Cheap Homes for Rent in Diamond Lake Neighborhood of Minneapolis, MN from $1,400 (9 Rentals)

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Search the lowest-cost Homes available for rent right now in the Diamond Lake area of Minneapolis.

property at 5634 Nicollet Ave

5634 Nicollet Ave, Unit 5632 Nicollet

5634 Nicollet Ave
MinneapolisMN55419

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

Read Article
property at 6615 Lake Shore Dr S

6615 Lake Shore Dr S, Unit #900

6615 Lake Shore Dr S
MinneapolisMN55423

Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

Read Article
property at 4239 Longfellow Ave

4239 Longfellow Ave

MinneapolisMN55407
Showing Results 1-9, Page 1 of 1

Diamond Lake, Minneapolis, MN Local Guide

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 Wexford Commons Apartments priced from $875. Bossen Park Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $895. Here are the most affordable Diamond Lake apartments for rent in Minneapolis, MN:

Apartment ListingModel NameBed/BathPriced From
Wexford Commons ApartmentsEfficiencyStudio,1BA$875
Bossen Park Apartments1-bedroom1BR,1BA$895
WoodhavenS1Studio,1BA$915

Best Value Apartments for Rent in Diamond Lake, MN

As of September 15, 2025 the best value apartment in the Diamond Lake area is the $1.53 price per square foot 4406-1 Nicollet Ave Model at 4406-1 Nicollet Ave, Unit 1 in the in the Armatage neighborhood starting from $2,300. The second greatest value Diamond Lake apartment is the 4942 Lyndale Ave S Model at 4942 Lyndale Ave S, Unit #2 - Upper Floor starting at $2,340 with a $1.56 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 ListingModel NameBed/BathPrice Per Sq.Ft.
4406-1 Nicollet Ave, Unit 14406-1 Nicollet Ave3BR,2BA$1.53
4942 Lyndale Ave S, Unit #2 - Upper Floor4942 Lyndale Ave S3BR,1BA$1.56
4241 Cedar Ave S, Unit 42414241 Cedar Ave S2BR,1BA$1.36
Diamond Pointe ApartmentsTwo Bedroom2BR,1BA$1.57
Creek Terrace ApartmentsCreek - 2BR - Creek remodeled2BR,1.5BA$1.67
City Limits ApartmentsNokomis2BR,1BA$1.66
South Pleasant Apartments2BR/1.0BA2BR,1BA$1.69
Woodlake ParkLynwood1BR,1BA$1.71
4528 Bryant Ave S, Unit 54528 Bryant Ave S1BR,1BA$1.53
Bossen Park Apartments1-bedroom1BR,1BA$1.39

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Diamond Lake, Minneapolis, MN

Ranked #129

Among cities in Minnesota for Apartment listings with Pet Friendly Amenities.

Pet Friendliness Lifestyle Score

3.5
Pet Friendly

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Frequently Asked Questions about Diamond Lake

What type of rentals are currently available in Diamond Lake?

There are currently 189 Apartments for Rent in Diamond Lake, MN with pricing that ranges from $700 to $2,668. There are also 32 Single Family Homes for rent, Condos, and Townhome rentals currently available in Diamond Lake ranging from $1,425 to $19,500.

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 $1,425 to $19,500 with an average monthly rent of $5,794.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

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.

decorative image for A Local Expert’s Guide To the Top 10 Budget-Friendly Neighborhoods to Rent in Minneapolis article

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.

decorative image for The Rental Move-In Inspection Checklist: A Guide for Renters article

The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.

decorative image for The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro article

The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Written by: Christine Leonard, Esq.

Hard truth. Moving is never easy. I’ve done it all – from local moves to cross-country relocations From packing to unpacking the last box, I have found moving to be an exhausting, expensive and stressful experience every time.