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Disclaimer: Covid-19 may have impacted rent prices in a way that is not yet reflected in our reports. When referencing the data published on this page, please keep in mind that the data provided here may not accurately depict the current reality of the market.

Minneapolis, MN Rental Market Trends

Highlights

The average rent for an apartment in Minneapolis is $1,552, a 3% decrease compared to the previous year.

Average Rent in Minneapolis, MN

Last updated January 2021
Average Rent Y-o-Y Change Average Apartment Size
$1,552 -3% 785 sq. ft.

The average size for a Minneapolis, MN apartment is 785 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-$1,00015%
  • $1,001-$1,50042%
  • $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 Nov / 2017 Mar / 2018 Jul / 2018 Nov / 2018 Mar / 2019 Jul / 2019 Nov / 2019 Mar / 2020 Jul / 2020 Nov / 2020 Jan / 2021
Minneapolis, MN $1,487 $1,512 $1,557 $1,544 $1,554 $1,591 $1,590 $1,596 $1,602 $1,553 $1,552
National $1,309 $1,311 $1,342 $1,351 $1,356 $1,388 $1,395 $1,397 $1,389 $1,392 $1,392
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Access comprehensive real estate data and information on Yardi Matrix

Average Rent in Minneapolis, MN By Neighborhood

Neighborhood Average Rent
Como $1,872
Dinkytown $1,872
Marcy Holmes $1,872
Prospect Park East River Road $1,872
Nicollet Island - East Bank $1,867
North Loop $1,779
Beltrami $1,744
Mid - City Industrial $1,744
Sheridan $1,744
St. Anthony East $1,744
St. Anthony West $1,744
University of Minnesota $1,722
Cedar - Isles - Dean $1,700
West Calhoun $1,700
Linden Hills $1,683
Bryn - Mawr $1,680
Kenwood $1,680
ECCO $1,647
Downtown Minneapolis $1,546
CARAG $1,546
East Harriet $1,546
Lyndale $1,546
Central Minneapolis $1,527
Holland $1,524
Logan Park $1,524
Northeast Park $1,524
Uptown Minneapolis $1,522
Lynnhurst $1,466
Phillips West $1,399
Whittier $1,397
Cedar Riverside $1,327
Cooper $1,317
Howe $1,317
Longfellow $1,317
Loring Park $1,315
Lowry Hill $1,311
Corcoran $1,309
Ericsson $1,309
Standish $1,309
Hiawatha $1,302
Bancroft $1,281
Bryant $1,281
Powderhorn Park $1,281
Stevens Square - Loring Heights $1,276
Northrop $1,259
Robbinsdale $1,249
Harrison $1,236
Hale $1,228
Keewaydin $1,228
Minnehaha $1,228
Morris Park $1,228
Wenoah $1,228
Seward $1,228
St. Anthony $1,212
East Phillips $1,198
Midtown Phillips $1,198
Audubon Park $1,195
Bottineau $1,195
Columbia Park $1,195
Marshall Terrace $1,195
Waite Park $1,195
Windom Park $1,195
Sumner - Glenwood $1,194
Ventura Village $1,188
Hawthorne $1,169
Jordan $1,169
Near North Minneapolis $1,169
Willard - Hay $1,169
Field $1,150
Regina $1,134
Diamond Lake $1,111
Page $1,111
Shingle Creek $1,097
Richfield $1,091
Lind - Bohanon $1,086
Fulton $1,082
Armatage $1,079
Kenny $1,078
King Field $1,078
Tangletown $1,078
Windom $1,078
Brooklyn Center $1,077
Cleveland $881
Folwell $881
McKinley $881
Victory $881
Webber - Camden $881
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The most affordable neighborhoods in Minneapolis are Cleveland, where the average rent goes for $881/month, Folwell, where renters pay $881/mo on average, and McKinley, where the average rent goes for $881/mo. If you’re looking for other great deals, check out the listings from Victory ($881), Webber - Camden ($881), and Brooklyn Center ($1,077), where the asking prices are below the average Minneapolis rent of $1,552/mo.

The most expensive neighborhoods in Minneapolis are Dinkytown ($1,872), Marcy Holmes ($1,872) and Prospect Park East River Road ($1,872).

The most popular neighborhood in Minneapolis is Uptown Minneapolis, where there are 47 verified RENTCafé listings with an average rent of $1,522. Next up is Whittier, where apartments go for $1,397/month, followed by North Loop with $1,779 If you’re looking to rent in Minneapolis’s most popular neighborhoods, make sure to also check out Downtown Minneapolis, where renters pay $1,546 on average, and Loring Park, where the average monthly rent is $1,315.

Minneapolis | Rent Comparison by Neighborhood

Neighborhood
vs.

Rent in Armatage is 10% lower than in Audubon Park

$1,079

Armatage rent is 30% lower than Minneapolis average

Average Rent $1,079
$1,195

Audubon Park rent is 23% lower than Minneapolis average

Average Rent $1,195

How Minneapolis Compares to Other Cities

Average Rent Y-o-Y Change
Minneapolis $1,552 -3%
St. Paul $1,290 -1%
St. Cloud $881 2%
Edina $1,497 -1%
Bloomington $1,440 -1%
St. Louis Park $1,613 -1%
Plymouth $1,428 1%
Minnetonka $1,455 2%
Coon Rapids $1,173 3%
Eagan $1,329 n/a
Maplewood $1,141 4%

For more information about the Minneapolis rental trends, check out our monthly rent report

Check out Minnesota Cities, Minnesota Neighborhoods and Minnesota Zip Codes for more details on verified listings, including the Minnesota Average Rent.

Curious about listings in your area? Check out our apartments near you for more details!

Cheapest Listings on RENTCafé

Mid-priced Listings on RENTCafé

Most Expensive Listings on RENTCafé

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The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Minneapolis apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.