Minneapolis is the most populous city in the State of Minnesota as well as one of the top 50 cities nationwide. The Minneapolis-St. Paul metro area constitutes the third largest economic center in the Midwest, right after Chicago and Detroit.
This means that the city boasts a high demand for rental properties from people working in commerce, finance, transportation services, health care, industry, and others.
As everyone who has ever looked for a property to rent knows, one of the most important factors in a renter’s decision is how much they will be expected to pay for rent per month. Other major determinants are also the property type, size, and condition as well as the exact location, and the other red flags to avoid when searching.
Nevertheless, no matter how suiting or not suiting for your needs and preferences a rental is, you have to take your budget into consideration. In order to help all those looking for a property to rent in Minneapolis, we have put together this article which shows you exactly what rent you will need to pay in the different neighborhoods of Minneapolis in 2019.
How Does the Minneapolis Rental Market Look Like Right Now?
Before we delve into the specific neighborhoods and the predominant rental rates there, let’s have a quick look at the overall state of the rental market in Minneapolis at the moment.
The Minneapolis housing market is dominated by renters as 55% of the population rents a property rather than owning their own home. According to data from Mashvisor, a real estate data analytics company, the price to rent ratio in the city equals 18, which means that it is mid-range. Such a level indicates that generally speaking people are better off renting rather than buying a home, from financial point of view, and that’s why more than half of Minneapolis population consists of renters.
At the moment, the median property price in the city is $401,800, higher than the national level. Meanwhile, the average monthly rent reaches $1,880 at the moment, which is above the average in many US markets. However, the rental rate fluctuates majorly by neighborhood as location is a driving factor in the real estate market.
So, next, let’s see the differences in the rent which various Minneapolis neighborhoods exhibit.
What Are the Rental Rates in Different Minneapolis Neighborhoods in 2019?
Just as in any other major city, the rental rate changes significantly from one neighborhood to another in Minneapolis. The highest rate is observed in Cedar-Isles-Dean at $5,520, while the lowest one is in Folwell at $1,200. This is a difference of $4,320 or over fourfold, which is a lot from the point of view of a renter.
Following is a list of the rental rates in the most popular neighborhoods among renters in Minneapolis, from the lowest to the highest. You can also see the Walk Score of each neighborhood which determines the cost of transportation for renters there:
Monthly Rent in Minneapolis by Neighborhood
|Neighborhood||Average Monthly Rent||Walk Score|
|14||Lowry Hill East||$1,590||90|
|24||East Bank-Nicollet Island||$2,760||91|
Data Source: Mashvisor, April 2019
Finding the best rental requires a lot of time and efforts, particularly for those of you who are new to the process. Your budget is the most significant limiting factor in your rental search, and it is largely determined by the monthly rent and the transportation costs.
The list of the most popular neighborhoods among renters in Minneapolis and the average rental rates in each one of them presented above aims to help you get with your rental search by showing you which locations are within your budget and transportation preferences. The good news for renters in the local housing market is that the various neighborhoods offer widely different rents and Walk Scores, which means that everyone can find a rental property which fits their budget and likings.
To find the best Minneapolis apartment for rent in your neighborhood of choice, click here.