The Minneapolis-Saint Paul area is known as the Twin Cities of Minnesota. With Minneapolis being the largest city in Minnesota and neighboring Saint Paul being the state capital, it’s no wonder these two cities are often mentioned alongside one another. Best of all, apartment rentals are ideal in both cities.
Minneapolis is the 46th largest city, with regard to population, and Saint Paul comes in at number 63 on the list. The Twin Cities draw residents and visitors to the respective city limits due to the shopping, dining, and arts and entertainment options which these two cities offer. Whether exploring art at the Walker Art Center in Minneapolis or shopping along Grand Avenue in Saint Paul, the Twin Cities region offers something for singles, millennials, and families to enjoy.
Average Rent in Minneapolis-Saint Paul
Although these two cities are often grouped together as the Twin Cities, the rent prices do differ in each area. According to Rent Cafe, the average rent in Minneapolis in July 2019 is $1,475, which is a 4% rent increase from last year, when the rent was $1,420. For Saint Paul, the average rent for an apartment is $1,241 per statistics taken in July 2019. This city, like Minneapolis, also saw a 4% rent increase from the prior year. The rent average in Saint Paul last year was $1,191.
Rent Jungle shows the average rental prices at a slight difference from Rent Cafe, stating in April 2019 the average monthly rent for Minneapolis apartments was $1,795, an 8.02% increase from the prior year when the rent was $1,651. For Saint Paul apartments, the average monthly rent was $1,518, which was a 7.97% increase from April 2018 when the average rental price was $1,397.
When comparing rental price variations within just a month’s time, the average rent in Minneapolis increased from March to April 2019 by 0.56% whereas the average rental price in Saint Paul increased by 0.66%.
Minneapolis-Saint Paul Prices by Neighborhood
There are many neighborhoods in both Minneapolis and Saint Paul to choose your ideal location. Some are pricier places to rent, whereas others are more cost-efficient.
The most expensive neighborhoods in Minneapolis include:
Marcy Holmes: $1,857
Prospect Park East River Road: $1,857
Nicollet Island-East Bank: $1,862
The pricier neighborhoods in Saint Paul are as follows:
Downtown Saint Paul: $1,522
Union Park: $1,540
Hamline Midway: $1,688
For a more reasonably priced option in Minneapolis, you can choose from the following neighborhoods:
If you’re shopping for apartment rentals in less expensive neighborhoods of Saint Paul, consider the following neighborhoods:
Battle Creek-Highwood: $1,016
Greater East Side Saint Paul: $1,016
Minneapolis-Saint Paul Rent by Apartment Size
When you rent an apartment, it’s good to note the more bedrooms the rental has, the more expensive it’s likely to be.
For example, one-bedroom apartments in Minneapolis had an average rent of $1,566 whereas two-bedroom apartment rentals went for $2,171, on average. When looking at the cost of Saint Paul apartment rentals, the average monthly price for one-bedroom apartments was $1,322 and the average monthly rent for two-bedroom apartments was $1,764.
Minneapolis-Saint Paul Rent Trends
The increase in rent experienced in both Minneapolis and Saint Paul can be due to numerous reasons, including the demand for apartment rentals and desire of individuals to call the Twin Cities region their new home.
So, how do the rental in Minneapolis and Saint Paul measure up against other cities in the midwest and the country?
Apartments in Minneapolis and Saint Paul Compared to the Midwest
When compared with their Midwest counterparts, both Minneapolis and Saint Paul tend to fall in the middle of the average rental prices. Apartment List shows the median two-bedroom rental average in June 2019 as $1,150 for Minneapolis and $1,240 for Saint Paul. Comparing these prices to Chicago ($1,290), Kansas City ($920), and Indianapolis ($870), it seems as if Minneapolis and Saint Paul are average in the Midwest for monthly rental prices.
Apartments in Minneapolis and Saint Paul Compared to the U.S.
Comparing Minneapolis and Saint Paul with cities throughout the rest of the United States may yield different results. Some of the rental prices of cities located throughout the nation include $1,380 for Miami, $1,200 for Baltimore, $1,170 for Raleigh, and $830 for Tulsa. Again, Minneapolis and Saint Paul tend to fall in the middle range for average monthly rental prices.
Both Minneapolis and Saint Paul seem to be experiencing an increase in average rental prices for apartments in the Twin Cities region. From expensive neighborhoods to more reasonably priced locations, you are sure to find the apartment rental you seek in either city of choice. No matter where you settle down, you won’t be too far from the entertainment and excitement of the Twin Cities.