rent (FMR) in Lake County?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 3 | 12 percent |
| One BR | 178 | 69 percent |
| Two BR | 167 | 42 percent |
Rental Units Below FMR in Lake County, Minnesota
How many affordable rental units are in Lake County?
There are a variety of federal affordable housing programs serving households in Lake County, Minnesota including the following:
| Federal Program | Unit Count |
| Public Housing | |
| Section 8 Project-Based Rental Assistance |
Tracked Units by Federal Program in Lake County, Minnesota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lake County, Minnesota
Lake County features 139 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Lake County, Minnesota
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake County.
Housing Choice Vouchers in Lake County, Minnesota
On average, Section 8 Housing Choice vouchers pay Lake County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Lake County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake County, Minnesota for a two-bedroom apartment is between $1,017 and $1,243.
Sourced from federal housing data and AffordableHousingOnline.com research.