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 Population399,950
Female 201,739Male 198,211
- Median Age31.9
Cost of Living in Minneapolis, MN
US News and World Report ranked Minneapolis as the 13th Most Affordable City in the country.
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, October 2018$1,425/mo
- 1 Bedroom$1,248
- 2 Bedrooms$1,690
Minneapolis, MN Apartment Rent Ranges
- > $2,00013%
Minneapolis, MN Rent Trends
|All rentals||Studio||1 Bed||2 Beds||3 Beds|
|Oct / 2018||$1,425||$1,014||$1,248||$1,690|
|Jan / 2018||$1,420||$1,015||$1,243||$1,683|
|Sept / 2017||$1,390||$990||$1,223||$1,635|
|May / 2017||$1,383||$983||$1,210||$1,648|
|Jan / 2017||$1,355||$959||$1,189||$1,601|
|Sept / 2016||$1,334||$942||$1,173||$1,578|
|May / 2016||$1,315||$926||$1,169||$1,541|
|Jan / 2016||$1,290||$910||$1,139||$1,513|
|Sept / 2015||$1,279||$881||$1,124||$1,510|
|May / 2015||$1,267||$862||$1,117||$1,501|
Average rent is projected to grow by 4% in 2018 compared to 2017.
Please note that projected rent growth is calculated at city level.
Average rent values on this page are aggregated from data from the following zip codes: 551115540155402554035540455405554065540755408554095541055411554125541355414554155541655417554185541955422554235542955430554505545455455
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 Households168,385
Family 76,077Non-family 92,308
Children 40,703No Children 127,682
- Average People Per Household2.27
- Median Household Income$51,480
- Median Housing Costs Per Month$1,054
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 School23%
- Some College23%
- Associate Degree6%
- Bachelor Degree27%
- Graduate Degree15%
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.
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