Cheap Apartments for Rent in the Downtown Minneapolis Neighborhood of Minneapolis, MN from $500 (184 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Minneapolis area of Minneapolis.

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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Downtown Minneapolis, Minneapolis, MN Local Guide

Cheapest Available Downtown Minneapolis Apartments for Rent

 

The cheapest available apartment rental in the Downtown Minneapolis area of Minneapolis, MN is a Studio unit found at Paige Hall priced from $551. Shoreline Plaza has the second lowest priced unit, which is a Studio apartment currently listed from $653. Here are the most affordable Downtown Minneapolis apartments for rent in Minneapolis, MN:

Apartment ListingModel NameBed/BathPriced From
Paige HallEfficiencyStudio,1BA$551
Shoreline PlazaStudioStudio,1BA$653
Buri ManorEfficiencyStudio,1BA$699
Stevens Community ApartmentsStudioStudio,1BA$700
The BalmoralEfficiencyStudio,1BA$718
Holmes Park Village2 Bedroom2BR,1BA$723
The Remington Campus ApartmentsSTUDIOStudio,1BA$745
The Buckingham / The Commodore / The Parkway ApartmentsA7 (Parkway)Studio,1BA$758
Loring Manor ApartmentsStudioStudio,1BA$775
Copenhagen Enterprises1530 LaSalle Ave StudioStudio,1BA$775

Best Value Apartments for Rent in Downtown Minneapolis, MN

As of May 17, 2025 the best value apartment in the Downtown Minneapolis area is the $1.09 price per square foot 1 bed 1 Beth Model at Three-Thirty-Three Oak Grove in the in the Greater Central neighborhood starting from $950. The second greatest value Downtown Minneapolis apartment is the 2 bedroom, Income Restrictions, Cherry/CW/Cedar... Model at East Village starting at $1,089 with a $1.28 price per square foot in the Greater Central neighborhood. Here is today’s list of the best values for Downtown Minneapolis apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Three-Thirty-Three Oak Grove1 bed 1 Beth1BR,1BA$1.09
East Village2 bedroom, Income Restrictions, Cherry/CW/Cedar...2BR,1BA$1.28
East Town ApartmentsVan Brocklin - 1 Bedroom1BR,1BA$1.47
409 University Ave SEUnit 81BR,1BA$1.50
1400-1408 Spruce Pl – Oak Grove DowntownSpruce 1 Bedroom1BR,1BA$1.52
St. George ApartmentsStudio-DeluxeStudio ,1BA$1.46
Sela Campus University ApartmentsEfficiencyStudio ,1BA$1.46
Haverhill | Origen Living1BR/1.0BA1BR,1BA$1.39
Yale Place Apartments1 Bedroom1BR,1BA$1.54
The Remington Campus ApartmentsSTUDIOStudio ,1BA$1.35

Quick Rent Budget Calculator

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Pet Friendly Lifestyle
Downtown Minneapolis, Minneapolis, MN

Ranked #13

Among neighborhoods in Minneapolis, MN for Apartment listings with Pet Friendly Amenities

Pet Friendliness Lifestyle Score

4.0
Pet Friendly

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Lifestyle Ratings

ApartmentHomeLiving brings you our detailed rental analysis called 'Lifestyle Ratings' - a comparison of neighborhoods, cities, and rental properties across Minnesota and customized analysis for Central Minneapolis. LifeStyle Ratings are a useful tool for comparing and sorting apartments and neighborhoods when choosing your rental home. This takes in many factors including searching for the best amenities, and convenient access to the outdoors, transit availability, pet-friendly communities, family-friendly amenities, and much more. Find Lifestyle Search in the filter options (above). Happy Searching!

Frequently Asked Questions about Cheap Downtown Minneapolis Apartments

What is a cheap apartment in Downtown Minneapolis?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Minneapolis is under $775.

What is the price of a cheap apartment in Downtown Minneapolis?

The cheapest apartment in Downtown Minneapolis is Shoreline Plaza which is listed at $792, while the average apartment in Downtown Minneapolis costs $4,007.

What types of apartments are the cheapest in Downtown Minneapolis?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 52 regular apartments in Downtown Minneapolis that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Downtown Minneapolis?

Cheap apartments in Downtown Minneapolis have an average cost of $182 which is $3,825 cheaper than the average rent for all rentals in Downtown Minneapolis.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

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A Local Expert’s Guide To the Top 10 Budget-Friendly Neighborhoods to Rent in Minneapolis

Written by: Stephanie Lica

I'm Stephanie, your ApartmentHomeLiving.com Local Expert for Minneapolis, MN. I've lived in Minnesota all my life, save for a brief stint in Wisconsin.

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Know Your Budget: Calculating What You Can Realistically Afford When Renting

Written by: Lauren Harrington

Renting an apartment or house isn’t just about looking through online ads, choosing a few apartments or homes you want to tour, filling out an application, and putting down a deposit. Those things are all necessary and important.

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The Freedom of Short-Term Leases: Exploring the Advantages for Renters

Written by: Bobbi Jackson

If you’re looking to relocate right now, a popular solution that may best fit your current rental needs is a short-term lease.

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Navigating the Rental Market: Tips for First-Time Renters

Written by: Sandy Baker

Making the decision to rent is exciting and terrifying at the same time. For many people, there are a lot of unknowns.