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Luxury Apartments for Rent in Minneapolis, MN
259 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 apartment rent 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.

Minneapolis apartment rent report

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

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 luxury apartments near me

Looking for a top of the line, luxury apartment near you to move in to? Are you interested in having all new appliances, on site amenities, a gym, a pool, and private parking? Take a look at our high-end listings and search for the apartment that provides all that you need to feel at home using filters for top community and apartment amenities. On RENTCafé you can find the luxury apartment you are looking for whether it's near you, in a specific neighborhood or ZIP code, or in the best area in town.

RENTCafé can help you find the best luxury apartment for you by allowing you to compare location, size and price. May it be near where you live now or anywhere in the U.S. that you want to move to, let's help you choose the perfect apartment.

Frequently Asked Questions

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

The price range is between $1,115 and $5,936. Find luxury apartments in Minneapolis, MN.

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

There are 245 luxury rentals available on RENTCafé. Prices and availability in Minneapolis, MN were last updated on 28 Jul 2021.

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

The average Minneapolis, MN luxury apartment size is 912 sq. ft.

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

Renting a luxury apartment in Minneapolis, MN comes with many amenities, more space and central locations.

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

Luxury apartments tend to be more expensive and have higher utility bills. 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.

Minneapolis, MN Demographics

  • Total Population420,324
  • Female 212,823
    Male 207,501
  • Median Age32.3

Average Rent in Minneapolis, MN

  • Minneapolis, MN Average Rental Price, June 2021 $1,587 /mo

    Minneapolis, MN Apartment Rent Ranges

    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 Jun / 2021
    Minneapolis, MN $1,512 $1,557 $1,544 $1,554 $1,591 $1,590 $1,596 $1,602 $1,553 $1,559 $1,587
    National $1,348 $1,357 $1,362 $1,394 $1,401 $1,403 $1,394 $1,397 $1,404 $1,482
    /

    Minneapolis, MN Households

    • Total Number of Households176,974
    • Family 78,820
      Non-family 98,154
    • Children 40,265
      No Children 136,709
    • Average People Per Household2.28
    • Median Household Income$62,583
    • Median Housing Costs Per Month$1,194

    Minneapolis, MN Education Statistics

    Renting a luxury apartment in Minneapolis, MN

    Sleek finishes, ultrahigh ceilings, minimalistic design, high-tech amenities -- these all sound so amazing, don’t they? You daydream about living in a high-end home, where elegant entertainment is something you enjoy on a daily basis. If a furnished, modern apartment is what you’re after, enchanting living spaces are now available in 28 outstanding buildings in Minneapolis, MN. You get to choose from the best apartments in Minneapolis, MN, which are no less than 259. The average size of a luxury apartment is somewhere around 1,052 Sq.Ft., with a $2,218 monthly rent, on average. If you prefer an extra large living space and top-notch amenities, browse through our listings for either large apartments or luxury townhomes by using the filters in the menu. Living in an apartment complex can be rewarding, as you have access to all sorts of services, from saunas and heated indoor pools to 24-hour concierge services. These luxury units are fine-tuned to meet and exceed the standards of the pickiest renter, so you are sure to find something that will satisfy your exquisite taste.

    High rise apartments that you don’t need to sell a kidney to afford

    Besides all the interior details that bring you comfort and pleasure, a home’s location is also essential for an exigent renter. Whether we’re talking about attractive surroundings, exclusive locations, or living in the heart of the city, most affluent renters consider location an essential element. Luxury studio apartments are in high demand because they are located close to popular areas and they are less expensive than larger floor plans. If you don’t mind downsizing your living space, cheap luxury apartments in Minneapolis, MN offer the best of both worlds. With rent prices as low as $1,065, these gems offer the convenience of living large in a small space in the best location money can get. You can now experience the bliss of luxury living at a reasonable price. All you have to do is use our search bar, filter your results and you will find the perfect luxury apartment to call home.

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