Minneapolis, MN Rental Market Trends
What is the average rent in Minneapolis?
The average rent for an apartment in Minneapolis is $1,565, a 2% decrease compared to the previous year. Read the full Rent Report to learn more details on how apartment rents compare to other locations in the area, and what are the most affordable or most expensive cities for renting around Minneapolis, MN.
Average Rent in Minneapolis, MN
| Average Rent | Y-o-Y Change | Average Apartment Size |
|---|---|---|
| $1,565 | -2% | 782 sq. ft. |
What is the average apartment size in Minneapolis?
The average size for a Minneapolis, MN apartment is 782 square feet, but this number varies greatly depending on unit type, with cheap and luxury alternatives for houses and apartments alike. Studio apartments are the smallest and most affordable, 1-bedroom apartments are closer to the average, while 2-bedroom apartments and 3-bedroom apartments offer a more generous square footage.
Minneapolis, MN Apartment Rent Ranges
- $701-$1,00014%
- $1,001-$1,50043%
- $1,501-$2,00025%
- > $2,00017%
Minneapolis, MN Occupied Housing Units
- Renter-occupied Households55%
- Owner-occupied Households44%
98,154 or 55% of the households in Minneapolis, MN are renter-occupied while 78,820 or 44% are owner-occupied.
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 |
Average Rent in Minneapolis, MN By Neighborhood
| Neighborhood | Average Rent |
|---|---|
| Como | $1,876 |
| Dinkytown | $1,876 |
| Marcy Holmes | $1,876 |
| Prospect Park East River Road | $1,876 |
| Nicollet Island - East Bank | $1,835 |
| University of Minnesota | $1,720 |
| North Loop | $1,718 |
| Cedar - Isles - Dean | $1,692 |
| West Calhoun | $1,692 |
| Beltrami | $1,686 |
| Mid - City Industrial | $1,686 |
| Sheridan | $1,686 |
| St. Anthony East | $1,686 |
| St. Anthony West | $1,686 |
| Linden Hills | $1,677 |
| Bryn - Mawr | $1,672 |
| Kenwood | $1,672 |
| ECCO | $1,637 |
| CARAG | $1,536 |
| East Harriet | $1,536 |
| Lyndale | $1,536 |
| Downtown Minneapolis | $1,520 |
| Central Minneapolis | $1,518 |
| Uptown Minneapolis | $1,513 |
| Holland | $1,491 |
| Logan Park | $1,491 |
| Northeast Park | $1,491 |
| Lynnhurst | $1,462 |
| Phillips West | $1,399 |
| Whittier | $1,396 |
| Cooper | $1,337 |
| Howe | $1,337 |
| Longfellow | $1,337 |
| Corcoran | $1,325 |
| Ericsson | $1,325 |
| Standish | $1,325 |
| Hiawatha | $1,318 |
| Loring Park | $1,316 |
| Lowry Hill | $1,312 |
| Cedar Riverside | $1,312 |
| Bancroft | $1,280 |
| Bryant | $1,280 |
| Powderhorn Park | $1,280 |
| Stevens Square - Loring Heights | $1,278 |
| Northrop | $1,257 |
| Harrison | $1,246 |
| Seward | $1,235 |
| Robbinsdale | $1,231 |
| Hale | $1,226 |
| Keewaydin | $1,226 |
| Minnehaha | $1,226 |
| Morris Park | $1,226 |
| Wenoah | $1,226 |
| East Phillips | $1,200 |
| Midtown Phillips | $1,200 |
| Sumner - Glenwood | $1,196 |
| Ventura Village | $1,190 |
| Audubon Park | $1,185 |
| Bottineau | $1,185 |
| Columbia Park | $1,185 |
| Marshall Terrace | $1,185 |
| Waite Park | $1,185 |
| Windom Park | $1,185 |
| Hawthorne | $1,164 |
| Jordan | $1,164 |
| Near North Minneapolis | $1,164 |
| Willard - Hay | $1,164 |
| St. Anthony | $1,164 |
| Field | $1,151 |
| Regina | $1,136 |
| Fulton | $1,135 |
| Shingle Creek | $1,121 |
| Richfield | $1,115 |
| Diamond Lake | $1,113 |
| Page | $1,113 |
| Lind - Bohanon | $1,107 |
| Brooklyn Center | $1,106 |
| Armatage | $1,092 |
| Kenny | $1,081 |
| King Field | $1,081 |
| Tangletown | $1,081 |
| Windom | $1,081 |
| Cleveland | $848 |
| Folwell | $848 |
| McKinley | $848 |
| Victory | $848 |
| Webber - Camden | $848 |
What are the most affordable neighborhoods in Minneapolis?
The most affordable neighborhoods in Minneapolis are Cleveland, where the average rent goes for $848/month, Folwell, where renters pay $848/mo on average, and McKinley, where the average rent goes for $848/mo. If you’re looking for other great deals, check out the listings from Victory ($848), Webber - Camden ($848), and Kenny ($1,081), where the asking prices are below the average Minneapolis rent of $1,565/mo.
What are the most expensive neighborhoods in Minneapolis?
The most expensive neighborhoods in Minneapolis are Dinkytown ($1,876), Marcy Holmes ($1,876) and Prospect Park East River Road ($1,876).
What are the most popular neighborhoods in Minneapolis?
The most popular neighborhood in Minneapolis is Uptown Minneapolis, where there are 38 verified RENTCafé listings with an average rent of $1,513. Next up is Downtown Minneapolis, where apartments go for $1,520/month, followed by Whittier with $1,396 If you’re looking to rent in Minneapolis’s most popular neighborhoods, make sure to also check out Stevens Square - Loring Heights, where renters pay $1,278 on average, and North Loop, where the average monthly rent is $1,718.
Minneapolis | Rent Comparison by Neighborhood
Rent in Armatage is 8% lower than in Audubon Park
Armatage rent is 30% lower than Minneapolis average
| Average Rent | $1,092 |
|---|
Audubon Park rent is 24% lower than Minneapolis average
| Average Rent | $1,185 |
|---|
How Minneapolis Compares to Other Cities
| Average Rent | Y-o-Y Change | |
|---|---|---|
| Minneapolis | $1,565 | -2% |
| St. Paul | $1,327 | 1% |
| Bloomington | $1,437 | -1% |
| Edina | $1,505 | n/a |
| St. Louis Park | $1,596 | -1% |
| St. Cloud | $884 | 3% |
| Plymouth | $1,407 | 1% |
| Minnetonka | $1,457 | n/a |
| Coon Rapids | $1,183 | 3% |
| Eagan | $1,355 | 2% |
| Maplewood | $1,139 | 3% |