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Buri Manor
(612) 230-8030
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The Knoll
(612) 778-4399
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Elliot Court
(612) 778-2125
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The Bridges
(320) 441-0424
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Loring Grove Apartments
(612) 871-3313
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2712 Pillsbury Ave S
(612) 298-4043
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2002 Garfield Ave S
(651) 528-3633
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East River Terrace Apartments
(612) 339-5656
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2610/2618 Fremont Ave S
(612) 258-7007
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3439 Garfield Ave S
(612) 208-5537
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Oak Grove Downtown
(612) 871-3313
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2120 Aldrich Ave S
(952) 460-0586
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1700/1710 Johnson Ave Ne
(320) 248-2450
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Variant
(612) 293-0571
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Thornton Place
(612) 339-5656
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1325 W 27th St
(612) 258-7007
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Xerxes Manor
(612) 767-7667
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Lorraine Court Apartments
(651) 398-0754
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Creek Terrace Apartments
(612) 822-2888
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2222 Harriet Ave S
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Affordable Northeast Office Space.
(612) 843-5777
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The Continental
(612) 339-4557
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3811-31 St St - 204 St
(612) 925-4191
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3117 Girard Ave S
(612) 874-4410
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3201 Girard Ave S
(612) 874-4423
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Apartments Under $500 in Minneapolis, MN

1 of 25 Results
17
$476 - 486
Buri Manor
4.0
1515 Chicago Avenue S. Minneapolis, MN
Studio | Mar. 31, 2023
Contact
Income Restricted
Elliot Park
18
$499 - 500
PER
ROOM
The Knoll
4.8
1101 University Ave SE Minneapolis, MN
4 BR | Available Now
Contact
Furnished
Student
Dinkytown
5
$432 - 475
Elliot Court
4.6
1132 S 8Th St Minneapolis, MN
Studio | Available Now
Contact
Dog Friendly
Cat Friendly
Air Conditioning
Disability Access
Elliot Park
27
$462
PER
ROOM
The Bridges
930 University Ave SE Minneapolis, MN
4 BR | Available Now
Contact
Furnished
Student
Fitness Center
Dinkytown
9
$ Ask - 1,299
Loring Grove Apartments
125 Oak Grove Street Minneapolis, MN
Studio - 1 BR | Available Now
Contact
Cat Friendly
Section 8
Air Conditioning
Surface Parking
Fitness Center
5
$ Ask - 925
2712 Pillsbury Ave S
Minneapolis, MN
1 BR | Available Now
Contact
Heat Included
Cat Friendly
Lowry Hill East
5
$ Ask - 1,150
2002 Garfield Ave S
Minneapolis, MN
2 BR | Available Now
Contact
Heat Included
Cat Friendly
Air Conditioning
Balcony, Deck, Patio
9
$ Ask - 1,140
East River Terrace Apartments
2101 East River Terrace Minneapolis, MN
Studio - 1 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Dishwasher
5
$ Ask - 999
2610/2618 Fremont Ave S
Minneapolis, MN
Studio - 1 BR | Available Now
Contact
Cat Friendly
Storage
East Isles
5
$ Ask - 975
3439 Garfield Ave S
Minneapolis, MN
1 BR | Available Now
Contact
Cat Friendly
Air Conditioning
Carag
7
$ Ask - 1,350
Oak Grove Downtown
116 Oak Grove St Minneapolis, MN
Studio - 2 BR | Available Now
Contact
Cat Friendly
Balcony, Deck, Patio
Storage
Loring Park
5
$ Ask - 870
2120 Aldrich Ave S
Minneapolis, MN
Studio | Available Now
Contact
Storage
Lowry Hill East
5
$ Ask - 1,100
1700/1710 Johnson Ave Ne
Minneapolis, MN
2 BR | Available Now
Contact
Heat Included
Air Conditioning
Storage
Northeast
16
$ Ask - 2,833
Variant
315 N 7th Ave Minneapolis, MN
1 - 2 BR | Available Now
Contact
Dog Friendly
Cat Friendly
Air Conditioning
Balcony, Deck, Patio
Fitness Center
6
$ Ask - 1,100
Thornton Place
810 Thornton Street Se Minneapolis, MN
1 BR | Available Now
Contact
Heat Included
Cat Friendly
Air Conditioning
Balcony, Deck, Patio
Fitness Center
5
$ Ask - 975
1325 W 27th St
Minneapolis, MN
1 BR | Available Now
Contact
Cat Friendly
Storage
East Isles
5
$ Ask - 985
Xerxes Manor
5625 & 5635 Xerxes Ave S Minneapolis, MN
1 BR | Available Now
Contact
Air Conditioning
Balcony, Deck, Patio
Dishwasher
Armatage
6
$ Ask - 1,300
Lorraine Court Apartments
2633 Girard Ave S Mineapolis, MN
1 - 2 BR | Available Now
Contact
Cat Friendly
Storage
East Isles
5
$ Ask - 1,215
Creek Terrace Apartments
616 W. 53rd Street Minneapolis, MN
2 BR | Available Now
Contact
Heat Included
Air Conditioning
Dishwasher
Lynnhurst
4
$ Ask - 960
2222 Harriet Ave S
Minneapolis, MN
1 BR | Available Now
Cat Friendly
Storage
Lowry Hill East
6
$350
Affordable Northeast Office Space.
1845 Stinson Blvd Minneapolis, MN
Studio | Ask for Availability
Contact
Windom Park
8
$ Ask - 645
The Continental
66 South 12th Street Minneapolis, MN
Studio | Ask for Availability
Contact
Dog Friendly
Cat Friendly
Income Restricted
Section 8
Dishwasher
5
$449
3811-31 St St - 204 St
Minneapolis, MN
1 BR | Ask for Availability
Contact
3
$ Ask - 1,125
3117 Girard Ave S
Minneapolis, MN
1 BR | Available Now
Contact
Cat Friendly
Uptown Minneapolis Apartments
1
$ Ask - 950
3201 Girard Ave S
Minneapoli, MN
1 BR | Available Now
Contact
Cat Friendly
Ecco
1 - 25 of 25 Results
  1. Home
  2. Minneapolis
  3. Apartments Under $500

How much does it cost to rent an apartment in Minneapolis?

Minneapolis Apartments
Bed Type Average Rent Range
Studio $1,060 $730 - $1,560
1BR $1,260 $900 - $1,880
2BR $1,600 $1,100 - $3,020
3BR $1,950 $1,300 - $3,540
4+BR $2,720 $1,700 - $6,500
Frequently Asked Questions

How many apartments are available in Minneapolis, MN on Rentable.co?

Rentable.co has over 42,869 apartments available in Minneapolis.

What is the average rent for a studio apartment in Minneapolis, MN?

The average rent for a studio apartment in Minneapolis is around $1,060 per month.

What is the average rent for a one-bedroom apartment in Minneapolis, MN?

The average rent for a one-bedroom apartment in Minneapolis is around $1,260 per month.

What is the average rent for a two-bedroom apartment in Minneapolis, MN?

The average rent for a two-bedroom apartment in Minneapolis is around $1,600 per month.

How expensive is living in Minneapolis, MN?

Based on average rent prices in Minneapolis, to afford a studio apartment you would need an annual salary of $42,000 to live comfortably.

How many apartments under $500 are available in Minneapolis, MN on Rentable.co?

Rentable.co has 25 apartments under $500 available for rent in Minneapolis.

Which neighborhoods have the most apartments under $500 for rent in Minneapolis, MN?

  1. Lowry Hill East
  2. Dinkytown
  3. Elliot Park
  4. Uptown Minneapolis Apartments
  5. West Calhoun

Asset 2
Apartments by Bedrooms
1 Bedroom Apartments
2 Bedroom Apartments
3 Bedroom Apartments
4 Bedroom Apartments
Studio Apartments
Apartments by Affordability
Cheap Apartments
Apartments Under $500
Apartments Under $600
Apartments Under $700
Apartments Under $800
Apartments Under $900
Apartments Under $1,000
Apartments Under $1,200
Apartments with Amenities
Apartments With Utilities Included
Furnished Apartments
Pet Friendly Apartments
Virtual Tour Apartments
Apartments with Move In Specials
Short Term Rentals
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Student Apartments
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Luxury Apartments
Townhomes For Rent
Condos For Rent

Minneapolis:
March Rent Report

Welcome to the March 2023 Minneapolis Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the March 2023 key findings and figures for the Minneapolis rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Minneapolis and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Minneapolis average rent prices in the chart below.

Monthly Rent Report

Minneapolis Rent Prices Decrease From February to March

Minneapolis rent prices decreased over the last month. From February to March, the city experienced a -0.55% decrease for the price of a one-bedroom apartment. The rent price for a Minneapolis one-bedroom apartments currently stands at $1,255.0.

When we take a look at the two-bedroom comparison from February to March, Minneapolis experienced a 0.53% increase for the price of a two-bedroom apartment. The rent price for a Minneapolis two-bedroom apartments currently stands at $1,701.0.

March Prices: Minneapolis vs. Surrounding Areas

Rent Prices in Minneapolis and Surrounding Areas

Rent prices have decreased in Minneapolis over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 5 of the Minneapolis suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in St Paul, MN, St Louis Park, MN, Bloomington, MN, Brooklyn Park, MN, Minnetonka, MN .

  • Rent decreased in Plymouth, MN, Robbinsdale, MN.

  • 5 suburbs are currently priced higher than the city of Minneapolis.

  • 2 suburbs are currently priced lower than the city of Minneapolis.

March 2023 Pricing Trends: Minneapolis vs. National Comparisons

Minneapolis Rent Prices More Affordable Than Major Cities

Rent growth in Minneapolis over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Minneapolis average rent prices appear to be relatively affordable for local residents.

The price for a Minneapolis one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

For more information about Minneapolis and surrounding area rent prices, take a look at the complete data set below.

Data set for Minneapolis and suburbs

1 BR March 1 BR M/M % Change 2 BR March 2 BR M/M % Change
Minneapolis, MN $1,262.0 -0.32% $1,692.0 -0.12%
St Paul, MN $1,182.0 0.08% $1,464.0 -1.28%
St Louis Park, MN $1,345.0 0.30% $1,591.0 -0.13%
Bloomington, MN $1,428.0 0.49% $1,616.0 1.19%
Plymouth, MN $1,351.0 -2.67% $1,747.0 -2.46%
Brooklyn Park, MN $1,017.0 0.99% $1,381.0 2.37%
Minnetonka, MN $1,534.0 1.12% $1,843.0 -0.65%
Robbinsdale, MN $1,395.0 0.00% $1,847.0 3.30%

Methodology

Each month, using over 1 million Rentable listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.