Cheap Homes for Rent in Lake Forest Neighborhood of Minneapolis, MN from $1,400 (6 Rentals)

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Search the lowest-cost Homes available for rent right now in the Lake Forest 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.

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

Know Your Rights - How Discrimination Laws Impact Landlords and Tenants

Read our practical guide to landlord and tenant rights. Understand protected classes, reasonable accommodations, and legal exceptions to prevent housing discrimination.

Lake Forest - One of the Best Affordable Neighborhoods in Minneapolis

Named as one of the Best Affordable Areas to rent in Minneapolis by our Minneapolis Local Expert Stephanie Lica. See how it ranks!

Lake Forest, Minneapolis, MN Local Guide

Cheapest Available Lake Forest Apartments for Rent

 

The cheapest available apartment rental in the Lake Forest area of Minneapolis, MN is a Studio unit found at 2876 Humboldt Ave S priced from $825. Girard Apartments has the second lowest priced unit, which is a 1 Bed apartment currently listed from $875. Here are the most affordable Lake Forest apartments for rent in Minneapolis, MN:

Apartment ListingModel NameBed/BathPriced From
2876 Humboldt Ave S2876 EfficiencyStudio,1BA$825
Girard Apartments1 Bedroom- Garden Level1BR,1BA$875
The Theodore Apartments 55+1 Bedroom (B-30)1BR,1BA$900

Best Value Apartments for Rent in Lake Forest, MN

As of May 17, 2025 the best value apartment in the Lake Forest area is the $0.69 price per square foot 1023 James Ave N Model at 1023 James Ave N, Unit 1023 in the in the Greater Near North neighborhood starting from $1,500. The second greatest value Lake Forest apartment is the 3012 James Ave S Model at 3012 James Ave S, Unit 5 starting at $1,900 with a $1.36 price per square foot in the Calhoun Isles neighborhood. Here is today’s list of the best values for Lake Forest apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
1023 James Ave N, Unit 10231023 James Ave N2BR,1BA$0.69
3012 James Ave S, Unit 53012 James Ave S3BR,2BA$1.36
Westlake Estate Apartments2BD + Den - 3rd Floor2BR,2BA$1.44
Rhode Island Chateau ApartmentsTwo Bedroom1BR,1BA$1.45
Hampshire HouseThe Simon2BR,1.5BA$1.41
5747 Glenwood Ave, Unit 105747 Glenwood Ave2BR,1BA$1.31
Park EmbassyOne Bedroom1BR,1BA$1.44
15 Russell Ave S, Unit 215 Russell Ave S1BR,1BA$1.45
2633/35 Girard Ave S1BR/1.0BA1BR,1BA$1.43
Calhoun Beach Apartments1BR/1.0BA1BR,1BA$1.44

Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Frequently Asked Questions about Lake Forest

What type of rentals are currently available in Lake Forest?

There are currently 390 Apartments for Rent in Lake Forest, MN with pricing that ranges from $825 to $15,685. There are also 37 Single Family Homes for rent, Condos, and Townhome rentals currently available in Lake Forest ranging from $1,425 to $7,900.

What is the current price range for Rental Homes in Lake Forest?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Lake Forest ranges from $1,425 to $7,900 with an average monthly rent of $3,601.

How much are larger Three and Four Bedroom Rentals in Lake Forest?

For those who are looking for larger living arrangements, Three Bedroom Apartments in Lake Forest range from $1,600 to $5,005, while Three Bedroom Homes, Condos, and Townhomes for rent range from $1,995 to $3,095. Four Bedroom Single-Family rentals are also available starting from $2,450 and Four Bedroom Apartments start at $2,099.

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.