201 Melbourne Ave SE
MinneapolisMN55414
Cheap Homes for Rent in Prospect Park Neighborhood of Minneapolis, MN from $2,300 (3 Rentals)
Search the lowest-cost Homes available for rent right now in the Prospect Park area of Minneapolis.
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.
1826 Franklin Ave SE
MinneapolisMN55414
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.
114 Bedford St SE
MinneapolisMN55414
Showing Results 1-3, Page 1 of 1
Prospect Park, Minneapolis, MN Local Guide
Copyright CoStar Group, Inc
How much does it cost to rent a home in Prospect Park?
| Bedroom | Average Rent | Cheapest Rent | Highest Rent |
|---|---|---|---|
| Prospect Park 3 Bedroom Homes for Rent | $2,795 | $2,795 | $2,795 |
| Prospect Park 4 Bedroom Homes for Rent | $3,200 | $3,200 | $3,200 |
| Prospect Park 5 Bedroom Homes for Rent | $3,650 | $3,650 | $3,650 |
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 3 rentals with your search options within a 2 mile radius of the Prospect Park Neighborhood of Minneapolis, MN.
Explore Minneapolis
Let everyone know!
Do you know the Prospect Park area?
If you’re an expert on all things Prospect Park, tell us what you love (and don't) by rating it and writing a review.
Write a Review
Best Value Apartments for Rent in Prospect Park, MN
As of April 23, 2026 the best value apartment in the Prospect Park area is the $0.52 price per square foot G2: 3 Bedrooms/3 Bathrooms Model at Factory Lofts in the in the University Of Minnesota neighborhood starting from $776. The second greatest value Prospect Park apartment is the Large 2B/2B: Full Unit Model at University Village starting at $2,150 with a $1.69 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 | $0.52 |
| University Village | Large 2B/2B: Full Unit | 2BR,2BA | $1.69 |
| The Arrow Apartments | 3.3S | 3BR,3BA | $0.82 |
| Brackett's Place Apartments | 2 Bedroom | 2BR,1BA | $1.48 |
| MAX | B10 | 1BR,1BA | $2.35 |
| 2508 33rd Ave S | 2508 33rd Ave S | 1BR,1BA | $2.00 |
| 624 Huron Apartments | Michigan | 1BR,1BA | $1.62 |
| East River Plaza | 1 Bedroom A | 1BR,1BA | $1.75 |
| Flats at Malcolm Yards | 1 Bedroom (511B360, 511B360b) | 1BR,1BA | $2.34 |
| 22 on the River | A-8b | 1BR,1BA | $2.52 |
Frequently Asked Questions about Prospect Park
What type of rentals are currently available in Prospect Park?
There are currently 86 Apartments for Rent in Prospect Park, MN with pricing that ranges from $580 to $3,700. There are also 4 Single Family Homes for rent, Condos, and Townhome rentals currently available in Prospect Park ranging from $2,795 to $3,650.
What is the current price range for Rental Homes in Prospect Park?
Today's rental pricing for Homes for Rent, Condos and Townhomes in Prospect Park ranges from $2,795 to $3,650 with an average monthly rent of $3,215.
How much are larger Three and Four Bedroom Rentals in Prospect Park?
For those who are looking for larger living arrangements, Three Bedroom Apartments in Prospect Park range from $739 to $3,217, while Three Bedroom Homes, Condos, and Townhomes for rent range from $2,795 to $2,795. Four Bedroom Single-Family rentals are also available starting from $3,200 and Four Bedroom Apartments start at $649.
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
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.
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.
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.
Authentic Minneapolis: An Insiders 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.
Articles, How-To's, and Tips
Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts
Written by: Lauren Harrington
This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.
What Does “Rent Burdened” Mean? How Much Rent Is Too Much
Written by: Lauren Harrington
This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.
Maximizing Your Refund: Essential Tax Tips for Renters
Written by: Christine Leonard, Esq.
Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.
18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property
Written by: Lauren Harrington
Renting your next home can feel thrilling and overwhelming at the same time.