Prospect Park

Minneapolis, MN

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Prospect Park - Minneapolis, MN Area Guide

An ideal location on the Mississippi River

Parks Outdoors Walkable University Affordable Community Riverfront

Bordering the University of Minnesota and the Mississippi River, Prospect Park is a historic neighborhood featuring a dynamic blend of modern amenities and lush natural beauty in a 1.25-square-mile package. Prospect Park residents enjoy a true community atmosphere fostered by an array of frequent festivals, events, block parties, and a community garden. Locals delight in sweeping views of the Minneapolis skyline at Tower Hill Park, which also boasts the iconic Witch’s Hat water tower. Within its borders, Prospect Park contains TCF Bank Stadium, home of the Minnesota Golden Gophers. The sprawling Surly Brewing Company is located in Prospect Park as well, offering residents access to a beer hall, beer garden, tours, event space, and an upstairs eatery.

University Avenue serves as the neighborhood’s main thoroughfare, touting an array of diverse eateries and shops. In addition to being remarkably walkable, Prospect Park is known for its great access to transportation, including I-94 and the Prospect Park Light Rail Station.

Explore the Neighborhood

Rent Trends

As of April 2026, the average apartment rent in Prospect Park is $1,205 for a studio, $1,514 for one bedroom, $2,009 for two bedrooms, and $3,395 for three bedrooms. Apartment rent in Prospect Park has increased by 0.6% in the past year.

  • Studio

  • 454 sq ft

    Average Sq Ft

  • $1,205/month

    Average Rent

  • 1 BR

  • 635 sq ft

    Average Sq Ft

  • $1,514/month

    Average Rent

  • 2 BR

  • 1,049 sq ft

    Average Sq Ft

  • $2,009/month

    Average Rent

  • 3 BR

  • 410 sq ft

    Average Sq Ft

  • $3,395/month

    Average Rent

Getting Around

Moderately Walkable

Walkability

70 / 100

Good Public Transit

Transit

60 / 100

Moderately Drivable

Drivability

70 / 100

Moderately Bikeable

Bikeability

70 / 100

Daily Essentials

Supermarket Within a 10 Minute Walk

Groceries

80 / 100

Good Restaurant Variety Nearby

Restaurants

60 / 100

Fair Café Variety Nearby

Cafes

40 / 100

Fair Variety of Shops Nearby

Shopping

40 / 100

Recreation

Exceptional Amount of Park Space Nearby

Parks

100 / 100

Good Wellness Amenity Variety Nearby

Wellness

70 / 100

Local Vibe

Vibrant Atmosphere at Times

Vibrancy

40 / 100

Limited Nightlife Variety Nearby

Nightlife

30 / 100

Moderately Noisy

Quiet Score

40 / 100

Points of Interest

Parks and Recreation

  • Luxton Park
  • Tower Hill Park
  • East River Flats Park
  • Matthews Park
  • Riverside Park

Airports

  • Minneapolis-St Paul International/Wold-Chamberlain

Top Apartments in Prospect Park

Houses for Rent in Prospect Park

Property Management Companies

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Methodology

† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.

Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.

Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2026.

Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.