Cheap Apartments for Rent in Minneapolis, MN
270 Rentals Available
Minneapolis’s average rent reached $1,559 in April
Minneapolis’s average rent reached $1,559 in April, after a 2.7% decrease since last year. A major midwestern job hub with a 50% renter share, Minneapolis is a desirable place to live and work in, with apartment prices above the national average of $1,417. [View Full Report]
Minneapolis’s average rent was $1,559 in April
Minneapolis’s average rent reached $1,559 in April, after a 2.7% decrease since last year. A major midwestern job hub with a 50% renter share, Minneapolis is a desirable place to live and work in, with apartment prices above the national average of $1,417.
The average rent for an apartment in Minneapolis decreased compared to other surrounding cities, such as Bloomington ($1,359), where prices went up by 1%. Meanwhile, apartment rates in St. Paul increased by 0.5%, reaching a $1,317 average.
What it costs to rent in the largest renter hubs in the Minneapolis area
Hopkins, the city with the largest renter share (64%) in the Minneapolis area, has a $1,289 average rent, after a 1.2% decrease. Minneapolis comes in second, followed by St. Paul, where 47% of residents are tenants.
Anoka has the fourth largest renter share (40%), with apartments going for $1,182 after a 4.4% annual increase. Last but not least, St. Louis Park's 39% share of renters places it fifth among the area’s renter hubs. The city’s average rent reached $1,506 in April, going down by 0.1% 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 $1,715 per month. Edina’s $1,670 rate is the second most expensive, while apartments in Woodbury ($1,662) come in third.
For renters in search of budget-friendly apartments, New Brighton's $1,117 average rent is the cheapest in the Minneapolis area, followed by Richfield's $1,124 rate. West St. Paul rentals are the third least pricey on the list, with a $1,130 average rent as of April.
Minneapolis and St. Paul apartment rents in popular ZIP codes for renters
Among Minneapolis's most popular renter ZIP codes, 55414 has a $1,891 average rent, above the city average ($1,559). At the same time, rentals in ZIP 55403 go for $1,320, while prices in ZIP 55401 circle around $1,806. Apartment rents in ZIP 55408 clock in at around $1,542, similar to the Minneapolis average, while rates in ZIP 55454 average at $1,315.
When it comes to St. Paul, apartments in ZIP 55116 go for $1,284 on average, while rentals in ZIP 55101 are priced at around $1,566, higher than the city average ($1,317). Meanwhile, ZIP 55119 has an $1,116 average rent and apartment rates in ZIP 55102 circle around $1,513. Rentals in another popular area, ZIP 55106, go for $1,012.
Check out how average rents evolved across the Minneapolis area
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 $550 and $5,605. Find cheap apartments in Minneapolis, MN.
How many cheap rentals are available in Minneapolis, MN on RENTCafé?
There are 226 cheap rentals available on RENTCafé. Prices and availability in Minneapolis, MN were last updated on 19 Sep 2021.
What is the average size of a cheap apartment in Minneapolis, MN?
The average Minneapolis, MN cheap apartment size is 712 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 Population420,324
Female 212,823Male 207,501
- Median Age32.3
Average Rent in Minneapolis, MN
- Minneapolis, MN Average Rental Price, August 2021 $1,599 /mo
Minneapolis, MN Apartment Rent Ranges
Minneapolis, MN Rent Trends
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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
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 270 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 $1,599 per month so any rental south of $1,279 would be considered cheap here. On RENTCafé, Minneapolis, MN rents go as low as $475/mo.