Prior Lake, MN

  • Overview
  • Performance
  • Listings
  • Buy Box

Key Performance Metrics

Market snapshot

Performance indicators for the Prior Lake short-term rental market based on reliable data.

Listings

14 / 36

Reliable / Active

Cap Rate

4%

Middle-Earners Gross Yield

Revenue

$21,373

Middle-Earners Revenue

Occupancy

49%

Middle-Earners Occupancy

Home Value

$533,476

Median Home Sale Price

Top Earners

$46,311

Top-Earners Revenue

Prior Lake

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Prior Lake.

Loading top listings...

C

Challenging to Investors

Prior Lake Regulations

Strict prohibition of sub‑60‑day rentals in residential districts forces investors into a 60–180 day mid‑term niche, eliminating the primary short‑term vacation‑rental demand. While the $250 permit and clear steps are moderate, the limited list of permitted properties and lack of clear cap/criteria create uncertainty and restrict scale, making compliance feasible but constraining profitability.

View Prior Lake Regulations →

Local STR Agent

STR specialist · Prior Lake, MN

Trusted Expert
Get Expert Help In Prior Lake
Free consultation Response within 24h

About Prior Lake

Prior Lake is a suburban city in Scott County, Minnesota, situated in the southwestern corner of the Twin Cities metropolitan area. With a population of roughly 27,000 residents, the community has retained a relaxed, lake-oriented character even as it has grown into one of the more populous suburbs south of Minneapolis. Known locally for its namesake lake and as the home of one of the Midwest's largest gaming and entertainment complexes, Prior Lake functions as a comfortable base for visitors who want suburban amenities with quick access to both the Minnesota River Valley and downtown Minneapolis, which lies approximately 25 to 30 miles to the northeast.

The community's biggest draw is Mystic Lake Casino Hotel, a sprawling entertainment destination operated by the Shakopee Mdewakanton Sioux Community. The complex includes a large casino floor, multiple hotels, restaurants, a concert venue that hosts national touring acts, and an event center. It sits within the Prior Lake city limits, just minutes from most parts of town, making it a year-round anchor for visitors and a natural fit for short-term rentals catering to concertgoers, event attendees, and weekend travelers.

The namesake lake itself anchors the city's identity, with public beaches, boat launches, and a summer scene of swimming, kayaking, and paddling, while surrounding parks and trails give the town year-round outdoor appeal. A short walk or drive from most neighborhoods, the lake is the focal point of community events and a simple but appealing amenity for vacation rental guests looking to unwind.

A few minutes north in neighboring Shakopee, Valleyfair is a long-running amusement park that draws families from across the region. The park features roller coasters, a water park section, and seasonal events, and it is one of the largest of its kind in the upper Midwest. Because it is only about a ten-minute drive from most of Prior Lake, the city is a convenient alternative for families who prefer a quieter home base than the lodging options closer to the park itself.

Further afield, the Minnesota Valley National Wildlife Refuge stretches along the Minnesota River just to the north, offering hiking trails, wildlife viewing, and a sense of the landscape that shaped the region long before the suburbs arrived. About a twenty-minute drive northeast in Apple Valley, the Minnesota Zoo adds another family-friendly option, with indoor and outdoor exhibits that keep it busy in every season.

Prior Lake works well as a short-term rental market because it combines the calm of a lake-centered suburb with the entertainment footprint of a major regional destination. Guests can spend a morning on the water, an afternoon at the casino or Valleyfair, and an evening at a Twin Cities concert or ballgame, all while staying in a community that feels distinctly separate from the busier urban core. That balance of access and quiet is the city's most marketable quality.

startup landing logo

Copyright © 2026 HomeRun Analytics, Inc

Explore

HomeCountry ExplorerProperty Analyzer

Resources

Market ComparatorRegulationsBlog

Trusted by STR investors in 50+ U.S. states

Built by investors, for investors

STRProfitMap® is a registered trademark of HomeRun Analytics, Inc