Groove Lofts
608 2nd Ave S,
Minneapolis, MN 55402
Studio - 4 Beds | $1,396 - $2,213
Rental Market Trends in Minneapolis, MN
Updated July 2026
The average rent in Minneapolis, MN is $1,425/month.
Rent in Minneapolis is roughly equal to the national average rent of of $1,663/month.
$1,425/month
Average Rent
662 Sq Ft
Average Size
+2.6%
Change / Year
8,290
Available Apartments
Minneapolis rent varies by unit size and layout:
- Studio apartments in Minneapolis average $1,151 per month.
- One-bedroom apartments in Minneapolis average $1,425 per month.
- Two-bedroom apartments in Minneapolis average $2,123 per month.
- Three-bedroom apartments in Minneapolis average $2,410 or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Minneapolis, MN?
In the past year, rent has increased by 2.6%, which averages out to $37 more per month.
Market Trends Over Time
July 2026
2025
2026
Rent Ranges in Minneapolis, MN
July 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
2%
Below $700/month
29%
$700 - $1,000/month
45%
$1,001 - $1,500/month
16%
$1,501 - $2,000/month
8%
Above $2,000/month
Rent by Neighborhood
What are the most affordable neighborhoods in Minneapolis?
Based on current rent prices, Willow Park, Ventura Village and Stevens Square 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 Nicollet Island 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 $1,425, you’ll want to make about $4,750 per month or $57,000 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 7.7% lower than the national average. Generally, housing in Minneapolis is 19.2% less expensive than the national average, with rent falling between $1,151 - $2,410. You can expect to pay 1.3% more for groceries, 5.0% less for utilities, and 4.5% 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.
View the Minneapolis Area GuideStudio
-
-
One Bedroom
$1,164/month
$3,246/month
Two Bedroom
$1,398/month
$5,640/month
Three Bedroom
-
$7,703/month
Compare Rent Trends Nearby
Get a clearer picture of the area by viewing rent trends in nearby cities.
Apartment Communities in Minneapolis We Think You'll Love
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Frequently Asked Questions
What is the average rent in Minneapolis?
The average rent in Minneapolis is $1,425 per month, which is 14.3% lower than the national average of $1,663.
What is the average rent for a house in Minneapolis?
The average rent for a house in Minneapolis, MN is $2,415 per month.
What is the average rent for a townhome in Minneapolis?
The average rent for a townhome in Minneapolis, MN is $1,993 per month.
What is the average rent for a condo in Minneapolis?
The average rent for a condo in Minneapolis, MN is $1,444 per month.
Are rents going up or down in Minneapolis?
Rents in Minneapolis, MN are increasing, with prices up 2.6% year-over-year and $37 more per month.
What rent range is most common in Minneapolis?
In Minneapolis, MN, 45% of apartments fall between $1,001 - $1,500/month, though prices may vary depending on location and other factors.
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.