Rental market snapshot for Minneapolis, Minnesota

Minneapolis, Minnesota Rental Property Market Overview

The average rent for an apartment in Minneapolis is $1,762. The cost of rent varies depending on several factors, including location, size, and quality.

The average rent has increased by 1.6% over the past year.

Minneapolis is the largest city in the state of Minnesota and is the county seat of Hennepin County. The city is located on both banks of the Mississippi River, just north of the confluence with the Minnesota River, and adjoins Saint Paul, the state's capital. Known as the "Twin Cities", Minneapolis-St. Paul is the 16th-largest metropolitan area in the United States, with about 3.6 million residents. The Metropolitan Council is the Twin Cities' regional governmental body. Minneapolis lies on both banks of the Mississippi River, just north of the river's confluence with the Minnesota River, and adjoins Saint Paul, the state's capital. The city's name is attributed to its first schoolteacher, who combined mni, a Dakota Sioux word for water, and polis, the Greek word for city. Minneapolis has a continental climate, with hot summers and cold winters. The city experiences four distinct seasons: winter, spring, summer, and fall. Minneapolis is home to four professional sports teams: the Minnesota Twins (Major League Baseball), the Minnesota Vikings (National Football League), the Minnesota Lynx (Women's National Basketball Association), and the Minnesota Wild (National Hockey League). The city is also home to the University of Minnesota, as well as several other colleges and universities.

Last Updated December 23, 2022

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Average monthly rent graph in Minneapolis Minnesota | Cost of Living

  • The most expensive ZIP Code in Minneapolis is 55415 with an average price of $2,445
  • The cheapest ZIP Code in Minneapolis is 55429 with an average price of $1,075

Minneapolis ZIP Codes with the highest, most expensive rent

#zip codeaverage rent
155415$2,445
255431$2,440
355410$2,380
455445$2,290
555427$2,160
655446$2,150
755429$2,125
855426$2,090
955423$2,050
1055420$1,999

Live near Minneapolis, Minnesota's Top Sights and Attractions

The Mississippi National River and Recreation Area is a 72-mile long park that follows the Mississippi River through Minneapolis. The park offers hiking, biking, and horseback riding trails, picnicking areas, and opportunities for fishing, canoeing, and kayaking. There are also several visitor centers that offer interpretive programs about the river and its history.

Mill Ruins Park is a park located in Minneapolis, Minnesota. The park is built on the ruins of the Washburn A Mill, which was destroyed in a fire in 1878. The park features a walking path, a waterfall, and a view of the Mississippi River.

Painter Park is a public park located in Minneapolis, Minnesota. The park features a playground, a basketball court, a picnic area, and a walking trail.

Longfellow Park Rink is an outdoor ice skating rink located in Minneapolis, Minnesota. The rink is open to the public from early November through late February.

Peavey Park is a large city park located in downtown Minneapolis. The park is home to a variety of amenities, including a playground, a basketball court, a picnic area, and a walking trail. Peavey Park is also a popular spot for concerts and other events.

North Commons Park is a public park located in the North Minneapolis neighborhood. The park features a playground, basketball courts, a spray pool, and a picnic shelter. The park is also home to a community garden and a farmers market.

Lake Nokomis is a beautiful lake located in Minneapolis, Minnesota. The lake is surrounded by trees and has a walking path that goes around it. There are also benches located around the lake where people can sit and enjoy the view.

Minneapolis Ghost Walks is a guided walking tour through the spooky side of Minneapolis. The tour covers haunted history, ghost stories, and visits to some of the most haunted locations in the city.

Minneapolis, Minnesota area median rent change by ZIP Code map

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How does Minneapolis compare to other cities in Minnesota ?

citymedian price
Rochester$1,395
Andover$2,095
Inver Grove Heights$2,125
North Saint Paul$1,595
North Saint Paul$1,595
Hastings$2,400
Mounds View$2,095
Shakopee$1,795
Saint Louis Park$1,838

Average household income in Minneapolis area graph - US Census

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The median household income in Minneapolis in 2021 was $66,068. This represents a 39.2% change from 2011 when the median was $47,478.

#categorypercent
0Less than $10,0007.4%
1$10,000 to $14,9995.1%
2$15,000 to $19,9993.8%
3$20,000 to $24,9994.0%
4$25,000 to $29,9993.7%
5$30,000 to $34,9993.8%
6$35,000 to $39,9993.9%
7$40,000 to $44,9993.8%
8$45,000 to $49,9993.6%
9$50,000 to $59,9997.0%
10$60,000 to $74,9999.3%
11$75,000 to $99,99912.4%
12$100,000 to $124,9999.1%
13$125,000 to $149,9996.3%
14$150,000 to $199,9997.5%
15$200,000 or more9.4%

Frequently asked questions

Our data is best categorized as "alternative data", which is a burgeoning sector. Through partnerships and direct feeds, we extract key factual elements that are publicly available within rental listings on internet listing sites and property websites. Once aggregated, we mine through the data to parse out relevant insights and calculate important metrics, benchmarks, and other KPIs. Each week, our system sifts through millions of listing observations and other pockets of market information to deliver the most comprehensive picture of rental housing available.

This is a metric that we try not to overthink. Simply, we take each unique listing observation within a geographic boundary and calculate a simple average. Of course, we're careful to filter for duplicates and other listings that aren't reflective of the market.

Yes, but please attribute us accordingly.

Yes. We can deliver bulk raw data in various formats. Please contact us to discuss - [email protected]

While some of our data is refreshed daily and other data comes in weekly, the bulk of it comes in on a biweekly basis.

Our coverage is nationwide! In our platform, we have data points for every ZIP code and neighborhood boundary in the country.

Every rental housing unit is differentiated by attributes such as its location, square footage, and amenity composition. Thanks to machine learning and natural language processing technologies we deploy, we're able to deconstruct our rental listing data points and identify key amenities for each listing. With this information, we're able to give signals around how certain amenities drive rental pricing value in certain areas.

Well, we think so! At the highest level, our process is simple. Listings data is ingested, cleaned (de-duplicated. etc.), analyzed for insights, and then presented to our users.
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