Average Rent in Minneapolis 2026
The average rent in Minneapolis, MN is $1,400 for a 1-bedroom, $1,800 for a 2-bedroom, and $2,200 for a 3-bedroom apartment in 2026. The cost of living in Minneapolis is 8% above the national average. To afford a 1-bedroom apartment here using the 30% rule, you need an annual income of at least $56,000.
Minneapolis Rent Prices by Bedroom
1 Bedroom
$1,400
per month
2 Bedrooms
$1,800
per month
3 Bedrooms
$2,200
per month
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:
1-Bedroom
$1,400/mo rent
$56,000/yr
2-Bedroom
$1,800/mo rent
$72,000/yr
3-Bedroom
$2,200/mo rent
$88,000/yr
Based on the 30% rule: monthly rent should not exceed 30% of gross monthly income.
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.
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.
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.
Planning to rent in Minneapolis?