See all rent data for Minneapolis, MN →
Fair Market Rent in 55029 — Minneapolis, MN
The typical 1-bedroom rent in 55029 (Minneapolis, MN) is $1,517/month as of 2026, based on 3 data sources. Rents have risen 0.8% year over year, so an increase above 0.8% exceeds the local market trend. Studio: $1,130. 2-bedroom: $1,550.
Rents in Minneapolis have grown approximately +0.8% (HUD estimate) over the past year based on HUD Fair Market Rent. A rent increase above 0.8% is above the local market trend.
Estimated Rent · 1-Bedroom
$1,517/mo
Source: HUD Estimated Rent
Data through
Based on federal benchmarks and 2 additional market sources.
The HUD Fair Market Rent for a 1-bedroom in 55029 (Minneapolis, MN) is $1,270 for FY2026.
Rents in 55029 have increased 0.8% year-over-year based on HUD Fair Market Rent.
The confidence level for this estimate is moderate based on 3 data sources.
Based on HUD Fair Market Rent, a fair rent increase in Minneapolis (55029) is approximately 0.8% for 2026. The typical 1-bedroom rent is $1,517/month. Any increase significantly above 0.8% exceeds the local market trend and may be worth negotiating.
Sources: HUD Fair Market Rent, HUD SAFMR FY2026, Rentcast. Updated October 2025.
Market trend data is limited for this area. The analysis below uses federal rent benchmarks.
What Should Rent Cost in 55029 (Minneapolis)?
Typical rent ranges based on HUD benchmarks and market data. In areas with limited listing data, ranges reflect federal benchmarks and may be wider than actual market conditions.
A studio in 55029 (Minneapolis) typically rents for $1,130 – $1,342.
Rents above $1,543 are in the top 25% for this area.
A 1-bedroom in 55029 (Minneapolis) typically rents for $1,270 – $1,517.
Rents above $1,745 are in the top 25% for this area.
A 2-bedroom in 55029 (Minneapolis) typically rents for $1,550 – $1,846.
Rents above $2,123 are in the top 25% for this area.
A 3-bedroom in 55029 (Minneapolis) typically rents for $2,050 – $2,443.
Rents above $2,809 are in the top 25% for this area.
A 4-bedroom in 55029 (Minneapolis) typically rents for $2,300 – $2,734.
Rents above $3,144 are in the top 25% for this area.
Current Asking Rents in 55029
What are apartments actually renting for near 55029? Click below to see live asking rents from current listings.
Live market data · Updated daily
Rent Increase Laws in Minnesota →
▶Full market data
Federal Rent Benchmarks for 55029
HUD Fair Market Rents are federal rent benchmarks used for housing programs, published annually by HUD.Note: These values represent the HUD metro-area benchmark for the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area area, not zip-specific rates.
| Bedroom Size | Fair Market Rent | Estimated Rent |
|---|---|---|
| Studio | $1,130 | $1,342 |
| 1-Bedroom | $1,270 | $1,517 |
| 2-Bedroom | $1,550 | $1,846 |
| 3-Bedroom | $2,050 | $2,443 |
| 4-Bedroom | $2,300 | $2,734 |
Source: HUD SAFMR FY2026 · Updated
Questions about rent in 55029
What is the average 1-bedroom rent in 55029?
The typical 1-bedroom rent in 55029 (Minneapolis, MN) is $1,517/month as of 2026. This page also shows nearby bedroom benchmarks, including studio rent at $1,130 and 2-bedroom rent at $1,550.
What is a fair rent increase in 55029?
A rent increase up to about 0.8% is in line with the recent local market trend in 55029. An increase above that level is above trend and may justify a closer review against local pricing and comparable apartments.
Are rents going up or down in 55029?
Rents in 55029 have risen 0.8% year over year based on the local trend data used on this page.
How much do studios and 2-bedrooms cost in 55029?
On this page, studio rent in 55029 is $1,130/month and 2-bedroom rent is $1,550/month. These figures help show whether your current or proposed rent fits the broader local bedroom mix.
Renting in Minneapolis, MN? Your rent could be building your credit.
Report your monthly rent payments to all 3 credit bureaus — the same ones your next landlord will check. Takes 2 minutes to set up.
RenewalReply may earn a commission at no cost to you. Learn more
Renters insurance from $5/mo
Protect your belongings from theft, fire, and water damage. Takes 2 minutes and most landlords require it.
RenewalReply may earn a commission at no cost to you. Learn more
Renter Tools
Similar Rents in Other Areas
These zip codes have similar 1-bedroom rents to 55029 ($1,270/mo) — useful for comparing what your rent gets you in other markets.
Other Zip Codes in Minneapolis, MN
Nearby Areas
Market data updated monthly from public and third-party sources. Actual rents vary by unit, building, and lease terms. For informational purposes only — not legal or financial advice. See methodology →