Cheap Apartments for Rent in the Downtown Minneapolis Neighborhood of Minneapolis, MN from $500 (214 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Minneapolis area of Minneapolis.

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Remington Apartments
Rent Specials
$745 - $1,300
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$745 - $1,300
Total Monthly Price
$745 - $1,300
Studio to 2 Bedroom Apartments Available Soon

Remington Apartments

708 5th St SEMinneapolis, MN 55414
Cost Per Sq.Ft.
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Brentwood Apartments
$752 - $762
Total Monthly Price

Total Monthly Price

Base Rent
$735 - $745
Required Monthly Fees
$17
Total Monthly Price
$752 - $762
Studio Apartments Available Now

Brentwood Apartments

117-127 W Grant StMinneapolis, MN 55403
Transit Friendly
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  • Low Income
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Haverhill Apartments
Rent Specials
$782 - $837
Total Monthly Price

Total Monthly Price

Base Rent
$765 - $820
Required Monthly Fees
$17
Total Monthly Price
$782 - $837
Studio to 1 Bedroom Apartments Available Now

Haverhill Apartments

32-34 Spruce PlMinneapolis, MN 55403
Transit Friendly
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  • Low Income

What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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Loring Grove Apartments
$805 - $965
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$805 - $965
Total Monthly Price
Varies
Studio to 1 Bedroom Apartments Available Sep 8

Loring Grove Apartments

125 Oak Grove StMinneapolis, MN 55403
Corporate Housing
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Oak Grove Downtown
$840 - $902
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$825 - $887
Required Monthly Fees
Varies
Total Monthly Price
Varies
Studio Apartments Available Sep 11

Oak Grove Downtown

116 Oak Grove StMinneapolis, MN 55403
Corporate Housing
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  • Utilities Included

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.

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The Villa Apartments
$875 - $945
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$825 - $895
Required Monthly Fees
$50
Total Monthly Price
$875 - $945
Studio Apartments Available Now

The Villa Apartments

1111 S 7th StMinneapolis, MN 55415
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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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Studios at 7 Corners
$950 - $1,000
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$900 - $950
Required Monthly Fees
$50
Total Monthly Price
$950 - $1,000
Studio Apartments Available Now

Studios at 7 Corners

1414 S 3rd StMinneapolis, MN 55454
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801 4th St SE, Unit Limelight
$950
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$950
Total Monthly Price
$950
1 Bedroom Apartment Available Now

801 4th St SE, Unit Limelight

801 4th St SEMinneapolis, MN 55414
Cost Per Sq.Ft.
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225 Place Apartments
Rent Specials
$953
Total Monthly Price

Total Monthly Price

Base Rent
$949
Required Monthly Fees
Varies
Total Monthly Price
Varies
Studio Apartments Available Now

225 Place Apartments

225 W 15th StMinneapolis, MN 55403
Corporate Housing
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Five15 on the Park
$965 - $1,862
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$965 - $1,862
Total Monthly Price
Varies
Studio to 2 Bedroom Apartments Available Now

Five15 on the Park

515 15th Ave SMinneapolis, MN 55454
Furnished
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  • Low Income
property at 431 S 7th St

$995 - $1,199

Total Monthly Price

Total Monthly Price

Base Rent
$995
Total Monthly Price
$995

Studio Rentals

Available Now

431 S 7th St

MinneapolisMN55415
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LaSalle Apartments
Rent Specials
$1,014 - $1,684
Total Monthly Price

Total Monthly Price

Base Rent
$999 - $1,669
Required Monthly Fees
$15
Total Monthly Price
$1,014 - $1,684
Studio to 1 Bedroom Apartments Available Now

LaSalle Apartments

36 S 9th StMinneapolis, MN 55402
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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.

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The Redwell
$1,075 - $1,234
Total Monthly Price12 Month Lease Term

Total Monthly Price

Base Rent
$1,075 - $1,234
Total Monthly Price
Varies
Studio to 1 Bedroom Apartments Available Now

The Redwell

1020 3rd St NMinneapolis, MN 55401
Transit Friendly
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  • Low Income
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Laurel Village
Rent Specials
$1,100 - $2,500
Plus Fees12 Month Lease Term
Studio to 2 Bedroom Apartments Contact Us For Availability

Laurel Village

1254 Hennepin Ave NMinneapolis, MN 55403
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property at 530 SE 5th St

$1,100

Total Monthly Price

Total Monthly Price

Base Rent
$1,100
Total Monthly Price
$1,100

1 Bedroom, 1 Bath Home for Rent

Available Aug 1

530 SE 5th St

MinneapolisMN55414

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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Downtown Minneapolis, Minneapolis, MN Local Guide

Cheapest Available Downtown Minneapolis Apartments for Rent

 

The cheapest available apartment rental in the Downtown Minneapolis area of Minneapolis, MN is a Studio unit found at Shoreline Plaza priced from $653. Holmes Park Village has the second lowest priced unit, which is a 2 Beds apartment currently listed from $723. Here are the most affordable Downtown Minneapolis apartments for rent in Minneapolis, MN:

Apartment ListingModel NameBed/BathPriced From
Shoreline PlazaStudioStudio,1BA$653
Holmes Park Village2 Bedroom2BR,1BA$723
Remington ApartmentsStudio September Move InStudio,1BA$745
Copenhagen Enterprises1815 First Ave StudioStudio,1BA$750
Lilium Apartments and Centennial Place900 Centennial Place StudioStudio,1BA$750
Brentwood Apartments0BR/1.0BAStudio,1BA$752
Seven CornersStudioStudio,1BA$760
214 Oak Grove | Origen Living0BR/1.0BAStudio,1BA$772
Haverhill Apartments1BR/1.0BA1BR,1BA$782
Stevens Community ApartmentsStudioStudio,1BA$795

Best Value Apartments for Rent in Downtown Minneapolis, MN

As of July 15, 2026 the best value apartment in the Downtown Minneapolis area is the $1.14 price per square foot Type B Model at 416 Lofts in the in the Greater Central neighborhood starting from $1,480. The second greatest value Downtown Minneapolis apartment is the 2bed 2bath with large deck Model at Three-Thirty-Three Oak Grove starting at $1,500 with a $1.36 price per square foot in the Greater Central neighborhood. Here is today’s list of the best values for Downtown Minneapolis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
416 LoftsType B2BR,1BA$1.14
Three-Thirty-Three Oak Grove2bed 2bath with large deck2BR,2BA$1.36
Lee LoftsCowboy1BR,1BA$1.72
801 4th St SE, Unit Limelight801 4th St SE1BR,1BA$0.95
Riverside HomesSilver Maple2BR,1BA$1.45
Lowry Hill Apartments1 bedroom1BR,1BA$1.38
Remington ApartmentsStudio September Move InStudio ,1BA$1.35
Spruce Place Apartments1 Bed1BR,1BA$1.45
Stevens Community ApartmentsStudioStudio ,1BA$1.59
Seven CornersStudioStudio ,1BA$1.58

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.

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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.

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Real 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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Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Pet Friendly Lifestyle
Downtown Minneapolis, Minneapolis, MN

Ranked #13

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

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of neighborhoods, cities, and rental properties across Minnesota and customized analysis for Central Minneapolis. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including searching for the best amenities, and convenient access to the outdoors, transit availability, pet-friendly communities, family-friendly amenities, and much more. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap Downtown Minneapolis Apartments

What is a cheap apartment in Downtown Minneapolis?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Minneapolis is under $795.

What is the price of a cheap apartment in Downtown Minneapolis?

The cheapest apartment in Downtown Minneapolis is Haverhill Apartments which is listed at $782, while the average apartment in Downtown Minneapolis costs $4,650.

What types of apartments are the cheapest in Downtown Minneapolis?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 114 regular apartments in Downtown Minneapolis that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Downtown Minneapolis?

Cheap apartments in Downtown Minneapolis have an average cost of $510 which is $4,140 cheaper than the average rent for all rentals in Downtown Minneapolis.

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

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

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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.

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Enjoy Twin Cities Campus Life: Top Minneapolis Neighborhoods for Student Renters

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I'm Stephanie, your ApartmentHomeLiving.com Local Expert for Minneapolis, MN.

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Blending Career and Community: Top Neighborhoods to Rent Near Major Minneapolis Employers

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Authentic Minneapolis: An Insider's Guide to Renting in the City of Lakes

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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.

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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

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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.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

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There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.