Minneapolis features sports, world-class entertainment venues, outdoor adventures, impressive museums and outstanding restaurants. With the average rent in Minneapolis relatively affordable compared to other big cities, you can see why people enjoy living in the city.
Minneapolis is a major business hub, with six Fortune 500 companies located here, while the Twin Cities area is also home to another 11 top corporations. The economy is strong, with a 3.1 percent unemployment rate before the pandemic.
The average rent in Minneapolis for a one-bedroom apartment is $1,455 per month, down 4.17 percent from a year ago. Rent in Minneapolis is lower than the national average of $1,617. Midwest rent remained the same or lower when compared with other areas of the country.
Living in Minneapolis means you'll want to enjoy your free time. That makes you'll want to make sure you don't spend too much on rent so you can experience the cities fine restaurants, art and culture.
Financial experts suggest setting aside 30 percent of your pre-tax income for rent. With the average rent in Minneapolis for a one-bedroom apartment $1,455, you'd need an annual salary of about $60,000.
To determine how much you can afford, use our rent calculator.
The overall cost of living index in Minneapolis is 104.9, which is 4.9 percent above the national average. The national average is an index of 100, so, for example, 101 is 1 percent above the national average.
The cost of living in Minneapolis for other factors is also slightly above the national average, with the lone exception of utilities.
While the average rent in Minneapolis is $1,455 per month, rent does vary depending on where you choose to live. With attractions such as sports arenas and concert venues, downtown has the most expensive neighborhoods.
You'll find the least expensive neighborhoods located farther from downtown, including the east and southern areas.
With the average rent in Minneapolis' most expensive neighborhoods ranging from $1,514 to $2,786 per month, you'll need to determine what's important, including work commute.
| Rank | Neighborhood | Average 1-BR Rent Price | YoY Rent Price Change |
|---|---|---|---|
| 1 | Cedar Isles - Dean | $2,786 | -13.64% |
| 2 | Uptown | $1,852 | 0.91% |
| 3 | North Loop | $1,824 | 5.70% |
| 4 | Prospect Park | $1,748 | -1.71% |
| 5 | Warehouse District | $1,692 | -9.16% |
| 6 | University | $1,582 | -1.69% |
| 7 | Downtown West | $1,545 | -5.48% |
| 8 | Bottineau | $1,523 | N/A |
| 9 | Calhoun Isles | $1,516 | -10.52% |
| 10 | Central Minneapolis | $1,514 | -3.18% |
With the expensive neighborhoods downtown, you'll find the least expensive neighborhoods east and south of the area. They're typically more family-centric or offer historical attractions, such as the Minnesota Streetcar Museum.
| Rank | Neighborhood | Average 1-BR Rent Price | YoY Rent Price Change |
|---|---|---|---|
| 1 | Lyndale* | $799 | -19.74% |
| 2 | South St. Paul | $883 | -21.31% |
| 3 | Como | $899 | -32.37% |
| 4 | Elwells | $899 | -32.37% |
| 5 | Stevens Square Historic District | $934 | N/A |
| 6 | Linden Hills | $996 | 1.85% |
| 7 | CARAG | $1,009 | 3.64% |
| 8 | Seward | $1,054 | -11.43% |
| 9 | St. Anthony Falls | $1,079 | -26.04% |
| 10 | West St. Paul | $1,094 | 6.63% |
For a complete look at life in the Twin Cities, check out the average rent prices in Minneapolis.
| Neighborhood | Average 1-BR Rent Price | YoY Rent Price Change |
|---|---|---|
| Bottineau | $1,523 | N/A |
| Calhoun Isles | $1,516 | -10.52% |
| CARAG | $1,009 | 3.64% |
| Cedar Isles - Dean | $2,786 | -13.64% |
| Central Minneapolis | $1,514 | -3.18% |
| Central | $1,376 | N/A |
| Como | $899 | -32.37% |
| Corcoran | $1,426 | 9.45% |
| Dinkytown | $1,201 | N/A |
| Downtown West | $1,545 | -5.48% |
| East Harriet | $1,351 | N/A |
| Elliot Park | $1,238 | -1.76% |
| Elwells | $899 | -32.37% |
| Hiawatha | $1,300 | -11.21% |
| Jordan* | $1,097 | 12.21% |
| Linden Hills | $996 | 1.85% |
| Longfellow | $1,179 | -14.27% |
| Loring Park | $1,304 | 5.30% |
| Lowry Hill* | $1,150 | -23.25% |
| Lyn Lake | $1,475 | 3.62% |
| Lyndale* | $799 | -19.74% |
| Marcy - Holmes | $1,244 | -16.81% |
| Minnehaha | $1,462 | N/A |
| Nokomis | $1,463 | -3.06% |
| North Loop | $1,824 | 5.70% |
| North St. Paul | $1,108 | -3.51% |
| Northeast Minneapolis | $1,504 | 2.25% |
| Phillips | $1,351 | 4.35% |
| Powderhorn | $1,357 | -2.44% |
| Prospect Park | $1,748 | -1.71% |
| Seward | $1,054 | -11.43% |
| Sheridan | $1,513 | 1.42% |
| South St. Paul | $883 | -21.31% |
| Southwest Minneapolis | $1,268 | 22.20% |
| St. Anthony Falls | $1,079 | -26.04% |
| Standish | $1,289 | N/A |
| Stevens Square Historic District | $934 | N/A |
| Stevens Square | $1,250 | -9.10% |
| University | $1,582 | -1.69% |
| Uptown | $1,852 | 0.91% |
| Ventura Village | $1,351 | 4.35% |
| Warehouse District | $1,692 | -9.16% |
| Washburn - Fair Oaks Historic District | $1,175 | 0.00% |
| West Calhoun | $1,474 | 9.59% |
| West St. Paul | $1,094 | 6.63% |
| Whittier | $1,407 | -2.86% |
| Windom Park | $1,213 | 6.83% |
Whether you prefer a historical home or contemporary apartment, Minneapolis has you covered. As you plan your move to the area, get used to meeting a lot of polite people. After all, the state isn't called Minnesota Nice for nothing.
Oh, and you'll start saying Skol a lot. Ask a Vikings fan. They'll indoctrinate you.
Tim is an Omaha-based freelance writer, online content creator and author who loves exploring the Midwest and beyond. In addition to writing The Walking Tourists travel blog, he has co-authored three books with his wife, Lisa: 100 Things to Do in Omaha Before You Die, Unique Eats and Eateries of Omaha, and 100 Things to Do in Nebraska Before You Die. Tim is a dad to two daughters and three cat sons. He is an avid sports fan, primarily enjoying football and hockey.