5430 S 34th Ave
MinneapolisMN55417
Cheap Homes for Rent in the Diamond Lake Neighborhood of Minneapolis, MN from $1,200 (10 Rentals)
Search the lowest-cost Homes available for rent right now in the Diamond Lake area of Minneapolis.
6615 Lake Shore Dr S
MinneapolisMN55423
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$1,2751 Bedroom Apartments Available Now
4620 4th Ave S, Unit 1
4620 4th Ave SMinneapolis, MN 55419
7311 Aldrich Ave S
RichfieldMN55423
7311 Aldrich Ave S
MinneapolisMN55423
Authentic Minneapolis: An Insider's Guide to Renting in the City of Lakes
Get the inside scoop on Minneapolis apartment living from a local expert. Explore the best neighborhoods for renting, fascinating history, top attractions, and must-try dining.
7215 12th Ave S
MinneapolisMN55423
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$2,1003 Bedroom Apartments Available Sep 15
6029 Portland Ave S
6029 Portland Ave SMinneapolis, MN 55417
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$2,1003 Bedroom Apartments Available Sep 1
6336 Nicollet Ave, Unit 1
6336 Nicollet AveMinneapolis, MN 55423
5000 Lyndale Ave S, Unit Main floor
5000 Lyndale Ave S
MinneapolisMN55419
4322 Bloomington Ave
MinneapolisMN55407
Rent According to Income: A Look at Income-Restricted Rentals
Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.
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Diamond Lake, Minneapolis, MN Local Guide
Target Field
in Minneapolis by Flickr User: mulad is licensed under CC BY 2.0
How much does it cost to rent a home in Diamond Lake?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Diamond Lake 2 Bedroom Homes for Rent | $1,880 | $1,695 | $2,250 |
| Diamond Lake 3 Bedroom Homes for Rent | $2,538 | $2,095 | $3,200 |
| Diamond Lake 4 Bedroom Homes for Rent | $2,751 | $2,395 | $3,000 |
| Diamond Lake 5 Bedroom Homes for Rent | $6,975 | $6,975 | $6,975 |
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Browse Homes for Rent in this Neighborhood
There are currently 10 rentals with your search options within a 2 mile radius of the Diamond Lake Neighborhood of Minneapolis, MN.
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Diamond Lake, Minneapolis, MN Local Guide
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Cheapest Available Diamond Lake Apartments for Rent
The cheapest available apartment rental in the Diamond Lake area of Minneapolis, MN is a Studio unit found at Diamond Lake priced from $850. Richlyn has the second lowest priced unit, which is a Studio apartment currently listed from $913. Here are the most affordable Diamond Lake apartments for rent in Minneapolis, MN:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| Diamond Lake | East - Studio | Studio,1BA | $850 |
| Richlyn | Unit 2 - 50% AMI | Studio,1BA | $913 |
| 4225 Bloomington Ave | 1 Bedroom 1 Bath | 1BR,1BA | $975 |
Best Value Apartments for Rent in Diamond Lake, MN
As of August 26, 2026 the best value apartment in the Diamond Lake area is the $1.94 price per square foot 2BR Penthouse - PH2 Model at The Aubrey in the in the Armatage neighborhood starting from $2,695. The second greatest value Diamond Lake apartment is the Harriet Model at City Limits Apartments starting at $1,480 with a $1.62 price per square foot in the Armatage neighborhood. Here is today’s list of the best values for Diamond Lake apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| The Aubrey | 2BR Penthouse - PH2 | 2BR,2BA | $1.94 |
| City Limits Apartments | Harriet | 2BR,1BA | $1.62 |
| Diamond Pointe Apartments | Two Bedroom | 2BR,1BA | $1.57 |
| Cedar Apartments | 2 Bedroom | 2BR,1BA | $1.60 |
| ReNew Minnehaha | A1 | 1BR,1BA | $1.65 |
| South Pleasant Apartments | 2BR/1.0BA | 2BR,1BA | $1.56 |
| Karmel Apartments | 1 BR, 1 BA | 1BR,1BA | $1.78 |
| 4225 Bloomington Ave | 1 Bedroom 1 Bath | 1BR,1BA | $1.50 |
| Lyndale Gardens | 1 Bedroom Large | 1BR,1BA | $1.82 |
| Garden Apartments | 1Bed/Bath | 1BR,1BA | $1.71 |
Don't Settle: How to Negotiate Your Apartment Lease and Save Money
Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.
Read Article
Enjoy Twin Cities Campus Life: Top Minneapolis Neighborhoods for Student Renters
Discover the best Minneapolis neighborhoods for student renters! Find ideal apartments near major Twin Cities campuses & enjoy vibrant student life.
Read ArticleReal Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University
From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.
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Pet Friendly LifestyleDiamond Lake, Minneapolis, MN
Ranked #115
Among cities in Minnesota for Apartment listings with Pet Friendly Amenities.
Pet Friendliness Lifestyle Score
4.0Pet Friendly
Frequently Asked Questions about Diamond Lake
What type of rentals are currently available in Diamond Lake?
There are currently 190 Apartments for Rent in Diamond Lake, MN with pricing that ranges from $850 to $2,995. There are also 32 Single Family Homes for rent, Condos, and Townhome rentals currently available in Diamond Lake ranging from $1,200 to $6,975.
What is the current price range for Rental Homes in Diamond Lake?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Diamond Lake ranges from $1,200 to $6,975 with an average monthly rent of $2,357.
How much are larger Three and Four Bedroom Rentals in Diamond Lake?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Diamond Lake range from $1,615 to $2,995, while Three Bedroom Homes, Condos, and Townhomes for rent range from $2,095 to $3,200. Four Bedroom Single-Family rentals are also available starting from $2,395 and Four Bedroom Apartments start at $2,799.
Expert Rental Resources
The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.
Helpful Local Expert Guides
Authentic Minneapolis: An Insider's Guide to Renting in the City of Lakes
Written by: Stephanie Lica
Hello from the Twin Cities! I’m Stephanie — your ApartmentHomeLiving.com Local Expert for Minneapolis. I’m here to give you the inside scoop on this frigid, yet fascinating city.
Blending Career and Community: Top Neighborhoods to Rent Near Major Minneapolis Employers
Written by: Stephanie Lica
I'm Stephanie, your ApartmentHomeLiving.com Local Expert for Minneapolis, Minnesota. I love life in the Twin Cities.
Enjoy Twin Cities Campus Life: Top Minneapolis Neighborhoods for Student Renters
Written by: Stephanie Lica
I'm Stephanie, your ApartmentHomeLiving.com Local Expert for Minneapolis, MN.
A Local Expert’s Guide To the Top 10 Budget-Friendly Neighborhoods to Rent in Minneapolis
Written by: Stephanie Lica
I'm Stephanie, your ApartmentHomeLiving.com Local Expert for Minneapolis, MN. I've lived in Minnesota all my life, save for a brief stint in Wisconsin.
Articles, How-To's, and Tips
Rent According to Income: A Look at Income-Restricted Rentals
Written by: Robin Stewart
The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.
Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags
Written by: Robin Stewart
Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.
First Apartment Regrets: Real Renters Share What They'd Do Differently
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Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.
Renters Insurance 101: What It Is, What It Covers, and Why You Need It
Written by: Robin Stewart
Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.