42 Apartments under $900 for rent in Minneapolis, MN
January 2020 Minneapolis Rent Report
Welcome to the January 2020 Minneapolis Rent Report. Minneapolis rents remained steady over the past month. In this report, we'll evaluate trends in the Minneapolis rental market, including comparisons to cities throughout the metro, state, and nation.
January 2020 Minneapolis Rent Report
Welcome to the January 2020 Minneapolis Rent Report. Minneapolis rents remained steady over the past month. In this report, we'll evaluate trends in the Minneapolis rental market, including comparisons to cities throughout the metro, state, and nation.
Minneapolis rents declined over the past month
Minneapolis rents have remained flat over the past month, however, they have increased slightly by 1.2% year-over-year. Currently, median rents in Minneapolis stand at $912 for a one-bedroom apartment and $1,150 for a two-bedroom. Minneapolis' year-over-year rent growth lags the state average of 1.3%, as well as the national average of 1.4%.
Rents rising across the Minneapolis Metro
Throughout the past year, rent increases have been occurring not just in the city of Minneapolis, but across the entire metro. Of the largest 10 cities that we have data for in the Minneapolis metro, 8 of them have seen prices rise. Here's a look at how rents compare across some of the largest cities in the metro.
- Forest Lake has seen rents fall by 1.8% over the past year, the biggest drop in the metro. It also has the least expensive rents in the Minneapolis metro, with a two-bedroom median of $1,094.
- Minnetonka has seen the fastest rent growth in the metro, with a year-over-year increase of 4.4%. The median two-bedroom there costs $1,532, while one-bedrooms go for $1,214.
- Eden Prairie has the most expensive rents of the largest cities in the Minneapolis metro, with a two-bedroom median of $1,807; rents fell 0.4% over the past month but rose 0.8% over the past year.
Minneapolis rents more affordable than many large cities nationwide
As rents have increased slightly in Minneapolis, a few large cities nationwide have also seen rents grow modestly. Minneapolis is still more affordable than most large cities across the country.
- While Minnesota as a whole logged rent growth of 1.3% over the past year, other cities across the state have seen rents decline moderately. For example, rents have fallen by 0.7% in Rochester.
- Minneapolis' median two-bedroom rent of $1,150 is slightly below the national average of $1,192. Nationwide, rents have grown by 1.4% over the past year compared to the 1.2% increase in Minneapolis.
- While Minneapolis' rents rose slightly over the past year, many cities nationwide also saw increases, including Raleigh (+2.1%), Indianapolis (+2.0%), and Chicago (+1.4%).
- Renters will find more reasonable prices in Minneapolis than most large cities. For example, Miami has a median 2BR rent of $1,384.
For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.
Methodology - Recent Updates:
Data from private listing sites, including our own, tends to skew toward luxury apartments, which introduces sample bias when estimates are calculated directly from these listings. To address these limitations, we’ve recently made major updates to our methodology, which we believe have greatly improved the accuracy and reliability of our estimates.
Read more about our new methodology below, or see a more detailed post here.
Methodology:
Apartment List is committed to making our rent estimates the best and most accurate available. To do this, we start with reliable median rent statistics from the Census Bureau, then extrapolate them forward to the current month using a growth rate calculated from our listing data. In doing so, we use a same-unit analysis similar to Case-Shiller’s approach, comparing only units that are available across both time periods to provide an accurate picture of rent growth in cities across the country.
Our approach corrects for the sample bias inherent in other private sources, producing results that are much closer to statistics published by the Census Bureau and HUD. Our methodology also allows us to construct a picture of rent growth over an extended period of time, with estimates that are updated each month.
Read more about our methodology here.
About Rent Reports:
Apartment List publishes monthly reports on rental trends for hundreds of cities across the U.S. We intend these reports to be a source of reliable information that help renters and policymakers make sound decisions, and we invest significant time and effort in gathering and analyzing rent data. Our work is covered regularly by journalists across the country.
We are continuously working to improve our methodology and data, with the goal of providing renters with the information that they need to make the best decisions.