Apartments for Rent in Minneapolis, MN under $700 – 29 Rentals available
Minneapolis’s average rent reached $1,552 in January
Minneapolis’s average rent reached $1,552 in January 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 $1,392. [View Full Report]
Minneapolis’s average rent was $1,552 in January
Minneapolis’s average rent reached $1,552 in January 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 $1,392.
The average rent for an apartment in Minneapolis saw a larger decrease compared to St. Paul ($1,290), where prices went down by 1.4% since last year, and Bloomington ($1,348), where rent went down by 0.3%.
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 $1,263 after an annual decrease of 2%. Second is Minneapolis with 50%, followed by St. Paul with a 47% renter share. Anoka, with an average rent of $1,183, has the fourth largest share of renters (40%) and has experienced a rent increase of 5.9% since last year. In St. Louis Park, where 39% of the population are renters, the average rent is $1,492, going down by 0.6% 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 $1,737 per month. The average rent for apartments in Golden Valley is $1,659, the second most expensive, while Edina ($1,657) comes in third.
For renters in search of budget-friendly apartments, Richfield's $1,086 average rent is the cheapest in the Minneapolis area followed by West St. Paul's $1,092 rate. New Brighton rentals are the third least pricey on the list, with a $1,094 average rent.
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 212,823Male 207,501
- Median Age32.3
Average Rent in Minneapolis, MN
- Minneapolis, MN Average Rental Price, December 2020 $1,540 /mo
Minneapolis, MN Apartment Rent Ranges
- > $2,00016%
Minneapolis, MN Rent Trends
|Jul / 2017||Nov / 2017||Mar / 2018||Jul / 2018||Nov / 2018||Mar / 2019||Jul / 2019||Nov / 2019||Mar / 2020||Jul / 2020||Dec / 2020|
Minneapolis, MN Households
- Total Number of Households176,974
Family 78,820Non-family 98,154
Children 40,265No 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%
Renting apartments in Minneapolis, MN under $700
Are you looking for a smart space where you can easily combine comfort with convenience? You will surely find the property that perfectly fits your needs with this variety of options. RENTCafé offers you 29 apartments for rent in Minneapolis, MN from 19 modern buildings, so you’ll certainly find something suitable for you. If you want to live alone or with your partner, you might want to look for a studio or browse through our selection of 1 bedroom apartments. If you need more space but you don’t want to spend more than necessary on a monthly rent, check out our 2 bedroom or 3 bedroom apartments for less than $700, and make the most out of your budget.
Finding the best rental near you
Minneapolis, MN is an amazing place to call home, with several rentals under $700 for you to choose from. There are many options and filters you can apply to your search to make the process easier and to find your next apartment faster and more efficiently. Asking yourself ‘are there any cheap apartments near me’? With our helpful filters, you can easily find the home of your dreams that also fits within your budget. With rent prices as low as $35 in Minneapolis, MN, you can find affordable and appealing apartments that match your requirements. Sort your search by ‘Rent’ ascending to see the cheapest ones at the top of the list. As soon as you find your perfect apartment, make sure to contact the property to check for availability or apply online directly on RENTCafé.