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

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

Minneapolis’s average rent reached $1,559 in April, after a 2.7% decrease since last year. A major midwestern job hub with a 50% renter share, Minneapolis is a desirable place to live and work in, with apartment prices above the national average of $1,417. [View Full Report]

Minneapolis apartment rent report

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

Minneapolis’s average rent reached $1,559 in April, after a 2.7% decrease since last year. A major midwestern job hub with a 50% renter share, Minneapolis is a desirable place to live and work in, with apartment prices above the national average of $1,417.

The average rent for an apartment in Minneapolis decreased compared to other surrounding cities, such as Bloomington ($1,359), where prices went up by 1%. Meanwhile, apartment rates in St. Paul increased by 0.5%, reaching a $1,317 average.

Minneapolis apartment rent report

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

Hopkins, the city with the largest renter share (64%) in the Minneapolis area, has a $1,289 average rent, after a 1.2% decrease. Minneapolis comes in second, followed by St. Paul, where 47% of residents are tenants.

Anoka has the fourth largest renter share (40%), with apartments going for $1,182 after a 4.4% annual increase. Last but not least, St. Louis Park's 39% share of renters places it fifth among the area’s renter hubs. The city’s average rent reached $1,506 in April, going down by 0.1% 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 $1,715 per month. Edina’s $1,670 rate is the second most expensive, while apartments in Woodbury ($1,662) come in third.

For renters in search of budget-friendly apartments, New Brighton's $1,117 average rent is the cheapest in the Minneapolis area, followed by Richfield's $1,124 rate. West St. Paul rentals are the third least pricey on the list, with a $1,130 average rent as of April.

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

Among Minneapolis's most popular renter ZIP codes, 55414 has a $1,891 average rent, above the city average ($1,559). At the same time, rentals in ZIP 55403 go for $1,320, while prices in ZIP 55401 circle around $1,806. Apartment rents in ZIP 55408 clock in at around $1,542, similar to the Minneapolis average, while rates in ZIP 55454 average at $1,315.

When it comes to St. Paul, apartments in ZIP 55116 go for $1,284 on average, while rentals in ZIP 55101 are priced at around $1,566, higher than the city average ($1,317). Meanwhile, ZIP 55119 has an $1,116 average rent and apartment rates in ZIP 55102 circle around $1,513. Rentals in another popular area, ZIP 55106, go for $1,012.

Check out how average rents evolved across the Minneapolis area

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.

A Guide to Minneapolis, The City of Lakes

Minneapolis is a vibrant, hidden gem with a delightful culinary scene and countless opportunities to explore the great outdoors or have an unforgettable night out in a bustling city.

Despite the chilly climate, some say Minneapolis and St. Paul - or “The Twin Cities” - are home to the warmest and most welcoming people in the Midwest. Downtown Minneapolis is a thriving city center filled with impressive skyscrapers and eclectic local art and music venues. Minnesotans come from all around to enjoy a variety of exquisite restaurants and endless shopping opportunities, so it’s no wonder that so many are proud to call Minneapolis home.

What Should You Know before Moving to Minneapolis, Minnesota?

Minneapolis tends to be trendier and more popular than its sister city, St. Paul. Art lovers will fall in love with the breath-taking exhibits at the Walker Art Center, and families can spend an entire day exploring the Minnesota Zoo and learning about the proud history of Fort Snelling.

Casual window shoppers and shopaholics from around the world can enjoy the Mall of America, one of the largest in the nation. There is family-friendly fun at the Nickelodeon Universal theme park, or you can shop ‘til you drop at more than 500 stores, all under one roof. Alternatively, a peaceful afternoon picnic can be enjoyed by the gorgeous 53-foot waterfall in Minnehaha Park, alongside one of Minneapolis’ 22 lakes, or on the banks of the Mississippi.

There’s truly something for everyone, if you know where to look. Here you can check out our guide of everything you need to know about Minneapolis before making the move.

Minneapolis, MN Demographics

  • Total Population420,324
  • Female 212,823
    Male 207,501
  • Median Age32.3

What Is Great about Minneapolis?

Minneapolis is an eclectic bag of cultural edginess and breathtaking natural vistas. It has all of the vibrancy of a major metropolitan city along with the tranquility of a pleasant Midwestern town.

Entertainment

Visit First Avenue & 7th Street Entry, an iconic historical music venue featured in Prince’s classic rock film Purple Rain. Theater buffs can catch a matinee at the venerable Guthrie Theater downtown, and art enthusiasts can peruse over 90,000 stunning pieces at the Minneapolis Institute of Art.

In the summer, Minnesotans flock to the crystal-clear waters and the scenic paved paths of the city’s ‘Chain of Lakes’ for canoeing, kayaking, picnics and theatrical performances along the Mississippi river.

Employment

Downtown Minneapolis is a hub for many major financial and commercial institutions. The job market continues to boom, with an average of 31,000 jobs created every year, and this is predicted to steadily increase.

Economy

Job growth in Minneapolis over the next ten years is predicted to be 36.7%, higher than the national average. The burgeoning economy also has sliced Minneapolis’ unemployment rate to a mere 3.0% in September 2019, while the US average is currently hovering at 3.6%.

Transportation

Minneapolis residents pride themselves on having an award-winning public transit system. The METRO Blue Line is a lightning-fast light-rail system that city dwellers hop on to head downtown or visit the Mall of America. You can take a bus, taxi, Uber, or Lyft anywhere in the city, or go green and rent a bike and peddle through the streets in the dedicated bike lanes.

Safety

The crime rate in Minneapolis tends to be somewhat lower than in many other densely populated cities.

Average Rent in Minneapolis, MN

  • Minneapolis, MN Average Rental Price, May 2021 $1,565 /mo

    Minneapolis, MN Apartment Rent Ranges

    • $701-$1,00014%
    • $1,001-$1,50043%
    • $1,501-$2,00025%
    • > $2,00017%

    Minneapolis, MN Rent Trends

    Average Rent Mar / 2018 Jul / 2018 Nov / 2018 Mar / 2019 Jul / 2019 Nov / 2019 Mar / 2020 Jul / 2020 Nov / 2020 Mar / 2021 May / 2021
    Minneapolis, MN $1,512 $1,557 $1,544 $1,554 $1,591 $1,590 $1,596 $1,602 $1,553 $1,559 $1,565
    National $1,314 $1,345 $1,354 $1,358 $1,390 $1,397 $1,400 $1,392 $1,396 $1,407 $1,428
    /

    Check out the average rent prices in Minneapolis by neighborhood.

    What Is Minneapolis Famous For?

    Minneapolis is most known for having the kindest and friendliest residents in the Midwest. The term “Minnesota Nice” is truly a way of life. It means Minnesotans are courteous and always looking to lend a helping hand.

    Lovers of lakes and the great outdoors flock to Minneapolis to enjoy the nearby lush open spaces and uniquely picturesque vistas. And during the chilly winters, you can still have a blast with climbing walls and even indoor waterparks. You can also get a taste of the city’s rich local art, theater, and music around every corner.

    Why Move to Minneapolis, Minnesota?

    It is one of the few major cities that give residents the best of most worlds! Minneapolis is tucked away in the Upper Midwest, and with over 197 outdoor parks and 22 natural lakes—it’s a gorgeous haven for nature enthusiasts. There is an enjoyable energy downtown fueled by mouth-watering cuisine from around the world, and endless shopping.

    Minneapolis is also a lightning rod for massive Fortune 500 companies like Target, Wells Fargo, Ameriprise Financial, and Xcel Energy. It is the city with the 5th highest number of Fortune 500 companies in the nation! CEO’s are one of the highest-paid professions in Minneapolis outside of the medical field. The Twin Cities are also the perfect location for family doctors, pediatricians, and psychologists to make a good living and raise a family.

    In fact, according to the US Census Bureau, the median household income in Minneapolis in 2017 was $60,789, slightly more than the national average. There’s a reason why both recent college graduates and high-caliber business professionals are flocking to the city.

    Minnesotans have an exemplary education system. The University of Minnesota, a highly rated public university, built its largest campus in the heart of Minneapolis and there are also a myriad of excellent public and private schools for young families.

    What Does the Moving Process to Minneapolis, Minnesota Involve?

    Minneapolis has an eclectic mix of trendy high-rises and cozy spacious apartments. The first step is finding the perfect space for yourself on RENTCafe. You could snag a swanky space downtown for approx. $1,500. There are also incredibly comfortable multi-bedroom apartment units throughout the city for as low as $1,000.

    You’ll want to find a moving company you know you can trust, so do your research! Movers can be a hefty expense if you’re not careful.

    Moving to Minneapolis from another city or state? Be sure to ask for a quote, so you don’t get hit with any hidden fees. Travel fees like fuel and labor will increase the further your move is. While the Federal Law requires all interstate movers to provide coverage, you may want to consider using a third-party insurance provider to protect your valuables.

    Don’t forget to ask your friends for referrals, too. For instance, ask around before picking a storage unit, to make sure you get a unit that will suit your needs. Start by making a list of everything you’d like to store and make sure to save room for ventilation.

    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

    What Are the Costs of Moving to Minneapolis, Minnesota?

    Your moving costs will depend on several factors. For instance, are you moving from out of state U-Pack is one of many companies that specialize in helping families move across the country.

    Minneapolis has many high-quality and affordable local movers, making in-state moving quotes quite affordable. “You Move Me Minneapolis” is one of the most popular choices for many Minnesota residents looking to relocate to downtown Minneapolis. An average quote for a 2-bedroom apartment to “the City of Lakes” is quite reasonable—the typical range of prices is $800-$1,000.

    Whenever working with movers, don’t forget to tip! The general rule of thumb is to tip anywhere from $4-$7 per hour for local movers. Or if you have a long-distance move spread out over a few days, tip each mover around $40/day for a job well done.

    Minneapolis, MN Education Statistics

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

    What Are My Storage Options in Minneapolis, Minnesota?

    Even if you’re only moving a few miles, you should consider finding a good storage space first. Why? Moving can be unpredictable, and plans change. Sometimes the couch you thought would fit doesn’t, so secure a storage unit just in case. That way you’ll never have to worry about being stuck in limbo.

    Minneapolis has plenty of full-service self-storage options throughout the city, so looking for extra space is a breeze. You can find units in all shapes and sizes with state-of-the-art security systems and tons of other amenities. All you need to do is figure out which size works for you.

    Public Storage offers units as small 5x5 - about the size of a small walk-in closet - starting at just $45/month to store a few odds and ends like lamps, boxes and bags of clothing. The average 2-bedroom family home will probably need a unit that’s at least 10x15. For only $129 you can store enough furniture for a 1,000 sq. ft. home, along with appliances.

    Before you start packing for Minneapolis, check out RENTCafe.com and browse through the best self-storage options in the Midwest. We’ve got you covered every step along the way.

    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. In Minneapolis, MN, where the average rent is $495 per month, there are 7 units available for less than $500. Click on any of these units to see pictures, floor plans, amenities and more. After you have picked your favorite, you can contact the property to check availability. Considering that you are trying to spend as little as possible, looking at 1 bedroom apartments and studio apartments might be a good idea.

    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 $35 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!