by Dan Rafter
There’s a reason why so many developers are building new apartment towers in downtown Minneapolis: The demand for multifamily space is high. And with that high demand comes something building owners love, higher monthly rents.
Zumper recently released its latest data on apartment rents in Minneapolis neighborhoods. According to Zumper, Minneapolis in June ranked as the 15th most expensive city in which to rent in the United States, coming in just ahead of Denver and Baltimore.
In June, the median rents of a one-bedroom apartment unit in the city rose 2.4 percent to $1,260. The median rent of two-bedroom units actually fell a bit, dropping 2.7 percent to a median rent of $1,460.
Rents, though, are not equal throughout the city. The most expensive Minneapolis neighborhood in which to rent in June was Downtown East, with a median rent of $1,800 for a one-bedroom apartment. Downtown West, with a median rent of $1,610; Uptown, $1,600; and the Warehouse District, also $1,600, ranked as the next-priciest neighborhoods in which to rent.
The most affordable neighborhood for renters in June was Near North, where the median monthly rent for a one-bedroom apartment stood at $600. The Hawthorne neighborhood, with a median rent of $630, and Willard Hay, $700, were the next most affordable areas.
Check out the map above, provided by Zumper, for the median one-bedroom apartment rents throughout the rest of the city. As the map makes clear, renting in Minneapolis is becoming a more costly proposition.