Minneapolis, MN Rental Market Trends
What is the average rent in Minneapolis?
The average rent for an apartment in Minneapolis is $1,665. The cost of rent varies depending on several factors, including location, size, and quality.
Average rent in Minneapolis, MN
Last updated November 2023
| Average Rent | Average Apartment Size |
|---|---|
| $1,665 | 774 sq. ft. |
What is the average apartment size in Minneapolis?
The average size for a Minneapolis, MN apartment is 774 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
Minneapolis, MN Occupied Housing Units
96,326 or 52% of the households in Minneapolis, MN are renter-occupied while 89,348 or 48% are owner-occupied.
Minneapolis, MN rent trends
Average Rent in Minneapolis, MN By Neighborhood
| City | Average Rent |
|---|---|
| Como | $2,022 |
| North Loop | $1,918 |
| Mid - City Industrial | $1,829 |
| Sheridan | $1,829 |
| Downtown Minneapolis | $1,647 |
| Holland | $1,630 |
| CARAG | $1,565 |
| Howe | $1,449 |
| Longfellow | $1,449 |
| Phillips West | $1,440 |
| Whittier | $1,438 |
| Hiawatha | $1,417 |
| Loring Park | $1,345 |
| Near North Minneapolis | $1,288 |
| Regina | $1,274 |
| Richfield | $1,257 |
| Brooklyn Center | $1,196 |
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What are the most affordable neighborhoods in Minneapolis?
The most affordable neighborhoods in Minneapolis are Brooklyn Center, where the average rent goes for $1,196/month, Richfield, where renters pay $1,257/mo on average, and Regina, where the average rent goes for $1,274/mo. If you’re looking for other great deals, check out the listings from Near North Minneapolis ($1,288), Loring Park ($1,345), and Hiawatha ($1,417), where the asking prices are below the average Minneapolis rent of $1,665/mo.
What are the most expensive neighborhoods in Minneapolis?
The most expensive neighborhoods in Minneapolis are Sheridan ($1,829), North Loop ($1,918) and Como ($2,022).
What are the most popular neighborhoods in Minneapolis?
The most popular neighborhood in Minneapolis is Downtown Minneapolis, where there are 5 listings with an average rent of $1,647. Next up is North Loop, where apartments go for $1,918/month, followed by Brooklyn Center with $1,196 If you’re looking to rent in Minneapolis’s most popular neighborhoods, make sure to also check out Loring Park, where renters pay $1,345 on average, and CARAG, where the average monthly rent is $1,565.
Minneapolis | Rent Comparison by Neighborhood
Rent in Brooklyn Center is 24% lower than in CARAG
$1,196
Brooklyn Center rent is 28% lower than Minneapolis average
Average Rent
$1,196
$1,565
CARAG rent is 6% lower than Minneapolis average
Average Rent
$1,565
How Minneapolis Compares to Other Cities
| State | Average Rent |
|---|---|
| Minneapolis | $1,665 |
| Bloomington | $1,671 |
| St. Paul | $1,416 |
| Eagan | $1,569 |
| Fridley | $1,373 |
| Plymouth | $1,622 |
| Brooklyn Park | $1,243 |
| Edina | $1,705 |
| Minnetonka | $1,616 |
| Ramsey | $1,455 |
| Rochester | $1,488 |
| St. Cloud | $1,059 |
| St. Louis Park | $1,750 |
| Brooklyn Center | $1,196 |
What is the average price for a storage unit in Minneapolis?
The average rent for a non-climate-controlled 10'x10' storage unit in Minneapolis is $88.05. Rental costs vary depending on several factors, including unit size and the storage facility's location and amenities.
Most Popular Apartments in Minneapolis
Solara
222 Hennepin Ave S, Minneapolis, MN 55401| 1 BED | $1,000 |
Vue Apartment Homes
415 OAK GROVE ST, MINNEAPOLIS, MN 55403| 1 BED | $1,000 |
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Turner's Real Estate (202 Combo)
Turner's Real Estate (202 Combo), Minneapolis, MN 55429| 1 BED | $1,000 |