Best Affordable Neighborhoods in Minneapolis, MN
Some of the cheapest neighborhoods in Minneapolis are Cherry Meadows, Hawthorne, and The Ponds. These neighborhoods offer some of the lowest rent prices in Minneapolis, making them ideal for renters on a budget. As of February 13, 2026, the average rent in Minneapolis is $1,394, which is 2.2% higher than last year. However, it's important to remember that rental prices can vary significantly based on factors such as location, amenities, and floor plans.
Cherry Meadows
Average Rent
$935/Month
TransitScore® Rating
29/100
Units Available
24 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Cherry Meadows. The average rent is $935, compared to the city average of $1,394. Cherry Meadows is convenient to Target Field Station, Cherokee Center, and Fish Lake Regional Park. The community is car-dependent with a WalkScore® of 33.
Hawthorne
Average Rent
$960/Month
Year-Over-Year Rent Change
8.7%
TransitScore® Rating
47/100
Units Available
17 Rentals
Hawthorne is an affordable neighborhood in Minneapolis with an average rent price of $960. Compare this to the city average of $1,394. In the past year, rent prices have increased by 8.7%. Hawthorne provides easy access to Warehouse District/Hennepin Avenue Station, Hawthorn Crossing, and Government Plaza Station. It’s a somewhat walkable neighborhood with a WalkScore® of 63.
The Ponds
Average Rent
$1,014/Month
Units Available
14 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, The Ponds might be the perfect place! It has an average rent price of $1,014, while the city’s average stands at $1,394. The Ponds is near Nicollet Mall Station, Zaneway Shopping Center, and Timber Shores Park.
Lowry Hill E Residential District
Average Rent
$1,031/Month
TransitScore® Rating
57/100
Units Available
20 Rentals
Lowry Hill E Residential District is a top choice for budget-conscious renters for a variety of reasons. The average rent in Lowry Hill E Residential District is $1,031 while the city average is $1,394. Residents enjoy convenient access to Nicollet Mall Station, Uptown Square, and Whittier Park. The neighborhood is considered walkable with a WalkScore® of 93.
Shingle Creek Terrace
Average Rent
$1,044/Month
Units Available
20 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Shingle Creek Terrace. The average rent is $1,044, compared to the city average of $1,394. Shingle Creek Terrace is convenient to North Hennepin Comm. Coll., Zaneway Shopping Center, and Coon Rapids Dam Regional Park (Brooklyn Park).
Unity Place
Average Rent
$1,049/Month
TransitScore® Rating
36/100
Units Available
15 Rentals
Unity Place is an affordable neighborhood in Minneapolis with an average rent price of $1,049. Compare this to the city average of $1,394. Unity Place provides easy access to Warehouse District/Hennepin Avenue Station, Shingle Creek Park, and Target Field Station Platform 2. It’s a car-dependent neighborhood with a WalkScore® of 39.
Sunnyside
Average Rent
$1,077/Month
TransitScore® Rating
57/100
Units Available
80 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, Sunnyside might be the perfect place! It has an average rent price of $1,077, while the city’s average stands at $1,394. Sunnyside is near Whittier Park, Kenwood Crossing, and Target Field Station Platform 2.
Stevens Square Historic District
Average Rent
$1,095/Month
TransitScore® Rating
70/100
Units Available
75 Rentals
Stevens Square Historic District is a top choice for budget-conscious renters for a variety of reasons. The average rent in Stevens Square Historic District is $1,095 while the city average is $1,394. Residents enjoy convenient access to Clinton Field Park, Nicollet Mall Station, and Franklin Steele Square. The neighborhood is considered walkable with a WalkScore® of 91.
Near North
Average Rent
$1,102/Month
Year-Over-Year Rent Change
4.2%
TransitScore® Rating
55/100
Units Available
23 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Near North. The average rent is $1,102, compared to the city average of $1,394. Rent prices have decreased by 4.2%. Near North is convenient to Lovell Square Park, Government Plaza Station, and Augsburg College. The community is somewhat walkable with a WalkScore® of 69.
Stevens Square
Average Rent
$1,115/Month
Year-Over-Year Rent Change
2.2%
TransitScore® Rating
68/100
Units Available
140 Rentals
Stevens Square is an affordable neighborhood in Minneapolis with an average rent price of $1,115. Compare this to the city average of $1,394. In the past year, rent prices have decreased by 2.2%. Stevens Square provides easy access to Stevens Square Park, North Central University, and Nicollet Mall Station. It’s a walkable neighborhood with a WalkScore® of 91.
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Methodology
Transit Score measures access to public transit. Scores range from 0 (minimal transit) to 100 (rider’s paradise). Learn more about the Transit Score methodology. Rental data is sourced from CoStar Group’s Market Trend reports. As a leading authority in commercial real estate information, analytics, and news, CoStar performs in-depth research to build and sustain an extensive database of commercial real estate insights.
We've combined this data with public records to provide the most current rental information available.