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Apartments for Rent in Minneapolis, MN under $600 – 21 Rentals available


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 apartment rent report

Minneapolis’s average rent was $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.

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%.

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 (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

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

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
    /

    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

    Minneapolis, MN Education Statistics

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

    Apartments in Minneapolis, MN under $600

    Balancing snug and cheap is no joke when it comes to renting a place to live. “Are there any apartments near me under $600?” is a great question to start from. Knowing your budget means you’re one step ahead and on the right track. We’ve taken care of the rest and found 21 apartments for rent in Minneapolis, MN on which you’ll spend less than $600. A small, cheap rental means you’ll have to budget your living space as well. The great news is that keeping it simple pays off in more than one way. The cost of utilities is likely to run low, and you get the added benefit of not having to spend too much time cleaning up the whole place. Smaller apartments are more likely to be closer to the city center, so there are potential cuts to your transportation costs too. And here’s one more very special secret to add to your book-of-perks: you’re less likely to overshop when you know your space is limited.

    Rentals near you under $600

    Our goal is to help you find cheap apartments that live up to your dreams without crushing your budget. It may be a long shot to go looking for 3 bedroom apartments or even 2 bedroom for less than $600. The average rental size in Minneapolis, MN is 560 Sq.Ft., but the $600 limit will probably narrow your search to places with a smaller square footage. Go through our listings and be on the look-out for a hassle-free studio or a 1 bedroom apartment. We trust you’ll turn it into a cozy home which is also budget-friendly to the core.

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