Northeast — or, as it’s affectionately called by Minneapolis natives, “Nordeast” — is situated across the Mississippi River from downtown Minneapolis. It’s a historic neighborhood, anchored by a few iconic “Old-Minneapolis” establishments: Kramarczuk’s Sausage Company, Surdyk’s Liquor and Cheese, and, until recently, the famed Nye’s Polonaise, a beloved polka dive that closed in spring 2016 to make way for a new development, much to the chagrin of many locals. As the Warehouse district has grown increasingly gentrified, Nordeast has become a hub for artists, attracted by Northeast Minneapolis apartments’ lower rents and plentiful studio space. With its mix of Victorian architecture and vibrant commercial areas, Northeast Minneapolis is perfect for those looking to take advantage of Minneapolis’s unique urban culture.
Northeast Minneapolis apartments are plentiful, if you know where to look. The neighborhood is a mix of older homes and new developments, with a handful of older complexes as well. Many of the buildings were constructed in the 18th century, and reminders of Minneapolis’s mill past are everywhere — in the late afternoon, you might find yourself in the shadow of a grain silo. And though you’re separated from downtown by the Mississippi, it’s a short bike ride to some of the city’s best shopping, nightlife, and dining in The North Loop. All you have to do is cross the Hennepin Bridge — don’t miss the iconic Grain Belt sign on your way.
But with all there is to do in Northeast Minneapolis, you might not want to leave. The neighborhood takes its reputation for art very seriously, sponsoring the annual Art-a-Whirl studio crawl to spotlight nearly 400 local artists’ efforts. The Ritz Theater puts on musical theater productions, as well as housing some performances for the Minneapolis Fringe Festival.
And in recent years, Northeast has become one of the city’s centers for craft brewing. Indeed, Bauhaus, and Dangerous Man all call the area home, as do a half dozen other producers of beer, cider, and spirits. There’s plenty of food to wash it down, too. Northeast is fast becoming one of the best places in the city for food, with spots like Young Joni (wood-fired pizza and inventive small plates) and Brasa (South American rotisseried meats) leading the way.
If you're not sure how much an apartment will cost, the table below shows the average price by size.
Welcome to the August 2020 Minneapolis Apartment Report. In this assessment of the local rental market, ABODO data scientists and rental experts break down the August 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.
Minneapolis rent prices increased over the last month. From July to August, the city experienced a 1.0% increase for the price of a one-bedroom apartment. The rent price for a Minneapolis one-bedroom apartments currently stands at $1,408.0.
When we take a look at the two-bedroom comparison from July to August, Minneapolis experienced a 1.21% increase for the price of a two-bedroom apartment. The rent price for a Minneapolis two-bedroom apartments currently stands at $1,919.0.
Rent prices have increased 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 4 of the Minneapolis suburbs increased last month. On the other hand, 2 local areas experienced a decrease in the price of a one-bedroom apartment.
More key findings include:
Rent increased in St Paul, MN, Bloomington, MN, St Louis Park, MN, Robbinsdale, MN .
Rent decreased in Eagan, MN, Eden Prairie, MN.
2 suburbs are currently priced higher than the city of Minneapolis.
4 suburbs are currently priced lower than the city of Minneapolis.
Rent growth in Minneapolis over the past year has been on the rise. 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 August 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.
|1 BR August||1 BR M/M % Change||2 BR August||2 BR M/M % Change|
|St Paul, MN||$1,278.0||3.31%||$1,605.0||0.19%|
|St Louis Park, MN||$1,354.0||1.35%||$1,621.0||0.93%|
|Eden Prairie, MN||$1,631.0||-2.80%||$1,765.0||-1.01%|
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.