Many of the neighborhoods boast an impressive line-up of indie cafes, restaurants and breweries, as well as a nice mix of boutiques nestled among department stores. Several feature live music venues for both local artists and traveling bands while outdoor enthusiasts will appreciate the miles of trails and outdoor sculptures.
While there are plenty of affordable apartments to be found throughout Minneapolis, some residents are paying as much as 28 percent more from last year to rent a place in some of the city’s hottest communities.
Here’s a look at the five Minneapolis neighborhoods where rent is increasing the most.
5. North Loop
- Price increase over the past year: 9.75 percent
- Average rent for one-bedroom in North Loop: $1,639
North Loop is also known as the Warehouse District since many converted warehouses from the late 19th and early 20th centuries now house fashionable boutiques. The neighborhood is also known for its start-up atmosphere, cool restaurants and happening gay nightclubs.
Rent has been rising in this trendy neighborhood. One-bedroom apartments run about $1,639, an increase of nearly 10 percent from last year.
Fun Fact: Target Field, home of the Minnesota Twins baseball team, is located in the North Loop neighborhood.
4. Powderhorn
- Price increase over the past year: 12.86 percent
- Average rent for one-bedroom in Powderhorn: $1,280
Powderhorn is made up of several neighborhoods, including Whittier and Powderhorn Park. Two standout hotspots include Tiny Diner, where restauranteur Kim Bartmann turned an old gas station into to self-sustaining restaurant with patio roof/solar, and Matt’s Bar and Grill, a no-frills bar that’s home to the original home of the Jucy Lucy (longtime competition for that title was the 5-8 club).
For the uninitiated, a Jucy Lucy has the cheese melted inside of the burger patties and it oozes out when one bites into their burger.
A one-bedroom can be had for $1,280 in Powderhorn, an increase of almost 13 percent from last year.
Fun Fact: Powerhorn Lake, located within Powderhorn, is 11 acres in size and approximately two feet at its deepest point.
3. Uptown
- Price increase over the past year: 25.13 percent
- Average rent for one-bedroom in Uptown: $1,615
Like Powderhorn, some residents might consider Uptown its own neighborhood, but it technically includes ECCO, CARAG and spills into Whittier and Lyndale neighborhoods in southwest Minneapolis. Residents and nearby locals are drawn to the funky boutiques selling locally-made gifts, as well as vintage finds and enjoying the nightlife energy.
Getting to and from Uptown is easy since it’s near the walking and cycling paths along Bde Maka Ska and Lake of the Isles.
Rents have increased by 25 percent since last year, bringing a one-bedroom to approximately $1,615 per month.
Fun Fact: The Uptown Art Fair, during the first weekend in August, features works from local and national artists.
2. Whittier
- Price increase over the past year: 26.74 percent
- Average rent for one-bedroom in Whittier: $1,274
Residents who crave an urban feel, complete with accessible coffee shops, bakeries, restaurants and parks, will adore Whittier. Among the hip spots locals often visit include Electric Fetus, a record store that’s been around for more than 50 years. Stop at Glam Doll Donuts for their bakery needs and Spyhouse coffee for their caffeine kicks. Hit up Wedge Co-op, the first certified organic grocery store in Minnesota and largest single-site grocery co-op in America, for groceries.
Rent has risen to $1,274 from last year, an increase of 26.74 percent.
Fun Fact: The Minneapolis Institute of Art, known as “Mia” by locals, is an amazing and free museum. Its exhibits are often featured in national media outlets, such as the New York Times, Forbes and Vogue.
1. Cedar Isles Dean
- Price increase over the past year: 27.62 percent
- Average rent for one-bedroom in Cedar-Isles-Dean: $2,359
Cedar Isles Dean is the area just west of Uptown and north of Bde Maka Ska, the largest lake in Minneapolis and part of the city’s Chain of Lakes (formerly Lake Calhoun). It’s home to 4,000 residents and its proximity to walking and cycling trails and parks, as well as a fair amount of homes, give it a suburban feel.
Rental rates have increased by almost 28 percent in this neighborhood, raising the rent to about $2,359 per month.
Fun Fact: The Frieda and Henry J. Neils House, designed by Frank Lloyd Wright in 1949, faces the southeastern shore of Cedar Lake. Unlike most Wright-designed homes, this one is unusual in the type of stone used as well as the aluminum window framing.
Methodology
We looked at all neighborhoods in Minneapolis with sufficient available inventory on Apartment Guide and Rent. and compared the average price from August 2018 to August 2019 to find the neighborhoods with the highest percentage increase in one-bedroom apartment prices.
The current rent information included in this article is based on August 2019 multifamily rental property inventory on Apartment Guide and Rent. and is used for illustrative purposes only. The data contained herein do not constitute financial advice or a pricing guarantee for any apartment.
