Groove Lofts
608 2nd Ave S,
Minneapolis, MN 55402
$1,386 - $2,300 Plus Fees
Studio - 4 Beds
Rental Market Trends in Minneapolis, MN
What is the average rent in Minneapolis, MN?
$1,422/month
Average Rent
663 Sq Ft
Average Apartment Size
+2.1%
Increase in the Last Year
Minneapolis, MN Rental Market Overview
The average rent in Minneapolis, MN is $1,422 per month. For comparison, the national average rent price in the US is currently $1,644/month, which means Minneapolis rent prices are 14% lower than the national average.
- Studio apartments in Minneapolis average $1,143 per month.
- One-bedroom apartments in Minneapolis average $1,422 per month.
- Two-bedroom apartments in Minneapolis average $2,124 per month.
- Three-bedroom apartments in Minneapolis average $2,405 or more per month.
Data Updated: June, 2026
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Minneapolis, MN?
In the past year, rent has increased by 2.1%, which averages out to $30 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated June 2026
Legend
2025
2026
Rent Ranges in Minneapolis, MN
Last Updated June 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
2%
Below $700/month
30%
$700 - $1,000/month
45%
$1,001 - $1,500/month
16%
$1,501 - $2,000/month
8%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Minneapolis?
Based on current rent prices, Skyway, Powderhorn Park and Ventura Village are the most affordable neighborhoods in Minneapolis.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Minneapolis?
Based on current rent prices, West Fulton, Cedar-Isles-Dean and Downtown East are the most expensive neighborhoods in Minneapolis.
Neighborhood
Average Rent
Average Sq Ft
Which Minneapolis neighborhoods have the most rentals available?
The neighborhoods in Minneapolis with the most apartments available are Uptown Minneapolis, Downtown Minneapolis and Warehouse District .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Minneapolis, MN?
Because the average rent in Minneapolis is $1,422, you’ll want to make about $4,740 per month or $56,880 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
Cost of Living
The cost of living in Minneapolis, MN is 8.0% lower than the national average. Generally, housing in Minneapolis is 19.5% less expensive than the national average, with rent falling between $1,143 - $2,405. You can expect to pay 1.6% more for groceries, 4.7% less for utilities, and 3.8% less for transportation.
How does Minneapolis, MN compare to other nearby cities and neighborhoods?
Use the tool below to compare Minneapolis, MN to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$1,019/month
-
One Bedroom
$1,209/month
$3,230/month
Two Bedroom
$1,415/month
$5,575/month
Three Bedroom
$1,781/month
$7,585/month
Nearby City Rent Trends
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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 June 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.
* Percentages may not total 100 due to rounding.