“Everybody’s going uptown,” Prince sang in 1980, and he was right: In the last 36 years, Uptown Minneapolis has gone from bohemian hotspot to gentrified shopping district.
The recent construction of new Uptown apartments and condos, though met with some community backlash, means that there’s plenty of housing in this desirable, active neighborhood. The newer Uptown apartments are packed with luxury and modern finishes, which appeal to an older renting crowd, but there are also older buildings for those who want to live in the neighborhood on a tight budget.
Renting an Uptown apartment puts you just a few minutes southwest of Downtown West and about 15 minutes from the University of Minnesota-Twin Cities, which lies on the eastern bank of the Mississippi River. Miles of greenway and trails connect Uptown to beaches, parks, and the nearby Lake of the Isles Dog Park.
Uptown offers a convenient trip to downtown and gorgeous Lake Calhoun, Cedar Lake, and Lake of the Isles, and if it’s not quite the no-holds-barred artistic melting pot it once was, it’s still a great place to enjoy diverse craft cocktails and varied food. The Soviet-themed Hammer & Sickle, for example, is known for the vodka cocktails and specializes in Eastern European fare, while the Barbette bistro instead offers French food, usually served with a side of live music. If you’re just out for a burger and a beer, Up-Down Minneapolis is likely more your style, plus you can spend some time reminiscing with old-school video games.
Choosing to rent an Uptown apartment also means you’ll be living in the heart of a thriving artistic community, which is celebrated annually at the late-summer Uptown Art Festival. For more than five decades, this festival has united Minneapolis residents around local talent, showcasing hundreds of artists, dozens of food and drink vendors (including a culinary competition), and musicians.
But you can also find the influence of the arts any day of the year. Uptown Theatre specializes in indie films, enjoyed with a full bar, and there are small art galleries littering the area. The bar scene is hopping, and the artistic, youthful vibe of the area makes it an ideal neighborhood for young professionals, downsizing older couples, and young families.
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.