Rents are right about where Minneapolis's 10-year trend predicts.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,676 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: August 17, 2026
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Who lives here
Minneapolis, MN is roughly split between renters and owners, skews toward younger working-age adults, 55.5% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Minneapolis, MN has changed in 5 years
Compared with 2021, rent in Minneapolis, MN has increased by $262 per month, settling near $1,676 after starting the period at $1,414. On the earnings side, the typical household in Minneapolis, MN now reports about $80,846, up from $70,099 in 2021. Rent outpaced income growth by roughly 3.2 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 52.6% to 55.5%. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Minneapolis, MN reflects that arc in its own way.
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Can you afford rent in Minneapolis on your salary?
At $1,676/mo, how Minneapolis rent compares to typical pay (30% rule).
Minneapolis rent by bedroom count
Median rent for each apartment size in Minneapolis. Click any size for full breakdown.
Tips for renters in Minneapolis
Last updated: August 17, 2026
The median rent in Minneapolis is $1,676/mo as of August 2026. A studio apartment averages $1,281/mo while a 2-bedroom runs $1,768/mo. One-bedroom apartments average $1,449/mo and 3-bedroom units go for $2,358/mo.
At 25% of local median household income ($80,846/yr), Minneapolis ranks as affordable compared to the national benchmark of 30%. Rents have increased 5.1% over the past year.
Frequently asked questions
Is Minneapolis an affordable city for renters?
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Is rent going up or down in Minneapolis?
Which Minneapolis neighborhoods have the lowest rent?
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Which nearby cities are cheaper to rent in than Minneapolis?
What percentage of Minneapolis residents rent vs. own?
How does Minneapolis rent compare to the national average?
At $1,676/mo, rent takes ~25% of Minneapolis's median household income ($80,846/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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