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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
  • Today

    2401 Chicago Ave South, Minneapolis, MN 55404
    1 BED $365+
    2 BEDS $20+
  • Today

    706 First Avenue North, Minneapolis, MN 55403
    Income Restricted
    STUDIO Ask for Pricing
  • Today

    1515 Chicago Avenue S., Minneapolis, MN 55404
    Income Restricted
    STUDIO $486+
  • Today

    3301 Nicollet Avenue, Minneapolis, MN 55408
    Income Restricted
    STUDIO Ask for Pricing
    1 BED Ask for Pricing
  • Today

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

  • Today

    765 Hampden Avenue, St Paul, MN 55114
    2 BEDS $18+
  • Today

    2720 Louisiana Court, St Louis Park, MN 55426
    2 BEDS Ask for Pricing
  • Today

    6113 West Broadway, New Hope, MN 55428
    2 BEDS $473+
  • 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 24 Feb 2026.

What are the best apartments in Minneapolis, MN?

The best apartments in Minneapolis, MN are: Revel, CityLine Apartments, Twin Lakes, Deco 265 and Bossen Terrace 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.

Apartments in Minneapolis, MN under $500

Balancing snug and cheap is no joke when it comes to renting a place to live. “Are there any apartments near me under $500?” is a great question to start from. Knowing your budget means you’re one step ahead and on the right track. We’ve taken care of the rest and found 36 apartments for rent in Minneapolis, MN on which you’ll spend less than $500. A small, cheap rental means you’ll have to budget your living space as well. The great news is that keeping it simple pays off in more than one way. The cost of utilities is likely to run low, and you get the added benefit of not having to spend too much time cleaning up the whole place. Smaller apartments are more likely to be closer to the city center, so there are potential cuts to your transportation costs too. And here’s one more very special secret to add to your book-of-perks: you’re less likely to overshop when you know your space is limited.

Rentals near you under $500

Our goal is to help you find cheap apartments that live up to your dreams without crushing your budget. It may be a long shot to go looking for 3 bedroom apartments or even 2 bedroom for less than $500. The average rental size in Minneapolis, MN is 658 Sqft, but the $500 limit will probably narrow your search to places with a smaller square footage. Go through our listings and be on the look-out for a hassle-free studio or a 1 bedroom apartment. We trust you’ll turn it into a cozy home which is also budget-friendly to the core.

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