Last month, Minneapolis maintained position as the 18th most expensive rental market in the country, as one bedroom rents were down 2.6% to $1,120 and two bedrooms slid 3.6% to $1,350. Though still in the top 20 markets, prices in the Minneapolis area have fallen considerably off the highs seen last year. In the past year rents have declined 13.8% and 18.2% for one and two bedrooms, respectively.
Despite this trend, a fairly wide spread exists when looking closer at neighborhood prices, with prices ranging anywhere from $600-$1,600 for a one bedroom.
The most expensive neighborhoods to rent in Minneapolis this fall include Downtown East ($1,780), the Warehouse District ($1,610), and Downtown West ($1,539). Other pricier areas included Nicollet Island, Logan Park, and Summer – Glenwood. On the flip side, more affordable finds were located in the northwest section of the map above, including Near North, Hawthorne, and to the east with Como, Lauderdale, and St. Anthony.
If you’re interested in seeing how Minneapolis stacks up to the rest of the United States, view our September National Rent Report, which analyzes over 1 million active listings available in the prior month. Or our Minneapolis/St. Paul specific Twin Cities Rent Report.
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