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Minneapolis’s average rent reached $1,559 in March

Minneapolis’s average rent reached $1,559 in March, after a 2.8% decrease since last year. One of Minnesota’s largest job hubs, with a renter share of 50%, Minneapolis is a desirable place to live and work in, with apartment prices above the national average of $1,407. [View Full Report]

Minneapolis’s average rent was $1,559 in March

The average rent for an apartment in Minneapolis decreased compared to Bloomington ($1,359), where prices went up by 0.6% since last year. Meanwhile, in St. Paul ($1,313), apartment prices went up by 0.2%.

What it costs to rent in the largest renter hubs in the Minneapolis area

The city with the largest renter share is Hopkins (64%), with an average rent of $1,288 after an annual decrease of 0.8%. Second is Minneapolis with 50%, followed by St. Paul with a 47% renter share. Anoka, with an average rent of $1,174, has the fourth largest share of renters (40%) and has experienced a rent increase of 4.3% since last year. In St. Louis Park, where 39% of the population are renters, the average rent is $1,501, going down by 0.2% in the past year.

The priciest and cheapest cities for renters in the Minneapolis area

Maple Grove is the priciest city for renters in the Minneapolis area, with apartments renting for $1,714 per month. The average rent for apartments in Edina is $1,664, the second most expensive, while Woodbury ($1,643) comes in third.

For renters in search of budget-friendly apartments, Richfield's $1,120 average rent is the cheapest in the Minneapolis area followed by New Brighton's $1,122 rate. West St. Paul rentals are the third least pricey on the list, with a $1,124 average rent.

Minneapolis and St. Paul apartment rents in popular ZIP codes for renters

Among Minneapolis's most popular renter ZIP codes, 55414 has a $1,886 average rent, above the city average ($1,559). At the same time, rentals in ZIP 55403 go for $1,317, while prices in ZIP 55401 circle around $1,818. Apartment rents in ZIP 55408 clock in at around $1,541, similar to than the Minneapolis average, while rates in ZIP 55454 average at $1,315.

When it comes to St. Paul, apartments in ZIP 55116 go for $1,280 on average, while rentals in ZIP 55101 are priced at around $1,564, higher than the city average ($1,313). Meanwhile, ZIP 55119 has an $1,096 average rent and apartment rates in ZIP 55102 circle around $1,511. Rentals in another popular area, ZIP 55117, go for $1,032.

Check out how average rents evolved across the Minneapolis area

Methodology

RENTCafe.com is a nationwide apartment search website that enables renters to easily find apartments and houses for rent throughout the United States. 

The data on average rents included in our reports comes directly from competitively-rented (market-rate) large-scale multifamily properties (50+ units in size), via telephone survey. The data is compiled and reported by our sister company Yardi Matrix, a business development and asset management tool for brokers, sponsors, banks and equity sources underwriting investments in the multifamily, office, industrial and self-storage sectors. Fully-affordable properties are not included in the survey and are not reported in rental rate averages. Local rent reports include only cities with a statistically-relevant stock of large-scale multifamily properties of 50+ units.

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Whether you're looking for a studio, an apartment with one or more bedrooms, or maybe you're upgrading to a luxury apartment or need to acommodate a pet, RENTCafé allows you to easily search for a rental near you based on your criteria, anywhere in the U.S. So, let's find your new home today!

Frequently Asked Questions

When were prices and availability in Minneapolis, MN last updated?

Prices and availability in Minneapolis, MN were last updated on 21 Apr 2021.

What are the best apartments in Minneapolis, MN?

The best apartments in Minneapolis, MN are: EDITION Residences, Mezzo, 365 Nicollet, The Bryant and Spectrum Apartments.

What is the average rent in Minneapolis, MN?

The average rent in Minneapolis, MN is $1,559. Start your search for apartments in Minneapolis, MN now.

What is the price range for a studio apartment in Minneapolis, MN?

The price range for a studio apartment in Minneapolis, MN is between $740 and $2,899. View all studio apartments in Minneapolis, MN.

What is the price range for a 1-bedroom apartment in Minneapolis, MN?

The price range for a 1-bedroom apartment in Minneapolis, MN is between $865 and $2,805. Browse all available 1-bedroom apartments in Minneapolis, MN now.

What is the price range for a 2-bedroom apartment in Minneapolis, MN?

The price range for a 2-bedroom apartment in Minneapolis, MN is between $865 and $8,721. Browse and find a 2-bedroom apartment in Minneapolis, MN.

What is the price range for a 3-bedroom apartment in Minneapolis, MN?

The price range for a 3-bedroom apartment in Minneapolis, MN is between $715 and $9,727. Browse all available 3-bedroom apartments in Minneapolis, MN.

Renter's Guide to Minneapolis

Welcome to Minneapolis! A progressive city which continues to be a powerhouse in the Midwest, Minneapolis offers ample employment opportunities, lots of nature to explore, and a thriving artistic lifestyle.

At 58 square-miles in size, the city is roughly the same size as St. Paul. And speaking of St. Paul, it's only 12 miles to the east. Minneapolis is also 80 miles from Rochester and 10 miles from Bloomington.

The Northeast Minneapolis Arts District was ranked the nation's best art district in 2015 by USA Today. They also ranked Minneapolis as the Best Local Food Scene. Of the 7 hospitals in the Minneapolis-St. Paul area, four were listed among US News and World Report's choices for best in the country.

The weather in Minneapolis can get very warm during the summer, with temperatures reaching into the upper 70s and 80s, along with moderate humidity. Average winter temperatures are in the mid-to-upper 20s – and can even drop down to frigid single digit temperatures at night.

The city receives around 30 inches of rain and 55 inches of snow per year.

Minneapolis, MN Demographics

Total Population420,324
Female 212,823

Male 207,501
Median Age32.3

Cost of Living in Minneapolis, MN

US News and World Report ranked Minneapolis as the 13^th Most Affordable City in the country.

The cost of living is much lower than in Chicago – but higher than Milwaukee. Dinner for two costs around $50 at a mid-range restaurant, while a domestic beer to go with your meal will be about $5.

Basic utility services for a 915 square-foot apartment in Minneapolis cost an average of $123/month, which is just a bit lower than Chicago, where the same utilities average $128/month.

Bus service in Minneapolis-St. Paul is provided by Metro Transit, with monthly passes starting at $76. Ride sharing is also available via Uber or Lyft, as well as 24-hour taxi service.

Average Rent in Minneapolis, MN

Minneapolis, MN Average Rental Price, March 2021 $1,559 ^/mo

Minneapolis, MN Apartment Rent Ranges

$701-$1,00014%
$1,001-$1,50043%
$1,501-$2,00025%
> $2,00018%

Minneapolis, MN Rent Trends

Average Rent	Nov / 2017	Mar / 2018	Jul / 2018	Nov / 2018	Mar / 2019	Jul / 2019	Nov / 2019	Mar / 2020	Jul / 2020	Nov / 2020	Mar / 2021
Minneapolis, MN	$1,487	$1,512	$1,557	$1,544	$1,554	$1,591	$1,590	$1,596	$1,602	$1,553	$1,559
National	$1,315	$1,346	$1,355	$1,359	$1,356	$1,391	$1,398	$1,400	$1,390	$1,395	$1,407

Check out the average rent prices in Minneapolis by neighborhood.

Living in Minneapolis, MN

There's a lot to love about Minneapolis. From sporting events to shopping to art and culture, Minneapolis has dozens of great things to do all year long. Over the years, it's gained a reputation as a beautiful, thriving, and affordable place to call home.

That's why Patch of Earth rated it the best place to live in the country, and WalletHub ranked Minneapolis #9 on their Best Large Cities to Live In list.

But living here does have its drawbacks, especially when it comes to weather. Summers are beautiful but those winters can be brutal, with lots of snow and cold temperatures that can seem to go on forever.

Things to do in Minneapolis

The Minneapolis park system has been called the best-designed, best-financed, and best-maintained in America by McGraw-Hill.

For starters, the Minnehaha Regional Park welcomes over 850,000 visitors every year. With trails along the Mississippi River, a disc golf course, a gorgeous 53-foot waterfall, and many other amenities, It's a place you’ll enjoying going to again and again.

There are incredible museums and art galleries throughout the city too, including the Minnesota History Museum, the Science Museum of Minnesota, and the Minnesota Children’s Museum, which features seven galleries with lots of hands-on exhibits – perfect if you’re looking for fun things to do with the kids.

That's not all. Downtown Minneapolis offers boutique shopping, high-end restaurants, entertainment, and plenty of events and festivals. There are farmers markets every Thursday during the warmer months and annual events all year long. The Minneapolis Holiday Market turns Peavey Plaza into a European style village, and a 35km cross-country ski race throughout Minneapolis and St. Paul occurs every February. Then there's the Minneapolis Aquatennial, a summer celebration complete with parades and fireworks.

The city is also home to amazing MLB, NFL, NHL and NBA teams – the Twins, Vikings, Wild, and Timberwolves. Plus, there's a Big 10 college football team, thanks to the University of Minnesota’s Golden Gophers. Golf fans can even check out the Ryder Cup, which plays through Hazeltine National Golf Club in Chaska, located just 25 miles to the southwest.

Other great things to do in Minneapolis include Bunker Beach Water Park, the Crayola Experience, and the Mall of America, which has over 400 stores and serves nearly 40 million visitors annually.

Looking for a place where businesses thrive, nature is abundant, and the creative life is bustling? You’ll want to check out Minneapolis, Minnesota.

Employment and Economy

Minneapolis is the second largest economy in the Midwest, just after Chicago. Commerce, finance, rail and trucking services, and health care are the major industries here. And the city is even home to five Fortune 500 companies, including Target, Ameriprise Financial, and U.S. Bancorp.

That's part of the reason why the unemployment rate in Minneapolis is lower than both the state of Minnesota and the nationwide average.

Minneapolis, MN Households

Total Number of Households176,974
Family 78,820

Non-family 98,154
Children 40,265

No Children 136,709

Average People Per Household2.28
Median Household Income$62,583
Median Housing Costs Per Month$1,194

Education in Minneapolis

For your higher education needs, nothing beats the University of Minnesota, which is ranked among the top 25 research universities in the nation according to the Center for Measuring University Performance. Their Chemical Engineering and Doctor of Pharmacy programs both came in at third nationally for their respective categories. But there are many other public and private colleges, including the Minneapolis Community and Technical College.

For younger students, the city is served by the Minneapolis Public Schools district, with roughly 100 public schools located around the area.

Minneapolis, MN Education Statistics

No High School5%
Some High School22%
Some College21%
Associate Degree7%
Bachelor Degree29%
Graduate Degree17%

Tips for Renting in Minneapolis

Ready to call this incredible city your home? We bet! But first, let's take a minute to get familiar with the local tenant laws.

A landlord can only raise the rent after the lease period ends, but there's no limit on how much they can increase it. Minnesota doesn't have rent control laws.

If your landlord fails to make needed repairs during your lease period, you can take certain legal actions, including placing the rent in escrow until they're made.

Rental agreements vary from location to location, so always make sure you read the lease in its entirety and understand what's expected of you and the landlord.

Most Expensive Rental
The Nic on Fifth $1,227 - $9,727
Least Expensive Rental
Veterans and Community Housing $450 - $470

RENTCafé is your one-stop shop for finding a great new apartment in Minneapolis, MN. Easily search through a wide selection of apartments for rent in Minneapolis, MN, and view detailed information about available rentals including floor plans, pricing, photos, amenities, interactive maps, and thorough property descriptions. Property owners and managers are one click away, so feel free to contact them and find out all you need to know about the apartment you’re interested in. Browse Minneapolis, MN apartments with rents starting from $771 and submit your rental application today!

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