Cheap Homes for Rent in Minneapolis, MN from $500 (97 Rentals)

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Search the lowest-cost Homes available for rent right now in Minneapolis.

property at 826 Clayland St

826 Clayland St

St. PaulMN55104

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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property at 2600 University Ave SE

2600 University Ave SE, Unit 301

2600 University Ave SE
MinneapolisMN55414
property at 2616 Harriet Ave

2616 Harriet Ave, Unit 319

2616 Harriet Ave
MinneapolisMN55408
property at 4711 Adair Ave N

4711 Adair Ave N

MinneapolisMN55429

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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property at 431 S 7th St

431 S 7th St, Unit Downtown Studio

431 S 7th St
MinneapolisMN55415
property at 431 S 7th St

431 S 7th St, Unit 2707

431 S 7th St
MinneapolisMN55415

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

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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property at 4207 Lakeside Ave N

4207 Lakeside Ave N

MinneapolisMN55429
property at 504 W Franklin Ave

504 W Franklin Ave

MinneapolisMN55405

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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property at 1204 Harmon Pl

1204 Harmon Pl

MinneapolisMN55403

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Minneapolis, MN Local Guide

Cheapest Neighborhoods for Apartments in Minneapolis, MN

Pricing Updated: 09/08/2025

Current apartment rentals in the Minneapolis, MN area range in price from $479 to $15,685 with an overall median price of $3,116. The three Minneapolis neighborhoods with the lowest median rent pricing are North of Maryland at $895, Stevens Square at $725, and Baker Annapolis at $800. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Minneapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
North of Maryland$1,250$89538
Stevens Square$1,385$725108
Baker Annapolis$1,682$80025
Summit Hill$1,699$90026
White Bear Parkway$1,750$1,02545
Bald Eagle$1,750$1,02523
White Bear Township$1,750$1,02522
Greater East Side$1,751$75545
Bryn-Mawr$1,760$935111
Downtown White Bear Lake$1,760$1,02545

Cheapest Available Minneapolis Apartments for Rent

 

The cheapest available apartment rental in Minneapolis, MN is a 4 Beds unit found at Radius in the University Of Minnesota neighborhood priced from $495. Allianze Sr. Community in the Twin Lakes neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $500. Here is today’s list of the most affordable Minneapolis apartments for rent:

Apartment ListingModel NameBed/BathPriced From
RadiusD64BR,3BA$495
Allianze Sr. Community1X11BR,1BA$500
Yugo Minneapolis Sydney Hall2 Bed, 2 Bath DinkyDome Double Renovated2BR,2BA$504
Paige HallEfficiencyStudio,1BA$551
Shelby CommonsOne Bedroom1BR,1BA$624
TreehouseExploration - One Bedroom1BR,1BA$626
Shoreline PlazaStudioStudio,1BA$653
The Quad on DelawareD1R - Renovated 4 Bedroom 4 Bath4BR,4BA$665
Morrison Village ApartmentsStudio/EfficiencyStudio,1BA$690
Lake Street DwellingS1 - StudioStudio,1BA$695

Best Value Apartments for Rent in Minneapolis, MN

As of September 09, 2025 the best value apartment in the Minneapolis area is the $0.72 price per square foot 834 University Ave W Model at 834 University Ave W, Unit 2 in the in the Summit-University neighborhood starting from $2,029. The second greatest value Minneapolis apartment is the 796 Stewart Ave Model at 796 Stewart Ave, Unit 796 starting at $850 with a $0.40 price per square foot in the Highland neighborhood. Here is today’s list of the best values for Minneapolis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
834 University Ave W, Unit 2834 University Ave W5BR,1BA$0.72
796 Stewart Ave, Unit 796796 Stewart Ave6BR,6BA$0.40
1435 West 31st St3BR/1.0BA3BR,1BA$0.97
Factory LoftsG2: 3 Bedrooms/3 Bathrooms3BR,3BA$0.50
Marshall at Finn4 Beds, 2 baths4BR,2BA$0.68
2300 Nicollet AvenueOne Bedroom1BR,1BA$0.97
Tradewinds Apartments1 Bed 1 Bath1BR,1BA$1.00
Bierman PlaceThe Quad - By-the-bed - Unfurnished4BR,2BA$0.60
Yugo Minneapolis 412 Lofts2 Bed, 2 Bath Classic2BR,2BA$0.97
RadiusB22BR,2BA$0.91

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Minneapolis, MN

Ranked #1

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

Pet Friendliness Lifestyle Score

2.5
Pet Friendly

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Minneapolis, MN Rentals by Map

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See the most popular apartments and homes in Minneapolis, MN

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Minneapolis, MN Area Reviews

  • Parks
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  • Restaurants
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  • Cost of Living
  • Safety

Stephanie • 4+ years in Minneapolis

February 25, 2025

A dream city for outdoorsy types who crave an urban experience...there's nothing like a day at the lakes or hitting up the Grand Rounds. Add amazing theater (like the Guthre) and restaurants and you have the perfect urban (but not too urban) lifestyle. The cost of living is going up but still pretty reasonable compared to most cities of a similar size and with similar cultural opportunities.

Frequently Asked Questions about Minneapolis

What type of rentals are currently available in Minneapolis?

There are currently 4961 Apartments for Rent in Minneapolis, MN with pricing that ranges from $479 to $15,685. There are also 598 Single Family Homes for rent, Condos, and Townhome rentals currently available in Minneapolis ranging from $570 to $19,500.

What is the current price range for Rental Homes in Minneapolis?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Minneapolis ranges from $570 to $19,500 with an average monthly rent of $2,268.

How much are larger Three and Four Bedroom Rentals in Minneapolis?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Minneapolis range from $495 to $10,090, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,350 to $7,850. Four Bedroom Single-Family rentals are also available starting from $1,660 and Four Bedroom Apartments start at $495.

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.