Best Affordable Neighborhoods in Minneapolis, MN
Some of the cheapest neighborhoods in Minneapolis are Cherry Meadows, Van Nests, and Shingle Creek Terrace. These neighborhoods offer some of the lowest rent prices in Minneapolis, making them ideal for renters on a budget. As of March 31, 2026, the average rent in Minneapolis is $1,399, 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
$923/Month
Units Available
19 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Cherry Meadows. The average rent is $923, compared to the city average of $1,399. Cherry Meadows is convenient to Bass Lake Road Center, French Regional Park, and Minneapolis-St Paul International/Wold-Chamberlain.
Van Nests
Average Rent
$1,019/Month
Units Available
10 Rentals
Van Nests is an affordable neighborhood in Minneapolis with an average rent price of $1,019. Compare this to the city average of $1,399. Van Nests provides easy access to Rev. Dr. Martin Luther King Jr. Park, Golf Plaza, and Franklin Avenue Station.
Shingle Creek Terrace
Average Rent
$1,051/Month
Units Available
26 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, Shingle Creek Terrace might be the perfect place! It has an average rent price of $1,051, while the city’s average stands at $1,399. Shingle Creek Terrace is near Coon Rapids Dam Regional Park (Brooklyn Park), Target Field Station, and Government Plaza Station.
Lowry Hill E Residential District
Average Rent
$1,058/Month
Units Available
24 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 $1,058 while the city average is $1,399. Residents enjoy convenient access to Warehouse District/Hennepin Avenue Station, Nicollet Mall Station, and Minneapolis Sculpture Garden.
Hawthorne
Average Rent
$1,081/Month
Year-Over-Year Rent Change
6%
Units Available
23 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Hawthorne. The average rent is $1,081, compared to the city average of $1,399. Rent prices have increased by 6%. Hawthorne is convenient to Target Field Station, Augsburg College, and Minneapolis College.
Sunnyside
Average Rent
$1,089/Month
Units Available
70 Rentals
Sunnyside is an affordable neighborhood in Minneapolis with an average rent price of $1,089. Compare this to the city average of $1,399. Sunnyside provides easy access to Government Plaza Station, North Central University, and Uptown Square.
Stevens Square
Average Rent
$1,116/Month
Year-Over-Year Rent Change
1.9%
Units Available
144 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, Stevens Square might be the perfect place! It has an average rent price of $1,116, while the city’s average stands at $1,399. In the last year, prices have decreased by 1.9%. Stevens Square is near North Central University, Loring Park, and Stevens Square Park.
Skyway
Average Rent
$1,127/Month
Year-Over-Year Rent Change
1.8%
Units Available
10 Rentals
Skyway is a top choice for budget-conscious renters for a variety of reasons. The average rent in Skyway is $1,127 while the city average is $1,399. This is a 1.8% difference from last year. Residents enjoy convenient access to Warehouse District/Hennepin Avenue Station, Shingle Creek Park, and Crystal Town Center.
Millers Willow Lane
Average Rent
$1,142/Month
Units Available
10 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Millers Willow Lane. The average rent is $1,142, compared to the city average of $1,399. Millers Willow Lane is convenient to Warehouse District/Hennepin Avenue Station, Minneapolis College, and Boulevard Market.
Stevens Square Historic District
Average Rent
$1,152/Month
Units Available
74 Rentals
Stevens Square Historic District is an affordable neighborhood in Minneapolis with an average rent price of $1,152. Compare this to the city average of $1,399. Stevens Square Historic District provides easy access to Franklin Steele Square, Minneapolis-St Paul International/Wold-Chamberlain, and North Central University.
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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.