Minneapolis Rent Report: May 2024

Welcome to the Apartment List May 2024 Rent Report for Minneapolis, MN. Currently, the overall median rent in the city stands at $1,399, roughly the same as last month. Prices and are now up 1.5% year-over-year. Read on to learn more about what’s been happening in the Minneapolis rental market and how it compares to trends throughout the broader Minneapolis metro area and the nation as a whole.

Minneapolis rents are flat month-over-month and up 1.5% year-over-year

The median rent in Minneapolis rose by 0.3% over the course of April, and has now increased by a total of 1.5% over the past 12 months. Minneapolis’s rent growth over the past year has is similar to the state average (1.8%) and has outpaced the national average (-0.8%).

Minneapolis rent growth in 2024 pacing above last year

Four months into the year, rents in Minneapolis have risen 3.1%. This is a faster rate of growth compared to what the city was experiencing at this point last year: from January to April 2023 rents had increased 1.5%.

April rent growth in Minneapolis ranked #68 among large U.S. cities

Minneapolis rents went up 0.3% in the past month, compared to the national rate of 0.5%. Among the nation's 100 largest cities, this ranks #68. Similar monthly rent growth took place in Atlanta, GA (0.3%) and Hialeah, FL (0.2%).

Minneapolis is the #55 most expensive large city in the U.S., with a median rent of $1,399

Citywide, the median rent currently stands at $1,264 for a 1-bedroom apartment and $1,636 for a 2-bedroom. Across all bedroom sizes (ie, the entire rental market), the median rent is $1,399. That ranks #55 in the nation, among the country's 100 largest cities.

For comparison, the median rent across the nation as a whole is $1,226 for a 1-bedroom, $1,381 for a 2-bedroom, and $1,396 overall. The median rent in Minneapolis is 0.2% higher than the national, and is similar to the prices you would find in Las Vegas, NV ($1,401) and Richmond, VA ($1,395).

Minneapolis rents are 4.5% lower than the metro-wide median

If we expand our view to the wider Minneapolis metro area, the median rent is $1,466 meaning that the median price in Minneapolis proper ($1,399) is 4.5% lower than the price across the metro as a whole. Metro-wide annual rent growth stands at 2.0%, above the rate of rent growth within just the city.

The table below shows the latest rent stats for 17 cities in the Minneapolis metro area that are included in our database. Among them, Eden Prairie is currently the most expensive, with a median rent of $1,894. Brooklyn Park is the metro’s most affordable city, with a median rent of $1,283. The metro's fastest annual rent growth is occurring in Fridley (5.4%) while the slowest is in Shakopee (-6.5%).

You can also use the map below to explore the latest rent trends in the Minneapolis metropolitan area.