Low Income Apartments and Affordable Housing For Rent in Prior Lake, MN

Discover affordable housing in Prior Lake where there are 13+ 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.

Highwood Homes

4716 Tower St SE, Prior Lake, Minnesota 55372

bed 2-4
payment $811-1012/mo.
payment Subsidized

The Grainwood Senior Apartments

5119 Gateway Street, SE, Prior Lake, Minnesota 55372

bed 1-3
switch_access_shortcut Short Wait
accessibility Accessible

Creekside Commons Apartments

16535 Tranquility Ct SE, Prior Lake, Minnesota 55372

bed Studio-1
payment $1100-1295/mo.

Hearthwood Apartments

16516 Franklin Trl SE, Prior Lake, Minnesota 55372

bed 1
payment $1295/mo.

Courtwood Village I

17092 Adelmann St SE, Prior Lake, Minnesota 55372

bed 2
payment $1399/mo.

Courtwood Village 2

17088 Adelmann St SE, Prior Lake, Minnesota 55372

bed 1-2
payment $1299-1599/mo.

5259 Bounty St SE

5259 Bounty St SE, Prior Lake, Minnesota 55372

bed 4
payment $2345/mo.

5259 Bounty St SE

5259 Bounty St SE, Prior Lake, Minnesota 55372

bed 4
payment $2345/mo.

16955 Toronto Ave SE Unit 310

16955 Toronto Ave SE Unit 310, Prior Lake, Minnesota 55372

bed 2
payment $1550/mo.

Bluff Heights Apartments

16638 Franklin Trl SE, Prior Lake, Minnesota 55372

switch_access_shortcut Short Wait
accessibility Accessible

Kestrel Village Apartments

16724 Brunswick Ave SE, Prior Lake, Minnesota 55372

switch_access_shortcut Short Wait
accessibility Accessible

Pike Lake Marsh Apartments

4489 Marsh Drive Northeast, Prior Lake, Minnesota 55372

bed 1-3
switch_access_shortcut Short Wait
accessibility Accessible

Prior Manor Apartments

16049 Franklin Trl SE, Prior Lake, Minnesota 55372

bed 1
accessibility Accessible

How To Identify Affordable Housing in Prior Lake, Minnesota

Look for program and preference badges on affordable apartment listings. These badges can help you identify the types of low income housing each apartment offers and if you may be eligbile for rental assistance or reduced rents.

Badge Description
switch_access_shortcut Short Wait
Low income apartments with no or short waiting lists.
payment Subsidized
Low income housing where the rent is subsidized and the renter pays only a portion of total rent.
real_estate_agent Accepts Vouchers
Apartments that accept Section 8 vouchers near you
elderly Senior
Rental housing for seniors who are 55 (or sometimes 62) and older.
payment Income Based
Affordable apartments where the rent paid is based on renter income.
accessibility Accessible
Meets Accessibilty Requirements of the Fair Housing Act, the ADA, or HUD policy.
accessible_forward Disability
Apartments for individuals or families with disabilities.
real_estate_agent Naturally Affordable
Naturally Occuring Affordable Housing - or NOAH - is any housing unit that offers affordable rent without participating in a rent subsidy program.
The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Prior Lake, Minnesota
$30.72/hour
$21.87 (+247%) more than Minnesota minimum wage and $23.47 (+324%) more than the Federal minimum wage.
Learn More About Prior Lake, Minnesota Affordable Housing ↓

What HUD offices serve Prior Lake, 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 Section 8 Housing Choice Voucher (HCV), Public Housing programs for Prior Lake, Minnesota.
Operates the Section 8 Housing Choice Voucher (HCV), Public Housing, Homeownership Voucher, Family Self-Sufficiency, Rental Assistance Demonstration (RAD) programs for Prior Lake, Minnesota.

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

How many renters live in Prior Lake, Minnesota?

The City of Prior Lake has people living in households.

There are renters living in renter households in this City. Renters make up 9.34 percent of the population living in Prior Lake.

What is the rental market like in Prior Lake, Minnesota?

There are an estimated housing units in the Prior Lake area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Prior Lake, Minnesota, there are 1.01 rental units.

What is the vacancy rate for rentals in Prior Lake?

The rental vacancy rate in Prior Lake 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 Prior Lake for each bedroom size?

Occupied Rental Units by Size in Prior Lake
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
76 485 490 211 109
Occupied Rental Units by Size in Prior Lake

A large number of apartments in Prior Lake 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 Prior Lake

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,174 to $2,478. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,174
One BR $1,327
Two BR $1,622
Three BR $2,188
Four BR $2,478
2024 Fair Market Rents in Prior Lake, Minnesota

How many units are rented at Fair Market Rent (FMR) in Prior Lake?

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 68 89 percent
One BR 190 39 percent
Two BR 328 67 percent
Rental Units Below FMR in Prior Lake, Minnesota

How many affordable rental units are in Prior Lake?

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

Federal Program Unit Count
Low Income Housing Tax Credit
Section 8 Project-Based Rental Assistance
Tracked Units by Federal Program in Prior Lake, Minnesota

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

Income Based Apartments in Prior Lake, Minnesota

Prior Lake features 76 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 Prior Lake, Minnesota

There are 323 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Prior Lake.

Housing Choice Vouchers in Prior Lake, Minnesota

On average, Section 8 Housing Choice vouchers pay Prior Lake landlords $1,300 per month towards rent. The average voucher holder contributes $500 towards rent in Prior Lake.

The maximum amount a voucher would pay on behalf of a low-income tenant in Prior Lake, Minnesota for a two-bedroom apartment is between $1,460 and $1,784.

Sourced from federal housing data and AffordableHousingOnline.com research.

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