Performance indicators for the Lakeville short-term rental market based on reliable data.
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The highest-performing listings in Lakeville.
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Challenging to Investors
STRs are technically permitted but highly constrained to room rentals in owner-occupied dwellings with strict caps (two unrelated occupants per stay and no more than two stays in any 30-day period), prohibiting whole-home or non-owner-occupied rentals. This narrow scope, combined with unclear permitting costs and potential fines for violations, creates significant operational hurdles that deter investment while maintaining legal viability.
Local STR Agent
STR specialist · Lakeville, MN
Lakeville is a suburban city in Dakota County, Minnesota, situated in the southern arc of the Twin Cities metropolitan area. With a population of approximately 73,000, it is one of the larger suburbs south of Minneapolis and Saint Paul, and it carries a quietly family-oriented character defined by tidy residential neighborhoods, well-kept parks, and a cluster of small lakes that have shaped its identity and its name. The city is best known as a residential and retail hub for commuters working in the Twin Cities, while also serving as a convenient base for visitors exploring the southern metro and the rolling countryside of Dakota and Scott counties. Lakeville lies roughly 30 miles south of downtown Minneapolis, with the drive typically taking around 35 to 45 minutes depending on traffic and route.
Just north of Lakeville, in neighboring Apple Valley, the Minnesota Zoo offers a full day of animal exhibits, an indoor tropics trail, and a monorail that winds through the property's wooded hills. It is one of the marquee family attractions in the Twin Cities and sits about 10 to 15 minutes from most parts of Lakeville, making it a frequent draw for short-term rental guests traveling with children.
Within the city itself, Lake Marion is the centerpiece of local recreation and the focal point of Antlers Park, a popular Dakota County destination for swimming, picnicking, fishing, and non-motorized boating. The park's beaches and trails are a short drive from nearly any neighborhood in Lakeville, and the lake itself shapes the character of the surrounding residential areas. Visitors who want a more rugged outdoor experience can head a few miles southwest to Murphy-Hanrehan Park Reserve, a large Three Rivers Park District property that protects rolling woodlands, prairies, and wetlands threaded with miles of hiking, horseback, and mountain biking trails. It is roughly a 15 to 20 minute drive from central Lakeville and offers a noticeably wilder feel than the surrounding suburbs.
For guests willing to drive a bit farther, Lakeville's location places the entire Twin Cities within easy reach, from the museums and riverfront of downtown Minneapolis and Saint Paul to Valleyfair and the Renaissance Festival in nearby Shakopee. This combination of suburban calm and quick access to regional attractions gives the city broad appeal.
Lakeville is a compelling base for short-term rentals because it offers the space, quiet, and parking that many visitors struggle to find in the urban core, while still putting major Twin Cities destinations within a reasonable drive. Its parks, lakes, and proximity to the Minnesota Zoo give traveling families plenty to do without leaving the southern metro, and its well-maintained residential character makes it a comfortable, low-friction place to stay for both weekend getaways and longer Minnesota visits.