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Apartments for Rent in Minneapolis, MN under $500

36 Rentals Available
Apartments for Rent in Minneapolis, MN under $500. 36 Rentals Available
  • a living room with a couch and a coffee table in front of a large window
    Today

    2401 Chicago Ave South, Minneapolis, MN 55404
    1 BED $365+
    2 BEDS $20+
  • a living room with two couches and two windows
    Today

    706 First Avenue North, Minneapolis, MN 55403
    Income Restricted
    STUDIO Ask for pricing
  • a kitchen and dining room with a wooden table and chairs
    Today

    1515 Chicago Avenue S., Minneapolis, MN 55404
    Income Restricted
    STUDIO $486+
  • a rendering of a white apartment building with a blue sky background
    Today

    3301 Nicollet Avenue, Minneapolis, MN 55408
    Income Restricted
    STUDIO Ask for Pricing
    1 BED Ask for Pricing
  • a kitchen with wooden cabinets and a stove and a sink
    Today

    1132 South 8Th Street, Minneapolis, MN 55404
    Income Restricted
    STUDIO $418+
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  • More Rentals Near Minneapolis, MN

  • a living room with a fireplace and chairs and a table
    Today

    765 Hampden Avenue, St Paul, MN 55114
    2 BEDS $18+
  • a kitchen with white appliances and wooden cabinets and a ceiling fan
    Today

    2720 Louisiana Court, St Louis Park, MN 55426
    2 BEDS Ask for Pricing
  • a living room with couches and chairs and a table
    Today

    6113 West Broadway, New Hope, MN 55428
    2 BEDS $473+
  • a spacious living room with a white railing and furniture
    Today

    654 90Th Lane NE, Blaine, MN 55434
    Income Restricted
    1 BED Ask for pricing
5-4-city
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Getting around in Minneapolis, MN

85 /100
Very Walkable
72 /100
Excellent Transit
96 /100
Biker's Paradise
Walk Score®: 85, Transit Score®: 72, Bike Score®: 96

Frequently asked questions

When were prices and availability in Minneapolis, MN last updated?

Prices and availability in Minneapolis, MN were last updated on 11 Apr 2026.

What are the best apartments in Minneapolis, MN?

The best apartments in Minneapolis, MN are: N&E, Mezzo, 2416 Blaisdell Apartments, Revel and CityLine Apartments.

What type of rental buildings are in Minneapolis, MN?

In Minneapolis, 52% of the residents are renting compared to 48% owning a home, according to data from the U.S. Census Bureau. Large-scale apartment buildings with more than 50 units represent 34% of Minneapolis's rentals, 57% are small-scale complexes with under 50 units, and 9% are single-family rentals.

Renting apartments in Minneapolis, MN under $500

Searching for apartments for rent in Minneapolis, MN under $500 is not an easy task, but luckily you have come to the right place. Whether you are a student on a budget, a young professional on the move, or simply a frugal person, RentCafe can help you find what you are looking for. Just make sure you know what you consider non-negotiable and what you can compromise on. Your new home is just a few clicks away. In Minneapolis, MN, where the average rent is $1,163 per month, there are 36 units available for less than $500. Click on any of these units to see pictures, floor plans, amenities and more. After you have picked your favorite, you can contact the property to check availability. Considering that you are trying to spend as little as possible, looking at 1 bedroom apartments and studio apartments might be a good idea.

We’ll help you find the cheapest rental near you

Finding a nice cheap apartment is by no means impossible. You just have to be patient. Your “apartments near me under $500” search can bear fruit sooner than you think if you look carefully and check our site often. You never know when discount deals and special offers might pop up. Keep in mind that you are not the only one looking for an affordable apartment in Minneapolis, MN. Choose “Save Search” to receive the latest apartments available directly to your inbox. This way, you will be able to stay one step ahead of the competition. With the cheapest apartments in Minneapolis, MN going for $365 per month, there are great deals waiting to be discovered. Feeling lucky? Expand your search to 2 bedroom apartments and 3 bedroom apartments as well for more space.

Finding a home nearby is easier than you think. Check out our Apartments Near Me page and take your pick!