Low Income Apartments and Affordable Housing For Rent in Park Rapids, MN

Discover affordable housing in Park Rapids where there are 9+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Park Villa

619 6th St W, Park Rapids, Minnesota 56470

Itasca Apartments

509 8th St W, Park Rapids, Minnesota 56470

Woodland Court Apartments

300 Court St, Park Rapids, Minnesota 56470

Parkview Housing I

514 Heartland St, Park Rapids, Minnesota 56470

Parkview Housing II

516 Heartland St, Park Rapids, Minnesota 56470

Mccarthy Apartments D W Jones Mgmt Inc

505 North 5th Street, Park Rapids, Minnesota

Regency

518 Gilbert Ave S, Park Rapids, Minnesota 56470

River Heights

500 Riverside Ave, Park Rapids, Minnesota 56470

Park Rapids Townhomes

704 Eastern Ave S, Park Rapids, Minnesota 56470

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Park Rapids, Minnesota
$18.66/hour
$9.81 (+111%) more than Minnesota minimum wage and $11.41 (+157%) more than the Federal minimum wage.
Learn More About Park Rapids, Minnesota Affordable Housing ↓

What HUD offices serve Park Rapids, Minnesota?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Public Housing programs for Park Rapids, Minnesota.

Go to the Minnesota Public Housing and Low-Income Apartments Waiting Lists page for openings near Park Rapids.

How many renters live in Park Rapids, Minnesota?

The City of Park Rapids has 4,163 people living in 1,857 households.

There are 2,004 renters living in 1,020 renter households in this City. Renters make up 48.14 percent of the population living in Park Rapids.

What is the rental market like in Park Rapids, Minnesota?

There are an estimated 1,995 housing units in the Park Rapids area. Of these, 1,029 units are rental homes, making up 52 percent of the housing market. For every renter household in Park Rapids, Minnesota, there are 1 rental units.

What is the vacancy rate for rentals in Park Rapids?

The rental vacancy rate in Park Rapids is 1 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 Park Rapids for each bedroom size?

Occupied Rental Units by Size in Park Rapids
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
38 401 396 114 41
Occupied Rental Units by Size in Park Rapids

A large number of apartments in Park Rapids have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Park Rapids are overburdened by housing costs?

Among renter households in this market, 50 percent have housing cost burden. Further, 20 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Park Rapids

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $668 to $1,544. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $668
One BR $750
Two BR $985
Three BR $1,273
Four BR $1,544
2024 Fair Market Rents in Park Rapids, Minnesota

How many units are rented at Fair Market Rent (FMR) in Park Rapids?

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 30 79 percent
One BR 302 75 percent
Two BR 302 76 percent
Rental Units Below FMR in Park Rapids, Minnesota

How many affordable rental units are in Park Rapids?

There are a variety of federal affordable housing programs serving households in Park Rapids, Minnesota including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 88
Public Housing 68
Section 8 Project-Based Rental Assistance 160
Section 202 Supportive Housing for the Elderly 27
USDA Section 515 Rural Rental Housing 46
Tracked Units by Federal Program in Park Rapids, Minnesota

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Park Rapids, Minnesota

Park Rapids features 271 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 Park Rapids, Minnesota

There are 35 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Park Rapids.

Housing Choice Vouchers in Park Rapids, Minnesota

On average, Section 8 Housing Choice vouchers pay Park Rapids landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Park Rapids.

The maximum amount a voucher would pay on behalf of a low-income tenant in Park Rapids, Minnesota for a two-bedroom apartment is between $887 and $1,084.

Sourced from federal housing data and AffordableHousingOnline.com research.