Augsburg offers a discounted public transportation pass for students, which they can use to ride the bus or train to get around the city. The pass is less than half the cost of its normal price because of the student discount, and is perfect if you are considering moving off-campus. The school is within walking distance of both bus and light rail stations, and is located at one of the busiest crossroads in the city. Biking is also a viable option, as is walking. Downtown is just a few blocks away; a very short commute if you are looking at rentals there. Monthly rent in Minneapolis is cheaper than the prices you’ll find in most major U.S. cities, but is still far more expensive than costs in rural or suburban college settings. The prices vary drastically--for example, I’ve helped a student find a one bedroom apartment with a $600 rent one day and then moved another student into a $1,000 one bedroom the next day. It all depends on the quality of the apartment, its location, and the amenities it has. If you’re willing to settle for less with one or more of these things, your rent will be much lower than it would be in the city otherwise.
Welcome to the February 2023 Minneapolis Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the February 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.
Minneapolis rent prices increased over the last month. From January to February, the city experienced a 0.24% increase for the price of a one-bedroom apartment. The rent price for a Minneapolis one-bedroom apartments currently stands at $1,266.0.
When we take a look at the two-bedroom comparison from January to February, Minneapolis experienced a -1.34% decrease for the price of a two-bedroom apartment. The rent price for a Minneapolis two-bedroom apartments currently stands at $1,694.0.
Rent prices have increased 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 4 of the Minneapolis suburbs increased last month. On the other hand, 3 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in St Paul, MN, Bloomington, MN, Brooklyn Park, MN, Minnetonka, MN .
Rent decreased in St Louis Park, MN, 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.
Rent growth in Minneapolis over the past year has been on the rise. 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.
|1 BR February||1 BR M/M % Change||2 BR February||2 BR M/M % Change|
|St Paul, MN||$1,176.0||0.43%||$1,519.0||-3.37%|
|St Louis Park, MN||$1,351.0||-1.75%||$1,600.0||-0.81%|
|Brooklyn Park, MN||$1,000.0||0.10%||$1,318.0||1.23%|
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.