Most Affordable Neighborhoods in Minneapolis, MN
Some of the cheapest neighborhoods in Minneapolis are Cherry Meadows, The Ponds, and Unity Place. These neighborhoods offer some of the lowest rent prices in Minneapolis, making them ideal for renters on a budget. As of September 29, 2025, the average rent in Minneapolis is $1,386, which is 2.5% 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
$931/Month
TransitScore® Rating
29/100
Units Available
31 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, Cherry Meadows might be the perfect place! It has an average rent price of $931, while the city’s average stands at $1,386. Cherry Meadows is near French Regional Park, Nicollet Mall Station, and Warehouse District/Hennepin Avenue Station.
The Ponds
Average Rent
$1,010/Month
Units Available
233 Rentals
The Ponds is a top choice for budget-conscious renters for a variety of reasons. The average rent in The Ponds is $1,010 while the city average is $1,386. Residents enjoy convenient access to Target Field Station Platform 2, Government Plaza Station, and Timber Shores Park.
Unity Place
Average Rent
$1,011/Month
TransitScore® Rating
36/100
Units Available
234 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Unity Place. The average rent is $1,011, compared to the city average of $1,386. Unity Place is convenient to Anoka-Ramsey C.C., Coon Rapids, Nicollet Mall Station, and Minneapolis College. The community is car-dependent with a WalkScore® of 39.
Shingle Creek Terrace
Average Rent
$1,017/Month
Units Available
17 Rentals
Shingle Creek Terrace is an affordable neighborhood in Minneapolis with an average rent price of $1,017. Compare this to the city average of $1,386. Shingle Creek Terrace provides easy access to University of St. Thomas, Coon Rapids Dam Regional Park (Brooklyn Park), and Zaneway Shopping Center.
The Landings
Average Rent
$1,019/Month
Units Available
16 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, The Landings might be the perfect place! It has an average rent price of $1,019, while the city’s average stands at $1,386. The Landings is near Target Field Station, Anoka-Ramsey C.C., Coon Rapids, and Zaneway Shopping Center.
Broadway
Average Rent
$1,065/Month
Year-Over-Year Rent Change
15.1%
TransitScore® Rating
30/100
Units Available
15 Rentals
Broadway is a top choice for budget-conscious renters for a variety of reasons. The average rent in Broadway is $1,065 while the city average is $1,386. This is a -15.1% difference from last year. Residents enjoy convenient access to Target Field Station, Bohanon Park, and Broadway Village Center. The neighborhood is considered walkable with a WalkScore® of 80.
Lowry Hill E Residential District
Average Rent
$1,071/Month
TransitScore® Rating
57/100
Units Available
28 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Lowry Hill E Residential District. The average rent is $1,071, compared to the city average of $1,386. Lowry Hill E Residential District is convenient to Minneapolis College, Target Field Station, and Mueller Park. The community is walkable with a WalkScore® of 93.
Sunnyside
Average Rent
$1,072/Month
TransitScore® Rating
57/100
Units Available
62 Rentals
Sunnyside is an affordable neighborhood in Minneapolis with an average rent price of $1,072. Compare this to the city average of $1,386. Sunnyside provides easy access to Minneapolis-St Paul International/Wold-Chamberlain, North Central University, and Thomas Lowry Park. It’s a walkable neighborhood with a WalkScore® of 92.
Washburn-Fair Oaks District
Average Rent
$1,082/Month
TransitScore® Rating
62/100
Units Available
68 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, Washburn-Fair Oaks District might be the perfect place! It has an average rent price of $1,082, while the city’s average stands at $1,386. Washburn-Fair Oaks District is near Chicago Crossing, North Central University, and Highland Plaza Shopping Center.
South Murray Lane
Average Rent
$1,132/Month
Units Available
16 Rentals
South Murray Lane is a top choice for budget-conscious renters for a variety of reasons. The average rent in South Murray Lane is $1,132 while the city average is $1,386. Residents enjoy convenient access to Minneapolis-St Paul International/Wold-Chamberlain, John P Humphrey Interlocking, and Sea Life Minnesota.
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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.