Average Rent in Minneapolis, MN↑ Rents rising 1.5% YoY🔺 Most expensive in MN

Minneapolis, MN has rental prices ranging from $1,265/month to $2,538/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,427/month, near the national average. With a median household income of $98,180/year, spending $1,427/month on a 1-bedroom represents 17% of gross income — within the recommended 30% threshold.

How Minneapolis Compares

With an average 2-bedroom rent of $1,734/month, Minneapolis ranks #1 most expensive of the 76 cities tracked in Minnesota — pricier than 94% of all US cities in our data.

The Minneapolis Rental Market

The Minneapolis, MN area has a population of about 3,693,351 and 29% of households renting rather than owning. That renter share runs below the US average of ~34%, a more homeowner-heavy market where rental inventory can be limited.

Rent Trends

2-bedroom rents in Minneapolis, MN have risen by $25/month (1.5%) over the past year, from $1,709 to $1,734. Rents have remained relatively stable year over year, indicating a balanced rental market in the area.

Affordability

To afford a 1-bedroom apartment in Minneapolis, MN without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $57,080. The local median household income of $98,180 exceeds that threshold by $41,100, making Minneapolis relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Minneapolis, MN is $328,351, giving a price-to-rent ratio of 15.8. With a break-even horizon of approximately 16 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Safety

Crime statistics for Minneapolis, MN show a violent crime rate of 263.96 per 100,000 residents (moderate) and a property crime rate of 1727.1 per 100,000 residents (moderate). As with any metro area, crime rates vary widely by neighborhood — prospective renters are encouraged to research specific areas within Minneapolis before signing a lease.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Minneapolis's neighborhoods. Among the highest-value areas are Cedar-Riverside ($147,417 median home value), Stevens Square ($156,911 median home value), Loring Park ($168,542 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Minneapolis, MN Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Minneapolis?

Break-even analysis and mortgage estimates based on local market data.

Living in Minneapolis

Cost of living, job market, crime rates, and moving cost estimates.