Cheap Apartments for Rent in Minneapolis, MN from $400 (1,630 Rentals)

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

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Minneapolis, MN Local Guide

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Written By:
Justin Habersaat
Editing Staff

Cheapest Neighborhoods for Apartments in Minneapolis, MN

Pricing Updated: 05/10/2025

Current apartment rentals in the Minneapolis, MN area range in price from $495 to $23,459 with an overall median price of $3,028. The three Minneapolis neighborhoods with the lowest median rent pricing are Bancroft at $1,200, South of Maryland at $795, and Folwell at $1,400. Here is today’s list of the top 10 neighborhoods with the lowest median pricing for Minneapolis Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Bancroft$1,200$1,2001
South of Maryland$1,321$79548
Folwell$1,475$1,4002
Keewaydin$1,650$1,6501
Somerset Hills$1,725$84625
Manitou Village$1,749$1,02535
Bald Eagle$1,749$1,02542
Downtown White Bear Lake$1,749$1,5752
Conway$1,750$755186
Highwood$1,750$854134

Cheapest Available Minneapolis Apartments for Rent

 

The cheapest available apartment rental in Minneapolis, MN is a 2 Beds unit found at East Phillips Commons in the Powderhorn neighborhood priced from $400. Allianze Sr. Community in the Skyway 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
East Phillips Commons2 Bedroom2BR,1BA$400
Allianze Sr. Community1X11BR,1BA$500
Paige HallEfficiencyStudio,1BA$551
The Quad on DelawareD1R - Renovated 4 Bedroom 4 Bath4BR,4BA$640
Shoreline PlazaStudioStudio,1BA$653
Wadaag Commons1 BR Apartment1BR,1BA$676
Charles FlatsStudioStudio,1BA$695
Buri ManorEfficiencyStudio,1BA$699
Stevens Community ApartmentsStudioStudio,1BA$700
The BalmoralEfficiencyStudio,1BA$718

Best Value Apartments for Rent in Minneapolis, MN

As of May 10, 2025 the best value apartment in the Minneapolis area is the $0.69 price per square foot 1023 James Ave N Model at 1023 James Ave N, Unit 1023 in the in the Greater Near North neighborhood starting from $1,500. The second greatest value Minneapolis apartment is the 1-Month Free for a Limited Time Only! Model at Grand & Finn II starting at $795 with a $0.60 price per square foot in the Macalester-Groveland 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.
1023 James Ave N, Unit 10231023 James Ave N2BR,1BA$0.69
Grand & Finn II1-Month Free for a Limited Time Only!4BR,2BA$0.60
Bass Lake Crossing2bed2BR,1BA$1.04
East Phillips Commons2 Bedroom2BR,1BA$0.39
Lynwood Pointe1 Bedroom1BR,1BA$1.10
2215 W 74th St1 Bed, 1 Bath1BR,1BA$1.05
Three-Thirty-Three Oak Grove1 bed 1 Beth1BR,1BA$1.09
Park 851BR/1BA1BR,1BA$1.12
The Quad on DelawareB1R - Renovated 2 Bedroom 2 Bath2BR,2BA$1.10
The Pavilion on Berry Apartments2 Bedroom, 2 Bath2BR,2BA$1.01

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Minneapolis Overview

Where the Mississippi and Minnesota Rivers meet, sits Minneapolis and its sister city Saint Paul. With Minneapolis having the largest population in the state and Saint Paul being the capital, these Twin Cities form the second-largest economic center of the Midwest. The area is surrounded by scenic water parks, including rivers, lakes, wetlands, and waterfalls, making it the perfect city for watersport fans. Connected by the Grand Rounds National Scenic Byway, these green spaces link together through seven districts around the city. Minneapolis is also considered a global city and a significant contributor to the world economy. With the fifth-highest number of Fortune 500 companies in the country, apartments in Minneapolis are perfect for young professionals to live.

Why live in Minneapolis, MN?

The Twin Cities are considered the Midwest’s cultural capital with more than 60 museums, 30 stage theaters, and ten dance companies. With unique attractions, world-class dining, and miles of green spaces, it has the best of two cities for the price of one. With nearly two dozen Fortune 500 companies calling Minneapolis home, such as UnitedHealth Group, Target, and Best Buy, the local economy continues to grow. No sales tax on clothing makes shopping at the Mall of America, the largest mall in the country, that much better.

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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Getting Around Minneapolis, MN

Walk Score®

75 / 100

Very Walkable

Most errands can be accomplished on foot

Bike Score®

83 / 100

Very Bikeable

Biking is convenient for most trips

Transit Score®

52 / 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.

Minneapolis, MN Area Reviews

  • Parks
  • Entertainment
  • Local Vibes
  • Restaurants
  • Location
  • Traffic
  • Public Transportation
  • Outdoor Access
  • 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 Cheap Minneapolis Apartments

What is a cheap apartment in Minneapolis?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Minneapolis is under $718.

What is the price of a cheap apartment in Minneapolis?

The cheapest apartment in Minneapolis is Allianze Sr. Community which is listed at $500, while the average apartment in Minneapolis costs $3,028.

What types of apartments are the cheapest in 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 14,627 regular apartments in 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 Minneapolis?

Cheap apartments in Minneapolis have an average cost of $416 which is $2,612 cheaper than the average rent for all rentals in Minneapolis.

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.

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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.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.