Apartments in 7 Corners and Cedar Riverside Minneapolis

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7 Corners and Cedar Riverside

A Minneapolis Neighborhood

Summary

The 7 Corners and Cedar-Riverside neighborhood is one of the oldest in Minneapolis, and since the days of the breweries and mills, it has long played host to more renters than homeowners. Once primarily German and Scandinavian, the neighborhood is now the center of Minneapolis’s thriving Somali community. Over 45% of its residents were born in a different country, and that diversity contributes to the neighborhood’s dynamic arts and dining scenes. The neighborhood is home to Augsberg College and the University of Minnesota’s West Bank campus, which includes the Law School, Carlson School of Management, and West Bank Arts Quarter. It’s also the only neighborhood in the Twin Cities to be on both the Blue and Green lines of the light rail.

Budget

If you're not sure how much an apartment will cost, the table below shows the average price by size.

$1,286
Studio
$1,353
1 Bedroom
$1,905
2 Bedrooms
$1,988
3 Bedrooms
$2,402
4 Bedrooms
$2,709
5+ Bedrooms
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Minneapolis:
April Rent Report

Welcome to the April 2020 Minneapolis Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the April 2020 key findings and figures for the Minneapolis rental landscape.

Our experts analyze the pricing trends — one-bedroom, two-bedroom, year-over-year and month-over-month — in Minneapolis and surrounding areas and provide comparisons to the entire metro area, nearby cities and some of the most desirable and expensive cities in the United States. Take a look at the last 12 months of Minneapolis rent prices in the chart below.

Monthly Rent Report

Minneapolis Rent Prices Decrease From March to April

Minneapolis rent prices decreased over the last month. From March to April, the city experienced a -0.29% decrease for the price of a one-bedroom apartment. The rent price for a Minneapolis one-bedroom apartments currently stands at $1,360.0.

When we take a look at the two-bedroom comparison from March to April, Minneapolis experienced a -0.36% decrease for the price of a two-bedroom apartment. The rent price for a Minneapolis two-bedroom apartments currently stands at $1,944.0.

April Prices: Minneapolis vs. Surrounding Areas

Rent Prices in Minneapolis and Surrounding Areas

Rent prices have decreased in Minneapolis over the last month. But how have the surrounding areas fared when it comes to the recent volatility in apartment prices? Rent prices in 3 of the Minneapolis suburbs increased last month. On the other hand, 4 local areas experienced a decrease in the price of a one-bedroom apartment.

More key findings include:

  • Rent increased in St Louis Park, MN, Eden Prairie, MN, Eagan, MN .

  • Rent decreased in St Paul, MN, Robbinsdale, MN, Bloomington, MN, Edina, MN.

  • 3 suburbs are currently priced higher than the city of Minneapolis.

  • 4 suburbs are currently priced lower than the city of Minneapolis.

April 2020 Pricing Trends: Minneapolis vs. National Comparisons

Minneapolis Rent Prices More Affordable Than Major Cities

Rent growth in Minneapolis over the past year has been declining. When compared to major cities nearby, along with some of the most expensive cities in the country, Minneapolis rent prices appear to be relatively affordable for local residents.

The price for a Minneapolis one-bedroom apartment remains vastly more affordable than four of the largest cities in the United States — New York City, Washington, D.C. San Francisco and Los Angeles. And pricing compares quite similarly to nearby Midwest cities.

You can view the full rundown of ABODO's April 2020 National Apartment Report and data set here.

For more information about Minneapolis and surrounding area rent prices, take a look at the complete data set below.

Data set for Minneapolis and suburbs

1 BR April 1 BR M/M % Change 2 BR April 2 BR M/M % Change
Minneapolis, MN $1,364.0 -1.30% $1,951.0 -0.51%
St Paul, MN $1,214.0 -0.33% $1,666.0 1.77%
St Louis Park, MN $1,321.0 0.38% $1,579.0 -1.31%
Robbinsdale, MN $1,420.0 0.00% $2,427.0 0.17%
Bloomington, MN $1,355.0 -0.37% $1,683.0 -0.53%
Eden Prairie, MN $1,764.0 0.40% $1,743.0 -0.17%
Eagan, MN $1,339.0 0.90% $1,647.0 5.37%
Edina, MN $1,644.0 -3.29% $2,130.0 -8.86%

Methodology

Each month, using over 1 million ABODO listings across the United States, we calculate the median 1-bedroom and 2-bedroom rent prices by city, state, and nation, and track the month-over-month percent change. To avoid small sample sizes, we restrict the analysis for our reports to cities meeting minimum population and property count thresholds.