Best 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 November 14, 2025, the average rent in Minneapolis is $1,388, which is 2.7% 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.
Cherry Meadows
Average Rent
$936/Month
TransitScore® Rating
29/100
Units Available
28 Rentals
Cherry Meadows is a top choice for budget-conscious renters for a variety of reasons. The average rent in Cherry Meadows is $936 while the city average is $1,388. Residents enjoy convenient access to Target Field Station, Warehouse District/Hennepin Avenue Station, and Broadway Village Center. The neighborhood is considered car-dependent with a WalkScore® of 33.
The Ponds
Average Rent
$1,009/Month
Units Available
260 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out The Ponds. The average rent is $1,009, compared to the city average of $1,388. The Ponds is convenient to Government Plaza Station, Victory Park, and Shingle Creek Park.
Unity Place
Average Rent
$1,011/Month
TransitScore® Rating
36/100
Units Available
261 Rentals
Unity Place is an affordable neighborhood in Minneapolis with an average rent price of $1,011. Compare this to the city average of $1,388. Unity Place provides easy access to Target Field Station, Warehouse District/Hennepin Avenue Station, and Target Field Station Platform 2. It’s a car-dependent neighborhood with a WalkScore® of 39.
Shingle Creek Terrace
Average Rent
$1,012/Month
Units Available
10 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 $1,012, while the city’s average stands at $1,388. Shingle Creek Terrace is near Coon Rapids Dam Regional Park (Coon Rapids), University of St. Thomas, and Timber Shores Park.
Sunnyside
Average Rent
$1,083/Month
TransitScore® Rating
57/100
Units Available
70 Rentals
Sunnyside is a top choice for budget-conscious renters for a variety of reasons. The average rent in Sunnyside is $1,083 while the city average is $1,388. Residents enjoy convenient access to Minneapolis-St Paul International/Wold-Chamberlain, Target Field Station Platform 2, and Augsburg College. The neighborhood is considered walkable with a WalkScore® of 92.
Stevens Square Historic District
Average Rent
$1,088/Month
TransitScore® Rating
70/100
Units Available
75 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Stevens Square Historic District. The average rent is $1,088, compared to the city average of $1,388. Stevens Square Historic District is convenient to Chicago Crossing, Village Center, and Nicollet Mall Station. The community is walkable with a WalkScore® of 91.
Broadway
Average Rent
$1,089/Month
TransitScore® Rating
30/100
Units Available
14 Rentals
Broadway is an affordable neighborhood in Minneapolis with an average rent price of $1,089. Compare this to the city average of $1,388. Broadway provides easy access to Nicollet Mall Station, Minneapolis College, and Bohanon Park. It’s a walkable neighborhood with a WalkScore® of 80.
Stevens Square
Average Rent
$1,089/Month
Year-Over-Year Rent Change
1.1%
TransitScore® Rating
68/100
Units Available
109 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 $1,089, while the city’s average stands at $1,388. In the last year, prices have increased by 1.1%. Stevens Square is near Stevens Square Park, Downtown East/Metrodome Station, and Kenwood Crossing.
Lowry Hill E Residential District
Average Rent
$1,102/Month
TransitScore® Rating
57/100
Units Available
33 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 $1,102 while the city average is $1,388. Residents enjoy convenient access to Augsburg College, North Central University, and Minneapolis-St Paul International/Wold-Chamberlain. The neighborhood is considered walkable with a WalkScore® of 93.
Hawthorne
Average Rent
$1,112/Month
Year-Over-Year Rent Change
2.1%
TransitScore® Rating
47/100
Units Available
23 Rentals
When you’re looking for a great Minneapolis neighborhood on a budget, check out Hawthorne. The average rent is $1,112, compared to the city average of $1,388. Rent prices have increased by 2.1%. Hawthorne is convenient to Minneapolis-St Paul International/Wold-Chamberlain, Hawthorn Crossing, and Orvin ""Ole"" Olson Park. The community is somewhat walkable with a WalkScore® of 63.
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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.