ZIP 55401
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Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).
12-month history
Last updated: October 17, 2026
What the numbers show
January. Asking rents in ZIP 55401 usually run 2.2% below trend in January and 1.7% above it in June, about $79 a month apart at today's median. Based on 9 years of data.
Rent in ZIP 55401 is at its highest level since Zillow's records here began in October 2017.
Rent in ZIP 55401 changed +3.5% over the year to September 2026. Across the 102 Minnesota ZIP codes Zillow tracks, the typical change was +3.4%.
From 2019 to 2024, rent in ZIP 55401 rose 3.3% while median household income rose 20.8% ($94,007 to $113,522). Income kept ahead of rent.
Rent in ZIP 55401 is 10.2% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent rose in 9 of the last 12 months.
30% of the median household income ($113,522) is $2,838 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,560); a 3-bedroom is $3,390.
16th cheapest of 19 ZIP codes in Minneapolis.
ZIP 55402, 1 mile away, rents for 15% less ($1,735/mo), about $3,600 a year in savings.
From Zillow's monthly rent index (ZORI) for ZIP 55401. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
Who lives here
ZIP 55401 (Minneapolis, MN) is majority renter-occupied, skews toward younger working-age adults, has a median income above the national average, 76.7% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How ZIP 55401 in Minneapolis, MN has changed in 5 years
Across the past five years, the going rent in ZIP 55401 in Minneapolis, MN has shifted from $1,674 to $2,034, up 21.5% since 2021. On the earnings side, the typical household in ZIP 55401 in Minneapolis, MN now reports about $113,522, up from $106,756 in 2021. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Census counts show ZIP 55401 in Minneapolis, MN adding about 859 residents over the five-year window, up 7.8% on net. The renter share has risen from 67.2% to 71.6%, with owner-occupied housing accounting for the remainder. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and ZIP 55401 in Minneapolis, MN reflects that arc in its own way.
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Tips for renters in ZIP 55401
Last updated: October 17, 2026
ZIP code 55401 covers Minneapolis, MN. The median rent here is $2,034/mo as of October 2026. A 1-bedroom rents for a median of $2,100/mo. A 2-bedroom rents for a median of $2,560/mo.
At 22% of local median household income ($113,522/yr), ZIP 55401 ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.5% over the past year.
Frequently asked questions
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How does ZIP 55401 compare to the rest of Minneapolis?
At $2,034/mo, rent takes ~22% of ZIP 55401's median household income ($113,522/yr). The standard benchmark is 30%.
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