Minneapolis, Minnesota Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Minneapolis, Minnesota rental market.
Minneapolis, Minnesota
Average Apartment Rent
$1,713
Y-o-Y Change in Average
Apartment Rent
3.1%
As of May 2026
Compared to a year ago, Minneapolis, Minnesota apartments have recorded a 3.1% rent increase.
Minneapolis, Minnesota Average apartment rent trend
Minneapolis, Minnesota Average Apartment Rent
Minneapolis, Minnesota Apartment rent ranges
At 38.58%, apartments priced $1,000 - $1,500 represent the bulk of Minneapolis, Minnesota rentals, while condos priced Over $3,000 hold the lowest share of the market – 4.75%.
Minneapolis, Minnesota Housing tenure**
Renters take up 52% of Minneapolis, Minnesota real estate, occupying a total of 96,326 units, while homeowners live in 89,348 properties.
Median number of rooms of renter-occupied housing units**
3.4
Renter median household income**
$51,353
Average household size of renter-occupied housing units**
2.03
Rental vacancy rate**
5.2%
Minneapolis, Minnesota Renter-occupied housing units by no. of bedrooms**
There are 39,516 rentals in Minneapolis, Minnesota with 1 bed making up the highest share of the market, at 41%. Units with 5 or more beds, on the other hand, hold the lowest percentage (1%), amounting to 1,365 units. Overall, the median number of rooms in Minneapolis, Minnesota homes for rent is 3.4.
Minneapolis, Minnesota Renter-occupied units by age of householder**
Most condos for rent in Minneapolis, Minnesota are occupied by residents in the 25 - 34 years age group (37%), followed by those in the 35 - 44 years age group (18%). At the same time, people in the 85 years and over age group make up the lowest share of the local rental market – 1%.
Minneapolis, Minnesota Renter-occupied housing units by family type**
Minneapolis, Minnesota Renter-occupied housing units by the presence of own children**
A total of 27,008 apartments for rent in Minneapolis, Minnesota, or 28% of all rentals are family households. Additionally, 16% of rental homes include children under the age of 18 – that’s 15,661 units. All in all, the median size of a renter-occupied household in Minneapolis, Minnesota is 2.03.
Minneapolis, Minnesota Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 47% of the rental market. In contrast, residents with less than a high school degree reside in 12% of the homes for rent in Minneapolis, Minnesota.
Minneapolis, Minnesota Renter-occupied units by year structure built**
The highest share of Minneapolis, Minnesota apartment rentals, namely 30% or 28,878 units, were Built 1939 or earlier, followed by those Built 2010 - 2019 (13%, 12,676 units), and the ones Built 1970 - 1979 (13%, 12,071 units).
Minneapolis, Minnesota Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Minneapolis, Minnesota renters (41%) moved in 2010 to 2017, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Minneapolis, Minnesota condos for rent is 2018.
Minneapolis, Minnesota Renter-occupied housing units by vehicles available**
When it comes to transportation options, 49% of Minneapolis, Minnesota renters have 1 vehicle available per household, 26% of them have No vehicle available, and 19% have 2 vehicles available.
Minneapolis, Minnesota Means of transportation to work of householders living in renter-occupied housing units**
Minneapolis, Minnesota Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Minneapolis, Minnesota apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
