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
Cherry Meadows is a top choice for budget-conscious renters for a variety of reasons. The average rent in Cherry Meadows is $935 while the city average is $1,394. Residents enjoy convenient access to Minneapolis-St Paul International/Wold-Chamberlain, University of St. Thomas, and Victory Park. The neighborhood is considered 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
When you’re looking for a great Minneapolis neighborhood on a budget, check out Hawthorne. The average rent is $960, compared to the city average of $1,394. Rent prices have increased by 8.7%. Hawthorne is convenient to West Broadway, Farview Park, and University of St. Thomas. The community is somewhat walkable with a WalkScore® of 63.
The Ponds
Average Rent
$1,014/Month
Units Available
14 Rentals
The Ponds is an affordable neighborhood in Minneapolis with an average rent price of $1,014. Compare this to the city average of $1,394. The Ponds provides easy access to Target Field Station, Bohanon Park, and Minneapolis College.
Lowry Hill E Residential District
Average Rent
$1,031/Month
TransitScore® Rating
57/100
Units Available
20 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, Lowry Hill E Residential District might be the perfect place! It has an average rent price of $1,031, while the city’s average stands at $1,394. Lowry Hill E Residential District is near Whittier Park, Lake of the Isles, and North Central University.
Shingle Creek Terrace
Average Rent
$1,044/Month
Units Available
20 Rentals
Shingle Creek Terrace is a top choice for budget-conscious renters for a variety of reasons. The average rent in Shingle Creek Terrace is $1,044 while the city average is $1,394. Residents enjoy convenient access to Shell Super USA, Anoka-Ramsey C.C., Coon Rapids, and Target Field Station.
Unity Place
Average Rent
$1,049/Month
TransitScore® Rating
36/100
Units Available
15 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Unity Place. The average rent is $1,049, compared to the city average of $1,394. Unity Place is convenient to Anoka-Ramsey C.C., Coon Rapids, Shingle Creek Park, and Zanebrook Shopping Center. The community is car-dependent with a WalkScore® of 39.
Sunnyside
Average Rent
$1,077/Month
TransitScore® Rating
57/100
Units Available
80 Rentals
Sunnyside is an affordable neighborhood in Minneapolis with an average rent price of $1,077. Compare this to the city average of $1,394. Sunnyside provides easy access to Target Field Station Platform 2, Whittier Park, and Minneapolis Sculpture Garden. It’s a walkable neighborhood with a WalkScore® of 92.
Stevens Square Historic District
Average Rent
$1,095/Month
TransitScore® Rating
70/100
Units Available
75 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, Stevens Square Historic District might be the perfect place! It has an average rent price of $1,095, while the city’s average stands at $1,394. Stevens Square Historic District is near Stevens Square Park, Nicollet Mall Station, and Village Center.
Near North
Average Rent
$1,102/Month
Year-Over-Year Rent Change
4.2%
TransitScore® Rating
55/100
Units Available
23 Rentals
Near North is a top choice for budget-conscious renters for a variety of reasons. The average rent in Near North is $1,102 while the city average is $1,394. This is a -4.2% difference from last year. Residents enjoy convenient access to North Commons Park, Augsburg College, and Warehouse District/Hennepin Avenue Station. The neighborhood is considered 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
When you’re looking for a great Minneapolis neighborhood on a budget, check out Stevens Square. The average rent is $1,115, compared to the city average of $1,394. Rent prices have decreased by 2.2%. Stevens Square is convenient to Chicago Crossing, Target Field Station, and Franklin Steele Square. The community is walkable 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.