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Think crunchy. With its mellow and relaxed vibe, the Seward neighborhood is part of the larger Longfellow community. The neighborhood includes a number of local businesses along Franklin Avenue, including two cooperatives: The Seward Co-op grocery and Seward Community Cafe. The neighborhood’s citizens are known for their progressive politics and locavore ethos: Restaurants in Seward prize the local, the sustainable, and fair-trade. The neighborhood is also home to the Milwaukee Avenue Historic District, Northern Clay Center, ArtiCulture and The Playwrights' Center. Oh, and Bob Dylan recorded parts of Blood on the Tracks in the neighborhood. So there’s that.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Welcome to the May 2022 Minneapolis Apartment Report. In this assessment of the local rental market, Rentable data scientists and rental experts break down the May 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 increased over the last month. From April to May, the city experienced a 1.13% increase for the price of a one-bedroom apartment. The rent price for a Minneapolis one-bedroom apartments currently stands at $1,341.0.
When we take a look at the two-bedroom comparison from April to May, Minneapolis experienced a -1.84% decrease for the price of a two-bedroom apartment. The rent price for a Minneapolis two-bedroom apartments currently stands at $1,872.0.
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 1 of the Minneapolis suburb increased last month. On the other hand, 5 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in Minnetonka, MN .
Rent decreased in St Paul, MN, Bloomington, MN, St Louis Park, MN, Plymouth, MN, Burnsville, MN.
4 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.
You can view the full rundown of Rentable's May 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 May | 1 BR M/M % Change | 2 BR May | 2 BR M/M % Change | |
|---|---|---|---|---|
| Minneapolis, MN | $1,326.0 | 1.38% | $1,907.0 | -1.50% |
| St Paul, MN | $1,191.0 | -0.50% | $1,656.0 | -1.66% |
| Bloomington, MN | $1,439.0 | -0.42% | $1,675.0 | 0.84% |
| St Louis Park, MN | $1,381.0 | -1.64% | $1,684.0 | 0.78% |
| Plymouth, MN | $1,405.0 | -1.27% | $1,783.0 | -0.78% |
| Minnetonka, MN | $1,497.0 | 0.13% | $1,741.0 | 0.06% |
| Burnsville, MN | $1,278.0 | -0.55% | $1,510.0 | -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.