Downtown Minneapolis renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Downtown Minneapolis is about $1,299 per month. This puts it in the 62nd percentile compared to the city average cost of rent, which is $1,169. Households in Downtown Minneapolis have a median income of $5,517 per month so the average renter in Downtown Minneapolis is spending roughly 24% of their earnings on housing.
Nationally, and in Downtown Minneapolis, home values are the data point most closely correlated with the cost of rent. The median price of a home in Downtown Minneapolis is $240,747 right now, which is higher than nearby neighborhoods, meaning that rents in Downtown Minneapolis also tend to be higher versus these nearby neighborhoods.
Higher rent prices are common in the northern parts of Downtown Minneapolis while lower rent rates are often available in northwestern areas.
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