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Apartments for Rent in Minneapolis, MN under $500 – 7 Rentals available

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Minneapolis’s average rent reached $1,540 in December

Minneapolis’s average rent reached $1,540 in December after a 3.5% decrease since last year. One of Minnesota’s largest job hubs and a renter household-majority city (53%), Minneapolis is a desirable place to live and work in, with apartment prices above the national average of $1,462. [View Full Report]

Minneapolis apartment rent report

Minneapolis’s average rent was $1,540 in December

Minneapolis’s average rent reached $1,540 in December after a 3.5% decrease since last year. One of Minnesota’s largest job hubs and a renter household-majority city (53%), Minneapolis is a desirable place to live and work in, with apartment prices above the national average of $1,462.

The average rent for an apartment in Minneapolis saw a larger decrease compared to St. Paul ($1,283), where prices went down by 1.7% since last year, and Bloomington ($1,346), where rent went down by 0.6%.

Minneapolis apartment rent report

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

The city with the largest renter share is Hopkins (66%), with an average rent of $1,270 after an annual decrease of 1.6%. Second is Minneapolis with 53%, followed by St. Paul with 50% renter households. Anoka, with an average rent of $1,182, has the fourth largest share of renters (49%) and has experienced a rent increase of 5.8% since last year. In St. Louis Park, where 45% of homes are renter households, the average rent is $1,491, going down by 1% 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 $1,729 per month. The average rent for apartments in Golden Valley is $1,655, the second most expensive, while Edina ($1,643) comes in third.

For renters in search of budget-friendly apartments, Richfield's $1,083 average rent is the cheapest in the Minneapolis area followed by West St. Paul's $1,090 rate. New Brighton rentals are the third least pricey on the list, with a $1,093 average rent.

Minneapolis apartment rent report

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.

Minneapolis, MN Demographics

  • Total Population416,021
  • Female 211,095
    Male 204,926
  • Median Age32.1

Average Rent in Minneapolis, MN

  • Minneapolis, MN Average Rental Price, December 2020 $1,540 /mo

    Minneapolis, MN Apartment Rent Ranges

    • $701-$1,00015%
    • $1,001-$1,50043%
    • $1,501-$2,00025%
    • > $2,00016%

    Minneapolis, MN Rent Trends

    Average Rent Jul / 2017 Nov / 2017 Mar / 2018 Jul / 2018 Nov / 2018 Mar / 2019 Jul / 2019 Nov / 2019 Mar / 2020 Jul / 2020 Dec / 2020
    Minneapolis, MN $1,478 $1,487 $1,512 $1,557 $1,544 $1,554 $1,591 $1,590 $1,596 $1,602 $1,540
    National $1,373 $1,378 $1,381 $1,418 $1,428 $1,432 $1,468 $1,475 $1,477 $1,464 $1,462
    /

    Check out the average rent prices in Minneapolis by neighborhood.

    Minneapolis, MN Households

    • Total Number of Households173,916
    • Family 77,829
      Non-family 96,087
    • Children 40,541
      No Children 133,375
    • Average People Per Household2.29
    • Median Household Income$58,993
    • Median Housing Costs Per Month$1,155

    Minneapolis, MN Education Statistics

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

    Renting apartments in Minneapolis, MN under $500

    Searching for apartments for rent in Minneapolis, MN under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RENTCafé can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away.

    We’ll help you find the cheapest rental near you

    Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Minneapolis, MN. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Minneapolis, MN going for $430 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.

    Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!