Average Rent in Minneapolis 2026
Minneapolis Rent Prices by Bedroom
1 Bedroom
$1,400
per month
2 Bedrooms
$1,800
per month
3 Bedrooms
$2,200
per month
Monthly Housing Cost Breakdown in Minneapolis
Rent is only part of your monthly housing cost. Here is what the average Minneapolis renter pays when you add utilities, internet, and renters insurance to rent.
| Expense | 1-Bedroom | 2-Bedroom | 3-Bedroom |
|---|---|---|---|
| Rent | $1,400 | $1,800 | $2,200 |
| Utilities (electric, gas, water, trash) | $105 | $130 | $160 |
| Internet | $70 | $70 | $70 |
| Renters insurance | $16 | $19 | $22 |
| Total monthly | $1,591 | $2,019 | $2,452 |
Utility estimates scale with Minneapolis’s cost of living index (108). Your actual bill depends on unit size, climate, and individual usage.
Cost of Living in Minneapolis
108
Cost of Living Index (100 = national average)
Minneapolis's cost of living index is 108, which is 8% above the national average. This index factors in housing, groceries, transportation, healthcare, and utilities. A higher number means you need more income to maintain the same standard of living compared to the national average.
Minneapolis at a Glance
Population
429K
Median Income
$68,019
COL Index
108
Rent Control
Yes
How Much Income Do You Need to Rent in Minneapolis?
The widely accepted guideline is to spend no more than 30% of your gross income on rent. Here is the minimum annual income you need to afford an apartment in Minneapolis by bedroom count.
| Apartment | Monthly Rent | Min Annual Income | Min Hourly Wage |
|---|---|---|---|
| 1-Bedroom | $1,400/mo | $56,000 | $26.92/hr |
| 2-Bedroom | $1,800/mo | $72,000 | $34.62/hr |
| 3-Bedroom | $2,200/mo | $88,000 | $42.31/hr |
Based on the 30% rule and a 2,080-hour work year. Many landlords also require gross income of 2.5x to 3x the monthly rent or a guarantor who earns 80x rent annually.
What Rent Can You Afford in Minneapolis at Your Income?
Use this table to see the maximum monthly rent you can afford at different income levels, and which Minneapolis apartment sizes that fits.
| Annual Income | Gross Monthly | Max Rent (30%) | Fits in Minneapolis |
|---|---|---|---|
| $40,000/yr | $3,333 | $1,000 | Roommate required |
| $60,000/yr | $5,000 | $1,500 | 1-bedroom |
| $80,000/yr | $6,667 | $2,000 | 2-bedroom or smaller |
| $100,000/yr | $8,333 | $2,500 | 3-bedroom or smaller |
| $150,000/yr | $12,500 | $3,750 | 3-bedroom or smaller |
If your income puts a solo 1-bedroom out of reach, splitting a 2-bedroom with a roommate drops your share to $900 in Minneapolis — often the difference between affordable and not.
How Much You Save with a Roommate in Minneapolis
Save $500/month
by splitting a 2-bedroom with a roommate
Solo 1BR
$1,400
per month
Split 2BR
$900
per person/month
Annual Savings
$6,000
per year
Instead of paying $1,400 for a 1-bedroom on your own, splitting a 2-bedroom ($1,800) with one roommate brings your share to $900. That is $6,000 per year you could put toward savings, investments, or paying down debt. See the fair rent split calculator when rooms aren’t equal sizes.
Move-In Costs in Minneapolis
On top of your first month's rent, expect these upfront costs before the keys are in your hand. Plan for roughly 2-3 months of rent saved before signing a lease.
Security Deposit
$1,400–$2,800
1-2 months' rent, refundable
First Month
$1,400
Due at lease signing
Broker/App Fees
$50–$1,400
Varies by market and listing
Total upfront cash to sign a 1-bedroom lease in Minneapolis: $2,850–$5,600 depending on broker fees and deposit size.
Rent Control in Minneapolis
Minneapolis has rent control or rent stabilization
Minneapolis voters approved a rent stabilization ballot measure in 2021, capping annual rent increases at 3% for most units. The policy took effect in 2023 and applies to all rental properties regardless of age, with limited exceptions for new construction (during the first 20 years) and affordable housing.
How Minneapolis Compares to Other US Cities
Minneapolis sits slightly above the US average on rent. Compare the 1-bedroom price with nearby tiers to see where you could move to spend less, or what to expect if you go pricier.
Cheaper than Minneapolis
See the full comparison across 50 US cities on the rent data hub or the cost of living comparison.
Rent Calculators for Minneapolis Renters
Use these free calculators to plan your Minneapolis rental budget, split rent with roommates, and check if you qualify for an apartment.
Rent Affordability Calculator
Find out how much rent you can afford based on your income.
Fair Rent Split Calculator
Split rent fairly by room size, features, and income.
Rent-to-Income Calculator
Check if you meet the 3x rent rule landlords require.
Renter Budget Calculator
Build a 50/30/20 budget around your rent payment.
Frequently Asked Questions About Renting in Minneapolis
Is Minneapolis expensive to rent in?
Minneapolis is moderately priced. A 1-bedroom averages $1,400 per month in 2026, about 8% above the national average. The North Loop and Uptown are pricier, while neighborhoods near the University of Minnesota offer more options for students and young professionals.
How much income do you need to rent in Minneapolis?
Using the 30% rule, you need about $4,667 per month ($56,000 annually) to afford an average $1,400/month 1-bedroom apartment in Minneapolis.
How much can you save by splitting rent with a roommate in Minneapolis?
Splitting a 2-bedroom ($1,800/month) with one roommate brings your share to $900, saving $500 per month or $6,000 per year versus renting a 1-bedroom alone.
What utilities should you budget for in Minneapolis?
Renters in Minneapolis typically pay about $105 per month for utilities (electric, gas, water, trash) on a 1-bedroom apartment. Internet adds another $60-$80 per month, and renters insurance runs around $16 per month. Altogether, plan for roughly $191 on top of your $1,400 rent.
How much is a security deposit in Minneapolis?
Most Minneapolis landlords ask for a security deposit equal to 1 month's rent — about $1,400 for a 1-bedroom at the Minneapolis average. Some properties charge up to 2 months ($2,800), especially for tenants without local rental history or with lower credit scores. Pet deposits usually add another $250-$500 on top.
Is Minneapolis affordable on the median household income?
Yes. The median household income in Minneapolis is $68,019, which comes out to about $5,668 per month. At the average 1-bedroom rent of $1,400, that's roughly 25% of gross monthly income — within the 30% rule most budget guides recommend.
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Planning to rent in Minneapolis?