Moment
650 Portland Ave S,
Minneapolis, MN 55415
Studio - 2 Beds | $1,448 - $5,136
Rental Market Trends in Minneapolis, MN
What is the average rent in Minneapolis, MN?
$1,346/month
Average Rent
664 Sq Ft
Average Apartment Size
-0.3%
Decrease in the Last Year
As of December 2024, the average rent in Minneapolis, MN is $1,346 per month. For comparison, the national average rent price in the US is currently $1,560/month, which means Minneapolis rent prices are 14% lower than the national average. When you rent an apartment in Minneapolis, you can expect to pay about $1,078 per month for a studio, $1,346 for a one-bedroom apartment, and around $2,005 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $2,336 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Minneapolis, MN?
In the past year, rent has decreased by 0.3%, which averages out to $4 less per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated December 2024
Legend
2023
2024
Rent Ranges in Minneapolis, MN
Last Updated December 2024
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
2%
Below $700/month
35%
$700 - $1,000/month
42%
$1,001 - $1,500/month
14%
$1,501 - $2,000/month
7%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Minneapolis?
Based on current rent prices, Whittier, Loring Park and East Calhoun are the most affordable neighborhoods in Minneapolis.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Minneapolis?
Based on current rent prices, Warehouse District, Downtown West and West Calhoun are the most expensive neighborhoods in Minneapolis.
Neighborhood
Average Rent
Average Sq Ft
Which Minneapolis neighborhoods have the most rentals available?
The neighborhoods in Minneapolis with the most apartments available are Downtown Minneapolis, Warehouse District and North Loop .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Minneapolis, MN?
Because the average rent in Minneapolis is $1,346, you’ll want to make about $4,486 per month or $53,832 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Minneapolis, MN compare to other nearby cities and neighborhoods?
Use the tool below to compare Minneapolis, MN to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$890/month
$1,400/month
One Bedroom
$1,040/month
$1,802/month
Two Bedroom
$1,412/month
$2,635/month
Three Bedroom
$1,668/month
$4,138/month
Nearby City Rent Trends
Apartment communities in Minneapolis we think you'll love
Property Management Companies in Minneapolis, MN
Kleinman Realty
-
56
Communities
-
3,328
Units
-
16
Cities
27 Communities in Minneapolis
Hornig Companies, Inc.
-
36
Communities
-
2,125
Units
-
11
Cities
20 Communities in Minneapolis
Halverson and Blaiser
-
33
Communities
-
2,638
Units
-
9
Cities
15 Communities in Minneapolis
Willow Bridge
-
679
Communities
-
185,916
Units
-
311
Cities
14 Communities in Minneapolis
Sela Investments
-
19
Communities
-
1,274
Units
-
4
Cities
13 Communities in Minneapolis
Cushman & Wakefield
-
554
Communities
-
137,054
Units
-
277
Cities
12 Communities in Minneapolis
Bigos Management
-
52
Communities
-
10,039
Units
-
23
Cities
12 Communities in Minneapolis
Yellow Tree Development
-
13
Communities
-
1,230
Units
-
2
Cities
12 Communities in Minneapolis
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.