Welcome to Minneapolis, Minnesota, the City of Lakes! With a thriving fine arts scene and an enviable public park system, this city is a popular destination for renters looking to enjoy a blend of cityscape and midwestern greenspace.
Enticing as it sounds, it’s no secret that big-city living can come with an even bigger price tag. The culture, social life, and available entertainment often come with a cost: your housing price.
While finding an apartment close to all the excitement can be expensive, it is possible to work, play, and rent at a reasonable price. We’ve compiled a list to help you experience the best of Minneapolis without breaking the bank.
Five of the cheapest neighborhoods in Minneapolis in 2026 are:
Hawthorne, MN
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Average 1-bedroom rent in Minneapolis: $1,397/month
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Average 1-bedroom rent in Hawthorne: $1,111/month
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Median Home List Price in Hawthorne: $247,500
Hawthorne, nestled in North Minneapolis, stands out as an ideal neighborhood for renters seeking both character and value. Known for its historic charm and welcoming streets, Hawthorne offers a blend of affordable housing options and a friendly, close-knit community.
Here, you’ll find an inviting atmosphere that makes it easy to settle in—whether you’re drawn by classic architectural details, a warm neighborhood spirit, or the promise of more space for your budget.
Things to do in Hawthorne, MN
Green space is abundant in and around Hawthorne, offering renters a perfect escape from city bustle. The neighborhood’s crown jewel is Hawthorne Neighborhood Park, a central hub for recreation. While Hawthorne itself is primarily residential, its proximity to other North Minneapolis neighborhoods and Downtown puts a wealth of entertainment options within easy reach.
Stevens Square, MN
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Average 1-bedroom rent in Minneapolis: $1,397/month
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Average 1-bedroom rent in Stevens Square: $1,137/month
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Median Home List Price in Stevens Square: $150,000
Stevens Square, named in honor of Colonel John Stevens, the founder of Minneapolis, is a historic neighborhood located just south of downtown Minneapolis. Here, you will find a wonderful blend of vintage architecture and modern urban living. The area boasts stately brick buildings and incredibly easy access to the rest of the city.
Things to do in Stevens Square
Stevens Square packs a lot of personality into a relatively small geographic footprint. It holds the title as one of the most densely populated neighborhoods in Minneapolis. Living here means you rarely have to travel far to find something fun and engaging.
When you rent in Stevens Square, you live just blocks away from "Eat Street." This famous stretch of Nicollet Avenue hosts some of the best and most diverse restaurants in the entire state.
If you want live music or nightlife, downtown Minneapolis is essentially in your backyard. A quick walk or bus ride puts you right in the middle of the city's best theaters, concert venues, and dance clubs.
Seward, MN
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Average 1-bedroom rent in Minneapolis: $1,397/month
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Average 1-bedroom rent in Seward: $1,213/month
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Median Home List Price in Seward: $344,450
Located just east of downtown and bordering the stunning Mississippi River, Seward is one of Minneapolis’s oldest neighborhoods. Named after William H. Seward, the Secretary of State under Abraham Lincoln, the area quickly became a hub for early settlers. Originally farmland, Seward has evolved into a thriving community that perfectly balances big-city amenities with a close-knit, small-town charm.
Things to do in Seward
Outdoor enthusiasts will fall in love with the natural beauty surrounding Seward. The neighborhood borders the magnificent Mississippi River, providing immediate access to the West River Parkway. This scenic route offers miles of paved trails perfect for jogging, cycling, or simply enjoying a peaceful evening walk.
Loring Park, MN
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Average 1-bedroom rent in Minneapolis: $1,397/month
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Average 1-bedroom rent in Loring Park: $1,283/month
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Median Home List Price in Loring Park: $250,000
Sitting on the edge of downtown Minneapolis, Loring Park boasts a rich history that dates back to the late 1800s. Over the years, it has evolved into a serene retreat for renters seeking an escape from the bustling cityscape. For those who prefer contemporary living, the neighborhood offers sleek, modern high-rises equipped with luxury amenities like rooftop decks, providing stunning, unobstructed views of the downtown skyline.
Things to do in Loring Park
The neighborhood takes its name from the magnificent park at its center. Loring Park is the crown jewel of the area, offering renters a massive green space to explore and enjoy.
Loring Park is the epicenter for some of the best festivals and events in Minneapolis. During the summer, the neighborhood hosts the Loring Park Art Festival. This massive event fills the park with hundreds of local artists, live music, and incredible food vendors.
Glenwood Junction
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Average 1-bedroom rent in Minneapolis: $1,397/month
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Average 1-bedroom rent in Glenwood Junction: $1,329/month
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Median Home Value in Glenwood Junction: $350,000
Glenwood Junction is a coveted residential neighborhood about three miles northwest of Downtown Minneapolis. Rated as one of the top suburbs in the city, this neighborhood features highly-rated schools and proximity to the city center. Renters love the well-maintained streets and plentiful supply of nearby parks. Commuters enjoy easy access to Highway 55 for a quick trip into the city.
Things to do in Glenwood Junction, MN
This neighborhood is perfect for renters who would rather make an intentional trip to the city rather than have the excitement right outside their front door. Glenwood Junction is quiet and quaint, with a few restaurants and shopping centers within driving distance from homes and rentals.
Locals bike tree-lined streets to get to Theodore Wirth Regional Park, the largest park in the Minneapolis park system, and enjoy the playgrounds, soccer fields, and tennis courts available for recreation.
Make the Most of Your Move with Apartments.com
Whether you’re dropping in for a short-term lease or hoping to set down roots, Apartments.com has the tools to help you find an affordable apartment easily. Navigate housing across neighborhoods with our customized search engine. Once you find the perfect location, narrow the search to a price range that works for you.
No matter the budget, the options are endless with Apartments.com. Ready to get started? Pay less, live more, and rent on!
Apartment rent data provided by CoStar Group’s March 2026 reports
Originally published by Sarah Catherine Fordham on October 17, 2023
