In downtown Minneapolis, towering skyscrapers stand beside old brick mills and industrial warehouses. A feeling of growth and hustle and bustle is everywhere you go, but there are also numerous reminders of the city’s past as a major mill town. The arts are well represented downtown, with centers like the Guthrie Theater, Orchestra Hall, and the Hennepin Theatre District. At the northern edge, the resurgent Warehouse District offers some of the city’s best restaurants and cutting edge galleries. Sports fans flock to the Target Center (basketball), the Hubert H. Humphrey Metrodome (football), and Target Field, home of the Twins. If you want to live close to some of the biggest commercial and financial areas in Minneapolis, as well as some of the best shopping and nightlife in the area, then downtown might be for you.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Welcome to the August 2022 Minneapolis Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the August 2022 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 decreased over the last month. From July to August, the city experienced a -1.67% decrease for the price of a one-bedroom apartment. The rent price for a Minneapolis one-bedroom apartments currently stands at $1,293.0.
When we take a look at the two-bedroom comparison from July to August, Minneapolis experienced a -1.83% decrease for the price of a two-bedroom apartment. The rent price for a Minneapolis two-bedroom apartments currently stands at $1,766.0.
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 3 of the Minneapolis suburbs increased last month. On the other hand, 4 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Eagan, MN, Brooklyn Park, MN, Burnsville, MN .
Rent decreased in St Paul, MN, Bloomington, MN, Richfield, MN, St Louis Park, MN.
3 suburbs are currently priced higher than the city of Minneapolis.
4 suburbs are currently priced lower than the city of Minneapolis.
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.
You can view the full rundown of Rentable's August 2022 National Apartment Report and data set here.
For more information about Minneapolis and surrounding area rent prices, take a look at the complete data set below.
|1 BR August||1 BR M/M % Change||2 BR August||2 BR M/M % Change|
|St Paul, MN||$1,107.0||-2.72%||$1,553.0||-0.83%|
|St Louis Park, MN||$1,294.0||-1.15%||$1,600.0||-1.90%|
|Brooklyn Park, MN||$982.0||0.92%||$1,395.0||0.72%|
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.