Best Affordable Neighborhoods in Minneapolis, MN
Some of the cheapest neighborhoods in Minneapolis are Van Nests, Powderhorn Park, and Willow Park. These neighborhoods offer some of the lowest rent prices in Minneapolis, making them ideal for renters on a budget. As of May 15, 2026, the average rent in Minneapolis is $1,419, which is 1.7% 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.
Van Nests
Average Rent
$1,012/Month
Units Available
11 Rentals
Van Nests is a top choice for budget-conscious renters for a variety of reasons. The average rent in Van Nests is $1,012 while the city average is $1,419. Residents enjoy convenient access to Rev. Dr. Martin Luther King Jr. Park, Junction & Blue Green Crossover, and Lake Street/Midtown Station.
Powderhorn Park
Average Rent
$1,135/Month
Year-Over-Year Rent Change
0.7%
Units Available
18 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Powderhorn Park. The average rent is $1,135, compared to the city average of $1,419. Rent prices have increased by 0.7%. Powderhorn Park is convenient to North Central University, Corcoran Park, and University of St. Thomas.
Willow Park
Average Rent
$1,192/Month
Year-Over-Year Rent Change
0.4%
Units Available
11 Rentals
Situated in the heart of Saint Louis Park, Willow Park is close to a variety of shops and restaurants. It's also convenient to Westwood Hills Nature Center, a 160-acre nature park, and is home to Northside Park, a community park with a playground and ball fields.
Stevens Square
Average Rent
$1,192/Month
Year-Over-Year Rent Change
0.1%
Units Available
127 Rentals
Stevens Square is an affordable neighborhood in Minneapolis with an average rent price of $1,192. Compare this to the city average of $1,419. In the past year, rent prices have increased by 0.1%. Stevens Square provides easy access to Washburn Fair Oaks Park, Augsburg College, and Loring Park.
Lyndale
Average Rent
$1,193/Month
Year-Over-Year Rent Change
2.5%
Units Available
91 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, Lyndale might be the perfect place! It has an average rent price of $1,193, while the city’s average stands at $1,419. In the last year, prices have increased by 2.5%. Lyndale is near Junction & Blue Green Crossover, Lake Street/Midtown Station, and Rev. Dr. Martin Luther King Jr. Park.
Whittier
Average Rent
$1,203/Month
Year-Over-Year Rent Change
0.1%
Units Available
283 Rentals
Whittier offers budget-conscious renters an attractive environment with a diverse array of amenities. Enjoy the stunning greenery at Washburn Fair Oaks Park or explore international cuisine along Nicollet Avenue, also known as Eat Street. The neighborhood's convenient location provides easy access to downtown and public transportation.
Ventura Village
Average Rent
$1,209/Month
Year-Over-Year Rent Change
1.7%
Units Available
17 Rentals
Ventura Village is a top choice for budget-conscious renters for a variety of reasons. The average rent in Ventura Village is $1,209 while the city average is $1,419. This is a 1.7% difference from last year. Residents enjoy convenient access to Minneapolis-St Paul International/Wold-Chamberlain, North Central University, and Seward Crossing.
Longfellow
Average Rent
$1,221/Month
Year-Over-Year Rent Change
0.4%
Units Available
69 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Longfellow. The average rent is $1,221, compared to the city average of $1,419. Rent prices have increased by 0.4%. Longfellow is convenient to Longfellow Park, Corcoran Park, and Seward Crossing.
Washburn-Fair Oaks District
Average Rent
$1,255/Month
Units Available
55 Rentals
Washburn-Fair Oaks District is an affordable neighborhood in Minneapolis with an average rent price of $1,255. Compare this to the city average of $1,419. Washburn-Fair Oaks District provides easy access to Minneapolis College, Government Plaza Station, and Augsburg College.
Winnetka Hills
Average Rent
$1,284/Month
Year-Over-Year Rent Change
1.5%
Units Available
28 Rentals
If you’re looking for a great, affordable neighborhood in Minneapolis, Winnetka Hills might be the perfect place! It has an average rent price of $1,284, while the city’s average stands at $1,419. In the last year, prices have increased by 1.5%. Winnetka Hills is near West Medicine Lake Park, Valley View Park, and Minneapolis College.
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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.