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Cheap Apartments for Rent in Minneapolis, MN - 420 Rentals available

Apartments Under $500

  • 1132 South 8Th Street, Minneapolis, MN 55404
    $430 - $686
    • Studio-1 Bed
    • 1 Bath
    Aeon
    Available Today! Last updated 18 Jan 2021
    (612) 371-0401

Apartments Under $700

  • 1401 6Th Street SE, Minneapolis, MN 55414
    $675 - $1,355
    • 1-4 Beds
    • 1-2 Baths
    Steven Scott Management, Inc.
    Last updated 18 Jan 2021
    (612) 331-3375

Apartments Under $800

Apartments Under $900


Minneapolis’s average rent reached $1,540 in December

Minneapolis’s average rent reached $1,540 in December after a 3.5% decrease since last year. One of Minnesota’s largest job hubs and a renter household-majority city (53%), Minneapolis is a desirable place to live and work in, with apartment prices above the national average of $1,462. [View Full Report]

Minneapolis apartment rent report

Minneapolis’s average rent was $1,540 in December

Minneapolis’s average rent reached $1,540 in December after a 3.5% decrease since last year. One of Minnesota’s largest job hubs and a renter household-majority city (53%), Minneapolis is a desirable place to live and work in, with apartment prices above the national average of $1,462.

The average rent for an apartment in Minneapolis saw a larger decrease compared to St. Paul ($1,283), where prices went down by 1.7% since last year, and Bloomington ($1,346), where rent went down by 0.6%.

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 (66%), with an average rent of $1,270 after an annual decrease of 1.6%. Second is Minneapolis with 53%, followed by St. Paul with 50% renter households. Anoka, with an average rent of $1,182, has the fourth largest share of renters (49%) and has experienced a rent increase of 5.8% since last year. In St. Louis Park, where 45% of homes are renter households, the average rent is $1,491, going down by 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 $1,729 per month. The average rent for apartments in Golden Valley is $1,655, the second most expensive, while Edina ($1,643) comes in third.

For renters in search of budget-friendly apartments, Richfield's $1,083 average rent is the cheapest in the Minneapolis area followed by West St. Paul's $1,090 rate. New Brighton rentals are the third least pricey on the list, with a $1,093 average rent.

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.

Look for cheap apartments near me

Finding the right apartment as far as size and location go is one aspect of apartment searching, but making sure that it provides all that you need within a reasonable price is another. On RENTCafé, you can search for cheap apartments near you and ensure that you find one that suites your needs. Worried the neighborhood or city you are looking to move to is known to have higher rents? You can browse our listings and find the cheap apartments in any location, whether you are looking at a specific neighborhood, ZIP code, or city.

The perfect apartment for you is out there, either near you or anywhere in the U.S. that you are looking to move to. So, let's find the one that satisfies your wants and needs, but that also comes at an affordable price.

Frequently Asked Questions

What is the price of a cheap apartment in Minneapolis, MN?

The price range of a cheap apartment is between $675 and $4,894. Find cheap apartments in Minneapolis, MN.

How many cheap rentals are available in Minneapolis, MN on RENTCafé?

There are 366 cheap rentals available on RENTCafé. Prices and availability in Minneapolis, MN were last updated on 17 Jan 2021.

What is the average size of a cheap apartment in Minneapolis, MN?

The average Minneapolis, MN cheap apartment size is 671 sq. ft.

What are the advantages of renting a cheap apartment in Minneapolis, MN?

Cheap apartments in Minneapolis, MN are usually less expensive, smaller, and easier to maintain. They also come with lower utility costs.

What are the downsides of renting a cheap apartment in Minneapolis, MN?

A cheap apartment in Minneapolis, MN offers little storage space and fewer amenities compared to other apartments. You might be interested in studio apartments, 1 bedroom apartments, 2 bedroom apartments or 3 bedroom apartments, or browse all RENTCafé apartments for rent in Minneapolis, MN.

Renting a Cheap Apartment in Minneapolis

Find apartments for rent in Minneapolis with RENTCafe. Minneapolis, also known as the “City of Lakes,” is on the Mississippi River and the outskirts of the city are known for their natural beauty. The city’s economy is centered on commerce, banking and transport of goods. Popular recreation opportunities include golf, fishing, running, cycling and skiing. Locals cheer for the Vikings (football), Twins (baseball) and Timberwolves (basketball). The world-famous Mall of America, the biggest shopping center in the U.S., is located in a suburb of Minneapolis.

Minneapolis, MN Demographics

  • Total Population416,021
  • Female 211,095
    Male 204,926
  • Median Age32.1

Average Rent in Minneapolis, MN

  • Minneapolis, MN Average Rental Price, October 2020 $1,568 /mo

    Minneapolis, MN Apartment Rent Ranges

    • $701-$1,00015%
    • $1,001-$1,50042%
    • $1,501-$2,00025%
    • > $2,00018%

    Minneapolis, MN Rent Trends

    Average Rent Nov / 2017 Mar / 2018 Jul / 2018 Nov / 2018 Mar / 2019 Jul / 2019 Oct / 2019 Nov / 2019 Mar / 2020 Jul / 2020 Oct / 2020
    Minneapolis, MN $1,487 $1,512 $1,557 $1,544 $1,554 $1,591 $1,593 $1,590 $1,596 $1,602 $1,568
    National $1,377 $1,380 $1,417 $1,426 $1,430 $1,466 $1,466 $1,473 $1,474 $1,461 $1,464
    /

    Minneapolis, MN Households

    • Total Number of Households173,916
    • Family 77,829
      Non-family 96,087
    • Children 40,541
      No Children 133,375
    • Average People Per Household2.29
    • Median Household Income$58,993
    • Median Housing Costs Per Month$1,155

    Minneapolis, MN Education Statistics

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

    Looking for a cheap apartment for rent in Minneapolis, MN? With RENTCafé, finding an affordable apartment in Minneapolis, MN has never been easier. We feature 421 low-priced rentals directly from property managers, with rents lower than the Minneapolis, MN average. What is a cheap rent in Minneapolis, MN? The average apartment rent in Minneapolis is $1,568 per month so any rental south of $1,254 would be considered cheap here. On RENTCafé, Minneapolis, MN rents go as low as $430/mo.

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