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Rent Specials
$850 - $2,594
Plus Fees
Studio to 2 Bedroom Apartments Available Now22 on the River
22 27th Ave SEMinneapolis, MN 55414
Cheap Apartments for Rent in the Prospect Park Neighborhood of Minneapolis, MN from $500 (11 Rentals)
Search the lowest-cost Apartments available for rent right now in the Prospect Park area of Minneapolis.
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$940
Total Monthly Price12 Month Lease Term
1 Bedroom Apartments Available Jan 1, 2026Total Monthly Price
Base Rent
$925
Required Monthly Fees
$15
Total Monthly Price
$940
Yale Place
48 27th Ave SEMinneapolis, MN 55414
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$960 - $1,450
Plus Fees11 Month Lease Term
1 to 2 Bedroom Apartments Available NowStadium Village Apartments
1015 Essex St SEMinneapolis, MN 55414
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$1,071 - $1,739
Total Monthly Price12 Month Lease Term
1 to 2 Bedroom Apartments Available NowTotal Monthly Price
Base Rent
$1,067 - $1,735
Required Monthly Fees
$4
Total Monthly Price
$1,071 - $1,739
Flats at Malcolm Yards
505 SE Malcolm AveMinneapolis, MN 55414
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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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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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$860 - $2,506
Plus Fees
Studio to 2 Bedroom Apartments Available Now2700 University
2700 University Ave WSt. Paul, MN 55114
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Prospect Park, Minneapolis, MN Local Guide
Copyright CoStar Group, Inc
How much does it cost to rent an apartment in Prospect Park?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Prospect Park Studio Apartments | $1,327 | $850 | $1,705 |
| Prospect Park 1 Bedroom Apartments | $1,543 | $909 | $2,560 |
| Prospect Park 2 Bedroom Apartments | $1,712 | $580 | $4,510 |
| Prospect Park 3 Bedroom Apartments | $1,872 | $719 | $3,210 |
| Prospect Park 4 Bedroom Apartments | $1,484 | $639 | $2,890 |
Note: Properties with the Total Monthly Price badge include all required fees. Hover over the badge for details.
Browse Apartments in this Neighborhood
There are currently 11 rentals with your search options within a 2 mile radius of the Prospect Park Neighborhood of Minneapolis, MN.
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Cheapest Available Prospect Park Apartments for Rent
The cheapest available apartment rental in the Prospect Park area of Minneapolis, MN is a Studio unit found at 2700 University priced from $860. Solhaus Apartments & Tower has the second lowest priced unit, which is a 2 Beds apartment currently listed from $925. Here are the most affordable Prospect Park apartments for rent in Minneapolis, MN:
| Apartment Listing | Model Name | Bed/Bath | Priced From |
|---|---|---|---|
| 2700 University | Irvine | Studio,1BA | $860 |
| Solhaus Apartments & Tower | Calhoun | 2BR,2BA | $925 |
| Stadium Village Apartments | 1 Bed | 1BR,1BA | $960 |
| East River Plaza | 1 Bedroom A | 1BR,1BA | $1,135 |
| Flats at Malcolm Yards | 1 Bedroom (511B350, 511B350A, 511B350H/L) | 1BR,1BA | $1,205 |
Best Value Apartments for Rent in Prospect Park, MN
As of November 03, 2025 the best value apartment in the Prospect Park area is the $0.50 price per square foot G2: 3 Bedrooms/3 Bathrooms Model at Factory Lofts in the in the University Of Minnesota neighborhood starting from $745. The second greatest value Prospect Park apartment is the Standard 2B/2B: Full Unit Model at University Village starting at $1,750 with a $1.73 price per square foot in the University Of Minnesota neighborhood. Here is today’s list of the best values for Prospect Park apartments based on price per square foot:
| Apartment Listing | Model Name | Bed/Bath | Price Per Sq.Ft. |
|---|---|---|---|
| Factory Lofts | G2: 3 Bedrooms/3 Bathrooms | 3BR,3BA | $0.50 |
| University Village | Standard 2B/2B: Full Unit | 2BR,2BA | $1.73 |
| 2416 34th Ave S | 2416 34th Ave S | 2BR,1BA | $1.88 |
| 15 Malcolm Ave SE, Unit 3 | 15 Malcolm Ave SE | 2BR,1BA | $1.56 |
| Thornton Place Apartments | 1bd Apartment: Thornton Place (St. Paul Facing) | 1BR,1BA | $1.79 |
| Stadium Village Apartments | 1 Bed | 1BR,1BA | $1.37 |
| East River Plaza | 1 Bedroom A | 1BR,1BA | $1.75 |
| Riverside Flats | 1 Bedroom B | 1BR,1BA | $1.90 |
| Flats at Malcolm Yards | 1 Bedroom (511B360, 511B360b) | 1BR,1BA | $2.34 |
| 2700 University | Gilbert | Studio ,1BA | $2.56 |
Getting Around the Prospect Park Neighborhood in Minneapolis, MN
Walk Score®
76 / 100
Very Walkable
Most errands can be accomplished on foot
Bike Score®
92 / 100
Biker's Paradise
Daily errands can be accomplished on a bike
Transit Score®
61 / 100
Good Transit
Many nearby public transportation options
What Are Walk Score®, Transit Score®, and Bike Score® Ratings?
- Walk Score® measures the walkability of any address.
- Transit Score® measures access to public transit.
- Bike Score® measures the bikeability of any address.
Frequently Asked Questions about Cheap Prospect Park Apartments
What is a cheap apartment in Prospect Park?
A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Prospect Park is under $1,350.
What is the price of a cheap apartment in Prospect Park?
The cheapest apartment in Prospect Park is 2700 University which is listed at $901, while the average apartment in Prospect Park costs $1,950.
What types of apartments are the cheapest in Prospect Park?
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 67 regular apartments in Prospect Park 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 Prospect Park?
Cheap apartments in Prospect Park have an average cost of $1,102 which is $848 cheaper than the average rent for all rentals in Prospect Park.
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.
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.
Apartment Common Area Rules: What Renters Need to Know
Written by: Christine Leonard, Esq.
Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.
How to Negotiate Your Apartment Lease and Save Money
Written by: Christine Leonard, Esq.
Everything is a negotiation in real estate!
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.