Find 43 two-bedroom townhomes for rent in Lake Elmo, MN. A two-bedroom townhouse has two distinct bedrooms that share a common living space and kitchen. Renters can benefit from a two-bedroom townhouse by converting the second bedroom into a home gym, setting up an office, or hosting overnight guests. Financially conscious renters can split rent with a roommate to enjoy the extra storage space and square footage without paying full price.