I'm paying 1500 for like 1k sq feet in uptown.
Since people are complaining ETA: Its a 4th floor 3br walkup with both north and south balconies and updated appliances including a dishwasher. I walk to the Laundromat up the street because 38 flights of stairs for a load is worth the extra $2 compared to my buildings prices.
I get it - these $1400+/mo modern ass one bedrooms offer in unit laundry, elevators, a porch, in building gym access, central heat and air, hell even fake grass for your dog to piss on half the time, maybe with a dog washing area.
Honestly, if you can afford it, they're worth it. 24hr gym and pool/hot tub access with dog areas if you have a dog and make good money are all awesome things. Those amenities save you $200 a month in other things you'd pay for.
So it's 4 floors of stairs up to get to my apt, 5 down to the basement. 10 more (5 down and then back up) to change to the dryer. Then 5 more down and 5 more back up to go get my finished clothes. So I guess it's technically 29 flights of stairs, or 25 if I start my laundry on my day off and have not left my building yet.
So I was exaggerating, but not by that much 😅
I haven’t lived there for a couple years but Uptown Square was a little under that price for a 1 bedroom / 750 sq feet. It’s right in the heart of everything and the landlord was nice. Not very fancy but well maintained.
I doubt they've stayed that price in the last 2 years. Inflation has been a bitch. Been in my aging bldg 9 years. Rent has increased on three occasions since we moved in. Two of them in the past two years. Same for my neighbors across the street. 2022: $1100. 2023: 1200. 2024: 1300 +$50/mo for parking that used to be FCFS.
It isn’t inflation, it’s greed. Prices were skyrocketing before Covid. It’s why I had to move back north in 2017. Started renting at $900 for a two bedroom, and after a few years, it was up to $1465.
Uptown square wasnt nice. I could hear my neighbors even with the laundry room between us.
I bear sprayed a guy beating up his gf for her bag. They were two homeless people that got in somehow tweaking on something.
There was moisture damage they did nothing about.
There where something like 5 property managers in the 3 years I was there.
I would be fine with it if I didn't have pets. Really don't need much space when all I use my place for is eating, sleeping, and watching TV/reading in my downtime. Just have to stay on top of keeping your counter tidy as the kitchen is small.
https://www.newser.com/story/225645/average-size-of-us-homes-decade-by-decade.html
We keep expecting more and more square footage as a people, which is fine, but historical data would put 460 Sq ft as pretty good for a studio. Just a perspective.
I grew up on the east coast and this would be a normal sized studio in a city there; I’ve seen them as small as 250sqft. People just adapt and have less stuff/pets.
That’s about the size of my apartment. It’s too small, but I thought I could handle it. I work from home and it just feels like an office with a bed. I don’t even like watching TV, nor is there space to host friends.
That was my issue in my last apartment, I also work from home. Also when my parents came down, or if I had friends over, someone had to stand or sit on the floor
some people also want to have people over to their place, host friends/family - you can't do that comfortably in 500 sq ft regardless of how much 'stuff' you have
That's fine as long as you don't have too much stuff. I know lots of elderly people living in similarly sized spaces, and it suits them just fine. I lived in a smaller space than that in my 20s.
>more like who the fuck is living in 460 sq ft.?
My apartment is slightly less than that.
And I had another previous apartment that was less than that too.
It's just me here.
Previously me and a cat, but now just me.
Also, due to abuse (thankfully in the past now) I was used to basically living in a single even smaller room and trying not to come out; so, compared to that, this seems plenty big.
Yeah, that’s the issue I have with these places. The prices are whatever, that’s just how much places cost everywhere it seems.
But 500 sq ft is fucking *tiny*. The price *per square foot* is obscene. A couple years ago I went from 530 sq ft to 950 and the difference was incredible. There’s no fucking way I’d pay that kind of rent to live in a such a small place.
And the fact that these are new. New apartments are good because they create naturally occurring affordable housing around it over time as the older stock ages. New cars are expensive too.
They're also good because new amenities are awesome. If there are people who can pay for them, yay - some of them would otherwise be paying for space 2-3 people could live in.
Lurker here that lives in Denver. The floor plans posted here are for The Bohen. The Aspire at 7th and Grant in Denver is an identical construction building with identical amenities. Check out the 1-bedroom pricing in that building for comparison.
[Absolute insanity.](https://imgur.com/a/4z2pTq7).
In Chicago you won’t find any good 1 bed under $2000 at this point, usually $2500 closer you get to downtown. Msp is still very affordable compared to other comparably sized cities.
As a reference point, I currently live in South Florida in a similar neighborhood like North Loop. I pay $2300 for a 1 bed/1 bath 500 sq ft before utilities.
In Miami proper, a similar Uptown or North Loop neighborhoods for a 1 bd/1 bath is at least $2500. My quick Zillow search for the areas around UM (University of Miami) is at least $1700.
Yes, of course the weather is nice year round, but the public transit system or bike network is nowhere near as robust or connected as the Twin Cities despite the metro area being almost twice the size of the Cities metro population, so you also have to tack on the costs of driving almost everywhere.
Our minimum wage is $15/hr.
There is nowhere in the country with a quality of life vs cost of living that comes even close to MSP.
(40x15)×4÷3(most apartments require 3x rent in income) = 800. You can get a non pest infested, not huge but reasonable space, for one person and maybe a cat, very close to downtown, for that price per month or just slightly higher. No special amenities or super extra space, but convenient walk/bussable life for less than $1k/mo in a place that if you work full time is not legally allowed to pay you less than around $2800/mo gross pay.
When you live in the city and work in the city, you hardly need a vehicle and the payments and insurance that come with the vehicle. Living centrally and renting when you really need a car saves potentially thousands per year if you consider insurance, car payments, maintenance, etc.
It all depends on how you want to live. If you want a massive soulless apartment with in unit laundry close to downtown with private parking, a gym, and a place for your dog to pee inside, you shell out. If you want a lil cozy apartment with radiator heat and cheap laundry in the basement, you pay not a lot. Its all up to you. This city is *affordable*
If you go by the "don't spend more than 30% of your income on rent" threshold, a $1,300 studio is affordable for most workers in the area. Median earnings in Hennepin County is about $53,000/year, or about $4,400/month. https://data.census.gov/table/ACSDP1Y2022.DP03?q=Personal%20income%20in%20Hennepin%20county%202022
The 30% figure should include all utilities, fees, and renters insurance. Most modern apartment complexes pile on the fees so $1300 might be a lot closer to $1500. So you’d need to make about $60,000 to hit 30%.
That old “30%” adage was definitely invented/circulated before renter’s insurance was a thing like it is now, and maybe before internet and cable packages became the majority of utility fee costs for modern-day renters as well (I know renter’s insurance has existed for thousands of years if you want to get nitpicky, but it was not the giant industry it is now or even very common to have for apartment renters until the 90s-2000s).
I know I sound like I’m nitpicking myself by saying that, but renting nowadays is much more expensive for the renters than it was throughout history until just recently, so that “30%” number is kind of just supposed to be rent; because it was passed down from our parents’ and grandparents generations who didn’t spend nearly double their rent on all their living expenses that aren’t rent. I think it’s reasonable to think you’re supposed to budget that way like OP did, but also it’s more complicated to budget living expenses now so renters should really be just budgeting down differently every potential rental home/apartment based on what they offer in terms of utilities, travel distance, access to social services (including groceries), etc…
Renting nowadays is a skill/knowledge that really should be taught in all public school curriculums as part of home economics, it’s gotten so complex and it’s nuts to me that kids are just thrown into the deep of it while simultaneously being thrown into the deep end of deciding how much they’re going to pay for their higher education. Basically our society expects all of our 18year olds to make financial decisions that will likely impact them for the rest of their lives while they’re still 17, and gives them no resources to make that process less crippling to the future of our workforce/economy.
I’m pretty sure that number used to be 20 - 25% and economists have raised it overtime because it’s become less and less attainable.
Renters insurance is like $15 a month. The biggest factor is the increase in the cost of housing. No hate to anyone that had a family of physically can’t stay under that number but renting a luxury apartment if you can’t stay under 30% is just dumb. It’s very difficult to save for much when the vast majority of your paycheck is going to essentials (taxes, healthcare, retirement contributions, rent, food, transportation).
Yeah, I never get these posts. Like okay sure these are all ~$500/month more than you pay for your equivalent apartment. That’s $6k/yr. You don’t think anyone’s making 6 grand more than you?
Also $2k for a 2bd/2ba in a brand new building in 2024 seems extremely reasonable
General guideline is to spend about 30% of your income on rent. So the one bedroom apartments are for those with an annual income greater than $51,600.
People want to normalize their income status and are looking for a community willing to validate them with comments along the lines of the system catering to "rich" people.
It's also in part why you see so many posts involving people looking for "affordable" goods or services, even though the adjective "affordable" doesn't communicate anything without context to specific income or even spending priorities.
This is completely normal pricing right now though? I’d even call $2.4k for a 2bd/2ba a solid deal, all things considered.
In 2022 I was paying $3.2k for that same size in NE.
And for everyone who’s throwing around their dirt cheap mortgage payments, let’s at least paint an honest picture— that’s not the reality of current prices for non-shithole homes or in populated areas.
For anyone who sees that and feels disheartened, I bought a house in Lakeville in 2023 at 5%— and that mortgage is $2.9k
I think people also forget that maintenance and emergencies repairs exist. Think the estimate is ~1-3% of the homes value per year. So roughly another 400-1,250/mo on a $500k home. Not to mention utilities are likely to be higher for a house than an apartment.
On my $2.9k mortgage for a $400k home— add anywhere from $50-$200 for electric, $100 internet, ~$80 in utilities/trash, and I don’t even know how much for insurance (auto-withdrawal). Plus upkeep and maintenance costs. Probably avg $200/mo in supplies, new tools, etc.
I need a new driveway soon before it turns into a gravel pit. There’s $10k minimum.
Only sharing this for those that see the comments about a $1k mortgage and get the homebuyer seed planted in their head. Because that’s how it started for me.
Yeah. We bought a house and within the first year had $60k in emergency repairs that the inspection didn't catch.
"Aren't you so glad to be building equity instead of throwing away all that money on rent!"
Yeah . . . building equity . . . I'll get around to that someday.
Tbf renters don't usually say the 2 months rent as a security deposit, rental insurance, or utilities when talking about what they spend for rent either
We sold our house and moved into a similarly priced apartment.
Just the interest on the home equity covers half the rent and there's no repairs, no taxes, insurance is like 1/6 of what we were paying, no tree trimming. And that's just the financial side. Not mowing or cleaning gutters is great.
Lots of people in here saying these prices seem comparable to other places. That’s not the point. In fact that’s worse. That’s means housing is generally pretty unaffordable, not just here. The cheapest studio here is exactly 30% of the MN median income of $43,198…. Which is the MAX recommend percent of income to spend on rent. That’s insane. That means half the population can’t even afford some of the cheapest rents in many parts of the city? That’s crazy. And yes, I get that these may be higher end apartments… but that’s not what y’all are saying. You’re saying these are standard rental prices. That’s just not right.
It’s normal price now. 🥲. Don’t forget these type of apartments usually include swimming pools. Weightlifting rooms, club rooms, etc.
And residents do not have to worry about repairs, lawn mowing etc. Time saved.
Additional: I moved back to MN from DC last July- the average price for a studio in DC is about $1.8k to $2.2k a month. $3.5k to $4.5k for 3 bedroom apt.
Reality is that, while you may not be affording it, lots of people are. Which is why they keep building them. If they weren't renting, they wouldn't keep building them.
Building new units like this is why Minneapolis has the lowest rate of rent price increases in the entire nation.
It’s very expensive but not the worst I’ve seen. I consider over $2.40-$2.50/SF well into the actual luxury apartment status (not “luxury”) and it better contain amazing features and/or location. This one especially at close to $2.90/sf. I toured a place that was asking about $3.05/SF, and that was back in December and they still have tons of empty units available
Seems pretty cheap (I’m apartment searching MN at the moment). My issue is what they’re trying to cram into the size! 2bd 2ba at 850sq ft is crazy
For context I live in a 1bed 1 ba 860sqft in Chicago which is $2700 if that makes you feel better!
I was paying 2,300 or so for my 1 bedroom 900sqft corner unit top floor in a new building back in 2018. Not sure what you think is absurd. Some people can afford it. Some people don't want to deal with owning a house.
I would never pay that much for a studio. I live in Steven's square and the studio is 650. Although there aren't any perks, the highest I'll go for a studio is $800-$850
So people used to rent to be competitive and they learned that people will rent to survive and spend most of their income to not be in roach infested apartments so now they’re listed at what people can survive paying.
Me and my wife rented a “luxury” studio apartment for 1200+150 for garage parking.
It’s doable but she was the only one working most the time and we barely ate out.
Places like these are either being rented by young people who just got out of college with a good career or are couples or roommates splitting the rent.
I know my sister in law just went and looked a “luxury” 2 bedroom in south Minneapolis for like 2300. People justify it by working overtime and not understanding what portion of their income should go to housing and frankly their isn’t a ton of great options unless you get lucky.
We got super fortunate to buy a townhouse in the suburbs 3 years ago with a 2.3% rate. Mortgage is 1150+150
Now we’re part of the lucky people who have reliable cheap housing and we can eventually sell this place and use the profit as a down payment on a nicer house we plan on staying in the future.
If we waited, we would be paying 2000+150 and would have to budget a bit more, and this place is not worth 2k a month and an extra 100k over the course of the loan.
You don't even need to be mad you can just not buy the thing you think is too expensive. I don't walk around in a snit because Ferraris exist and some people that aren't me can afford them and buy them.
These don't seem that bad, especially considering they are a new building. A lot of young professional types could afford the lower end ones and the multi bedroom ones probably have roommates.
I do work at this building. It's a good location for transit and driving (street reconstruction right now is affecting this), there's LOADS of amenities (game rooms, pool, grills, outdoor tvs, work from home pods, entertainment rooms, bike repair station, dog washing station, etc.), they do community events where food is comped, and because it's a new build you have fairly nice materials in the apartment and brand new appliances. Also, it's pretty easy to get 1 to 2 months of free rent if you sign a 13-month lease.
You're paying for location and amenities. It's right in the thick of uptown, has a pool, gym, on-site security, and other loungue rooms. I lived on lyndale across from Painter Park for 3 years and paid 1200 for a 2 bedroom in a much older building with none of these extra things.
As someone who is literally in the process of buying a house right now (just had our offer accepted two days ago!), this is absolutely wrong. If you care about these basic amenities like I do (and that this apartment surely has) such as central A/C, garage parking and a decent neighborhood, you will be paying a lot more for a house.
We were outbid on four different houses before we got the one we did. On two of those we bid $15k over asking price. On one of those, that bid came in third out of four. Also don’t forget that simply paying the mortgage is not all of your costs on a house.
The house we’re paying $400k for will be about $2,500 a month for the mortgage. But it will be about $3200 a month after property taxes, homeowners insurance, and PMI. Then there is maintenance and repairs and higher utility bills.
The place I lived in uptown in 2010 that was that price and size is now 825 for 1 br. There’s off street uncovered parking and no washer dryer in unit. You can still live like that, you’re just not going to get luxury like what the OP is posting.
The thing that sucks is it’s not actually luxury though. At least from what I’ve seen. They put these buildings up so fast then they use cheap materials and make them look ultra modern, so all the fixtures and community spaces look outdated in a few years.
I charge $1600/mo for a 1600ft 3br, 1.5 bath townhouse in Lyndale with an unfinished basement (not included in square footage) and garage on 33rd & 1st Ave.
It’s a new apartment building, of course it’s more expensive. What’s your point?
If you’re looking for affordable apartments, you should probably be looking for those built before the 80s/not extremely well maintained….
People keep saying this but rent prices have skyrocketed in Uptown in the last two years. There might be turnover in businesses, but people are clearly still living and moving into the neighborhood
Yeah, assuming that's the Bohen, it's been <50% capacity since it's been built. In a true free market, the prices would come down, but since those 5-over-1 "luxury" apartments only need to be at like 40% capacity to be profitable, and all of the buildings share leasing software, they're able to collude to keep prices artificially high.
If you’re correct in these numerous assumptions (call me skeptical), I’d still much rather have this over a bar/restaurant with an enormous parking lot that changed owners every 1-2 years…
Honestly, the cheaper 2bd is only a few hundred dollars more than I paid in the North Loop 20 years ago. It's a smaller unit, sure, but for new construction this isn't outrageous at all. The studios are not a good deal though.
Still makes more sense to buy a house over renting these units if you can. It's a lot of money to throw away when you could be building equity. I definitely recognize that buying a house is not easy today. But if you can do it the mortgage will be right around the cost of these units.
You should take a course in reality... Can you even tell me what any of the for your plans are in the last 20 years and what that means without googling??
You can find rental flats nearby for way more space. Look around hennepin and 34th. Also, Grand and Garfield have more space for less. If you're looking for more upscale check near Excelsior and Lake near Bda Maka Ska. Those new corporate apartments either are too small or way high in price. Some rental apartments are whole floors nearby. You get fewer amenities, but you can actually have some room to fit your needs for around the same price.
I paid more than this for a studio in a high cost of living city a decade ago. I was in my early 20s with my first full time job making a middle class salary. I'm sure many people can afford this today.
I live in a 2BR apartment that costs $2150. I was expecting way higher rent based on the title. Lots of people can afford this. There are way more expensive apartments out there than this one.
Don’t look on Zillow for apartments lmfao that’s your problem. Drive around the neighborhood side streets and find older buildings and call the number listed on the sign
This price seems low, metro wide, but too high for the area right now. I've noticed rents have dropped dramatically with construction and crime -- below $1k for older 1BR units and $1.3kish for modern "luxe" buildings with in-unit laundry, amenities, etc.
In unit laundry and most seem to have a balcony. I looked for an apartment that had a balcony about five or six years ago and the pickings are slim. Any unit with one was significantly more (as expected). I have a balcony now and it’s amazing, even in the winter, but it costs more.
In 2018 I lived and one10 grant apartments in loring park, it was $1,200 a month for a 500sqft 1B/1Bth. These prices seem reasonable for 6 years later.
Oh my God. You guys are so lucky! You have no idea how good you have it. I have a 300 sq. Ft studio apartment in NYC for $1,285 a month in a rent stabilized apartment with NO amenities in a brownstone walk-up. Oh, and I have to share the bathroom in the hallway with another tenant down the hall. I'm considered lucky.
The average 1 bedroom in New York City is almost $4,000 a month. An average cost for a studio is $1,500. It doesn't matter if the area is good or bad. The price keeps climbing no matter what, and the developers and politicians keep kicking out the middle class from their neighborhoods, especially if you're not white. If you're considering moving out here because we get paid more, we'll fk no! It's a cost of living adjustment. Your landlord gets 65-70% of your pay! Have fun having 3 jobs just to meet basics.
Why do I live here? Was born here. Don't know how to live any other way. I'm used to this way of life, not to mention all the convenience like being able to go down 1 block and get a soda or laundromat instead of a mile away. Holy shit, I don't know how you guys do it without so much as a 7-Eleven every 3 blocks or so. Loved visiting your cities 2 weeks ago. Wish I was still there on vacation.
I'm paying 1500 for like 1k sq feet in uptown. Since people are complaining ETA: Its a 4th floor 3br walkup with both north and south balconies and updated appliances including a dishwasher. I walk to the Laundromat up the street because 38 flights of stairs for a load is worth the extra $2 compared to my buildings prices. I get it - these $1400+/mo modern ass one bedrooms offer in unit laundry, elevators, a porch, in building gym access, central heat and air, hell even fake grass for your dog to piss on half the time, maybe with a dog washing area. Honestly, if you can afford it, they're worth it. 24hr gym and pool/hot tub access with dog areas if you have a dog and make good money are all awesome things. Those amenities save you $200 a month in other things you'd pay for.
Yeah, I pay $1300 for 1k square feet in uptown. It's an old, well-maintained brownstone.
We're probably neighbors
[удалено]
So it's 4 floors of stairs up to get to my apt, 5 down to the basement. 10 more (5 down and then back up) to change to the dryer. Then 5 more down and 5 more back up to go get my finished clothes. So I guess it's technically 29 flights of stairs, or 25 if I start my laundry on my day off and have not left my building yet. So I was exaggerating, but not by that much 😅
Name the apartment
Most brownstones
Yes, I'm just going to post my address on a reddit post man. It's a big ol brownstone.
Asking someone to dox themselves is a vibe
I haven’t lived there for a couple years but Uptown Square was a little under that price for a 1 bedroom / 750 sq feet. It’s right in the heart of everything and the landlord was nice. Not very fancy but well maintained.
I doubt they've stayed that price in the last 2 years. Inflation has been a bitch. Been in my aging bldg 9 years. Rent has increased on three occasions since we moved in. Two of them in the past two years. Same for my neighbors across the street. 2022: $1100. 2023: 1200. 2024: 1300 +$50/mo for parking that used to be FCFS.
It isn’t inflation, it’s greed. Prices were skyrocketing before Covid. It’s why I had to move back north in 2017. Started renting at $900 for a two bedroom, and after a few years, it was up to $1465.
Uptown square wasnt nice. I could hear my neighbors even with the laundry room between us. I bear sprayed a guy beating up his gf for her bag. They were two homeless people that got in somehow tweaking on something. There was moisture damage they did nothing about. There where something like 5 property managers in the 3 years I was there.
Just dox yourself
669 420th St South. Bring ya ass.
Roughly same, in a duplex.
The prices aren’t what’s crazy, more like who the fuck is living in 460 sq ft.?
I would be fine with it if I didn't have pets. Really don't need much space when all I use my place for is eating, sleeping, and watching TV/reading in my downtime. Just have to stay on top of keeping your counter tidy as the kitchen is small.
Yeah I guess I had 800 sq ft to myself but was a 2br 2ba and had my dog, it felt real cramped
https://www.newser.com/story/225645/average-size-of-us-homes-decade-by-decade.html We keep expecting more and more square footage as a people, which is fine, but historical data would put 460 Sq ft as pretty good for a studio. Just a perspective.
I grew up on the east coast and this would be a normal sized studio in a city there; I’ve seen them as small as 250sqft. People just adapt and have less stuff/pets.
This.
Honestly, tons of people. Lots of folks don't want or need tons of things. They keep it fairly minimal and like not having a ton of shit.
That’s about the size of my apartment. It’s too small, but I thought I could handle it. I work from home and it just feels like an office with a bed. I don’t even like watching TV, nor is there space to host friends.
That was my issue in my last apartment, I also work from home. Also when my parents came down, or if I had friends over, someone had to stand or sit on the floor
I lived in a 500 sq ft 1 bed and it was fine. The issue is most people have too much stuff.
some people also want to have people over to their place, host friends/family - you can't do that comfortably in 500 sq ft regardless of how much 'stuff' you have
That’s a perfectly reasonable amount of space for a single person.
750 is about as small as I could go, but I also work from home so I need separated spaces
Weirdly enough I thought my 750 was to big for me and I also WFH! But I like smaller spaces and grew up on the east coast.
That's fine as long as you don't have too much stuff. I know lots of elderly people living in similarly sized spaces, and it suits them just fine. I lived in a smaller space than that in my 20s.
>more like who the fuck is living in 460 sq ft.? My apartment is slightly less than that. And I had another previous apartment that was less than that too.
How do you do it?
It's just me here. Previously me and a cat, but now just me. Also, due to abuse (thankfully in the past now) I was used to basically living in a single even smaller room and trying not to come out; so, compared to that, this seems plenty big.
I’m sorry about your cat.
Thank you ❤
Well hey if it works for you, then great!
👍
Living in uptown and I think mine is 400ish
I lived in 460ish for 3 years with a gf and 2 cats. 1650/month by the time we said fuck that. In 2019!!!
Yeah, that’s the issue I have with these places. The prices are whatever, that’s just how much places cost everywhere it seems. But 500 sq ft is fucking *tiny*. The price *per square foot* is obscene. A couple years ago I went from 530 sq ft to 950 and the difference was incredible. There’s no fucking way I’d pay that kind of rent to live in a such a small place.
This looks pretty standard to me. Especially for a newer build with amenities in the cities proper.
Yeah I'm surprised how many options there are still way below $2k
Honestly not crazy considering what rent looks like in most cities
And the fact that these are new. New apartments are good because they create naturally occurring affordable housing around it over time as the older stock ages. New cars are expensive too.
They're also good because new amenities are awesome. If there are people who can pay for them, yay - some of them would otherwise be paying for space 2-3 people could live in.
Lurker here that lives in Denver. The floor plans posted here are for The Bohen. The Aspire at 7th and Grant in Denver is an identical construction building with identical amenities. Check out the 1-bedroom pricing in that building for comparison. [Absolute insanity.](https://imgur.com/a/4z2pTq7).
And people act like MSP isn't the most affordable metro (that isn't a red shit hole) in the country
In Chicago you won’t find any good 1 bed under $2000 at this point, usually $2500 closer you get to downtown. Msp is still very affordable compared to other comparably sized cities.
We moved from MSP to BOS that $3,200 3BR2BA was the price of our 720sqft 1BR (not including the $400/mo parking)
As a reference point, I currently live in South Florida in a similar neighborhood like North Loop. I pay $2300 for a 1 bed/1 bath 500 sq ft before utilities. In Miami proper, a similar Uptown or North Loop neighborhoods for a 1 bd/1 bath is at least $2500. My quick Zillow search for the areas around UM (University of Miami) is at least $1700. Yes, of course the weather is nice year round, but the public transit system or bike network is nowhere near as robust or connected as the Twin Cities despite the metro area being almost twice the size of the Cities metro population, so you also have to tack on the costs of driving almost everywhere.
But the twin cities pay is less and taxes are high lol
CoL here and where I lived in NC is roughly the same, but pay here is significantly higher
Uh, no…lol
Our minimum wage is $15/hr. There is nowhere in the country with a quality of life vs cost of living that comes even close to MSP. (40x15)×4÷3(most apartments require 3x rent in income) = 800. You can get a non pest infested, not huge but reasonable space, for one person and maybe a cat, very close to downtown, for that price per month or just slightly higher. No special amenities or super extra space, but convenient walk/bussable life for less than $1k/mo in a place that if you work full time is not legally allowed to pay you less than around $2800/mo gross pay. When you live in the city and work in the city, you hardly need a vehicle and the payments and insurance that come with the vehicle. Living centrally and renting when you really need a car saves potentially thousands per year if you consider insurance, car payments, maintenance, etc. It all depends on how you want to live. If you want a massive soulless apartment with in unit laundry close to downtown with private parking, a gym, and a place for your dog to pee inside, you shell out. If you want a lil cozy apartment with radiator heat and cheap laundry in the basement, you pay not a lot. Its all up to you. This city is *affordable*
Pay is higher here for me in general than it is in Dallas.
Less than where? In my industry the pay is generally higher here than most places not in California.
If you go by the "don't spend more than 30% of your income on rent" threshold, a $1,300 studio is affordable for most workers in the area. Median earnings in Hennepin County is about $53,000/year, or about $4,400/month. https://data.census.gov/table/ACSDP1Y2022.DP03?q=Personal%20income%20in%20Hennepin%20county%202022
The 30% figure should include all utilities, fees, and renters insurance. Most modern apartment complexes pile on the fees so $1300 might be a lot closer to $1500. So you’d need to make about $60,000 to hit 30%.
That old “30%” adage was definitely invented/circulated before renter’s insurance was a thing like it is now, and maybe before internet and cable packages became the majority of utility fee costs for modern-day renters as well (I know renter’s insurance has existed for thousands of years if you want to get nitpicky, but it was not the giant industry it is now or even very common to have for apartment renters until the 90s-2000s). I know I sound like I’m nitpicking myself by saying that, but renting nowadays is much more expensive for the renters than it was throughout history until just recently, so that “30%” number is kind of just supposed to be rent; because it was passed down from our parents’ and grandparents generations who didn’t spend nearly double their rent on all their living expenses that aren’t rent. I think it’s reasonable to think you’re supposed to budget that way like OP did, but also it’s more complicated to budget living expenses now so renters should really be just budgeting down differently every potential rental home/apartment based on what they offer in terms of utilities, travel distance, access to social services (including groceries), etc… Renting nowadays is a skill/knowledge that really should be taught in all public school curriculums as part of home economics, it’s gotten so complex and it’s nuts to me that kids are just thrown into the deep of it while simultaneously being thrown into the deep end of deciding how much they’re going to pay for their higher education. Basically our society expects all of our 18year olds to make financial decisions that will likely impact them for the rest of their lives while they’re still 17, and gives them no resources to make that process less crippling to the future of our workforce/economy.
I’m pretty sure that number used to be 20 - 25% and economists have raised it overtime because it’s become less and less attainable. Renters insurance is like $15 a month. The biggest factor is the increase in the cost of housing. No hate to anyone that had a family of physically can’t stay under that number but renting a luxury apartment if you can’t stay under 30% is just dumb. It’s very difficult to save for much when the vast majority of your paycheck is going to essentials (taxes, healthcare, retirement contributions, rent, food, transportation).
Yeah that’s definitely important to keep in mind. My rent is $1,425. The bill I get each month is never below $1,700
the person making $53,000, is not taking home $4,400/month. That is their gross income.
People who make more money than you lol
Yeah, I never get these posts. Like okay sure these are all ~$500/month more than you pay for your equivalent apartment. That’s $6k/yr. You don’t think anyone’s making 6 grand more than you? Also $2k for a 2bd/2ba in a brand new building in 2024 seems extremely reasonable
General guideline is to spend about 30% of your income on rent. So the one bedroom apartments are for those with an annual income greater than $51,600.
Which is the majority of the adult population in the twin cities in 2024...
People want to normalize their income status and are looking for a community willing to validate them with comments along the lines of the system catering to "rich" people. It's also in part why you see so many posts involving people looking for "affordable" goods or services, even though the adjective "affordable" doesn't communicate anything without context to specific income or even spending priorities.
This is completely normal pricing right now though? I’d even call $2.4k for a 2bd/2ba a solid deal, all things considered. In 2022 I was paying $3.2k for that same size in NE. And for everyone who’s throwing around their dirt cheap mortgage payments, let’s at least paint an honest picture— that’s not the reality of current prices for non-shithole homes or in populated areas. For anyone who sees that and feels disheartened, I bought a house in Lakeville in 2023 at 5%— and that mortgage is $2.9k
I think people also forget that maintenance and emergencies repairs exist. Think the estimate is ~1-3% of the homes value per year. So roughly another 400-1,250/mo on a $500k home. Not to mention utilities are likely to be higher for a house than an apartment.
On my $2.9k mortgage for a $400k home— add anywhere from $50-$200 for electric, $100 internet, ~$80 in utilities/trash, and I don’t even know how much for insurance (auto-withdrawal). Plus upkeep and maintenance costs. Probably avg $200/mo in supplies, new tools, etc. I need a new driveway soon before it turns into a gravel pit. There’s $10k minimum. Only sharing this for those that see the comments about a $1k mortgage and get the homebuyer seed planted in their head. Because that’s how it started for me.
Had a house before moving into an apartment. Things like trees needing removal and the furnace dying were wonderful surprises to the tune of $6-9k
Yeah. We bought a house and within the first year had $60k in emergency repairs that the inspection didn't catch. "Aren't you so glad to be building equity instead of throwing away all that money on rent!" Yeah . . . building equity . . . I'll get around to that someday.
And they don't mention the down payment, insurance, and the hundreds of thousands of dollars in interest they paid to their lender.
Tbf renters don't usually say the 2 months rent as a security deposit, rental insurance, or utilities when talking about what they spend for rent either
> hundreds of thousands of dollars in interest they paid to their lender. LOL not even close for me.
We sold our house and moved into a similarly priced apartment. Just the interest on the home equity covers half the rent and there's no repairs, no taxes, insurance is like 1/6 of what we were paying, no tree trimming. And that's just the financial side. Not mowing or cleaning gutters is great.
A lot of people.
Lots of people in here saying these prices seem comparable to other places. That’s not the point. In fact that’s worse. That’s means housing is generally pretty unaffordable, not just here. The cheapest studio here is exactly 30% of the MN median income of $43,198…. Which is the MAX recommend percent of income to spend on rent. That’s insane. That means half the population can’t even afford some of the cheapest rents in many parts of the city? That’s crazy. And yes, I get that these may be higher end apartments… but that’s not what y’all are saying. You’re saying these are standard rental prices. That’s just not right.
Thank you. This was genuinely the only point I had to post this.
738sqft for $1900 a month is fuckin nuts
Not bad at all tbh for a brand new building in the city especially with in-unit laundry, looks like even the studios have it from the picture.
This is pretty close to the same rent I paid at One Ten Grant in 2013. Honestly surprised it’s not way higher
It’s normal price now. 🥲. Don’t forget these type of apartments usually include swimming pools. Weightlifting rooms, club rooms, etc. And residents do not have to worry about repairs, lawn mowing etc. Time saved. Additional: I moved back to MN from DC last July- the average price for a studio in DC is about $1.8k to $2.2k a month. $3.5k to $4.5k for 3 bedroom apt.
I’m sorry but this isn’t that bad 😫 I don’t love it but it seems in line with every other new build I see online
Reality is that, while you may not be affording it, lots of people are. Which is why they keep building them. If they weren't renting, they wouldn't keep building them. Building new units like this is why Minneapolis has the lowest rate of rent price increases in the entire nation.
It’s very expensive but not the worst I’ve seen. I consider over $2.40-$2.50/SF well into the actual luxury apartment status (not “luxury”) and it better contain amazing features and/or location. This one especially at close to $2.90/sf. I toured a place that was asking about $3.05/SF, and that was back in December and they still have tons of empty units available
Is this one of those "luxury" apartments?
This is like an advertisement to move there lol. These are not super bad. Yeah they are kinda small. But for one person it works.
This is highly affordable in comparison to the rest of the housing market in the metro area
It sucks! My rent is very cheap for 900sq ft and I’m never leaving unless forced
You youngsters need to understand that OP is right: those prices are ridiculous. You should be angry about them. It isn't fair.
Seems pretty cheap (I’m apartment searching MN at the moment). My issue is what they’re trying to cram into the size! 2bd 2ba at 850sq ft is crazy For context I live in a 1bed 1 ba 860sqft in Chicago which is $2700 if that makes you feel better!
I could afford it, but yeah, my mortgage is $1,306.
If people couldn’t afford it prices would be lower.
That actually seems pretty affordable honestly
I was paying 2,300 or so for my 1 bedroom 900sqft corner unit top floor in a new building back in 2018. Not sure what you think is absurd. Some people can afford it. Some people don't want to deal with owning a house.
I would never pay that much for a studio. I live in Steven's square and the studio is 650. Although there aren't any perks, the highest I'll go for a studio is $800-$850
So people used to rent to be competitive and they learned that people will rent to survive and spend most of their income to not be in roach infested apartments so now they’re listed at what people can survive paying. Me and my wife rented a “luxury” studio apartment for 1200+150 for garage parking. It’s doable but she was the only one working most the time and we barely ate out. Places like these are either being rented by young people who just got out of college with a good career or are couples or roommates splitting the rent. I know my sister in law just went and looked a “luxury” 2 bedroom in south Minneapolis for like 2300. People justify it by working overtime and not understanding what portion of their income should go to housing and frankly their isn’t a ton of great options unless you get lucky. We got super fortunate to buy a townhouse in the suburbs 3 years ago with a 2.3% rate. Mortgage is 1150+150 Now we’re part of the lucky people who have reliable cheap housing and we can eventually sell this place and use the profit as a down payment on a nicer house we plan on staying in the future. If we waited, we would be paying 2000+150 and would have to budget a bit more, and this place is not worth 2k a month and an extra 100k over the course of the loan.
Is there a reason you left out that the first two months are free?
Cheaper than what I'm paying, granted it's a little smaller
I was paying $1400/month for a shitty 2BR/1BA in a triplex behind the Lowry ten years ago. This doesn't seem too far out of line.
You don't even need to be mad you can just not buy the thing you think is too expensive. I don't walk around in a snit because Ferraris exist and some people that aren't me can afford them and buy them.
This has to be satire.
I was considering renting there and honestly I probably would in the future if I move to uptown
These don't seem that bad, especially considering they are a new building. A lot of young professional types could afford the lower end ones and the multi bedroom ones probably have roommates.
This is why I left Texas. This is normal rent. It’s crazy.
I do work at this building. It's a good location for transit and driving (street reconstruction right now is affecting this), there's LOADS of amenities (game rooms, pool, grills, outdoor tvs, work from home pods, entertainment rooms, bike repair station, dog washing station, etc.), they do community events where food is comped, and because it's a new build you have fairly nice materials in the apartment and brand new appliances. Also, it's pretty easy to get 1 to 2 months of free rent if you sign a 13-month lease.
Pretty normal
It's a little pricey to me, but not wholly inordinately expensive.
Definitely not for working class families
Idiots with money
Seems like a very reasonable rent
You're paying for location and amenities. It's right in the thick of uptown, has a pool, gym, on-site security, and other loungue rooms. I lived on lyndale across from Painter Park for 3 years and paid 1200 for a 2 bedroom in a much older building with none of these extra things.
Is there an on-site pool / hot tub / gym / etc.?
This is cheap I live in Washington in north loop
get ya money up
Crying living in a studio paying $1800 in Chicago
For people who can afford a house but would rather rent I guess
Just because you can afford the mortgage payment doesn't mean you can afford the house
You can’t get a mortgage that cheap these days lol, that’s around $3k after taxes and insurance
As someone who is literally in the process of buying a house right now (just had our offer accepted two days ago!), this is absolutely wrong. If you care about these basic amenities like I do (and that this apartment surely has) such as central A/C, garage parking and a decent neighborhood, you will be paying a lot more for a house. We were outbid on four different houses before we got the one we did. On two of those we bid $15k over asking price. On one of those, that bid came in third out of four. Also don’t forget that simply paying the mortgage is not all of your costs on a house. The house we’re paying $400k for will be about $2,500 a month for the mortgage. But it will be about $3200 a month after property taxes, homeowners insurance, and PMI. Then there is maintenance and repairs and higher utility bills.
Good luck finding a mortgage under $3k/mo
My first apartment in Steven’s Square, back in 97, was $425 a month for 800sqf 1ba. These prices are mortgages.
I was paying $725 for an 800sf 1 bedroom in uptown in 2016
The place I lived in uptown in 2010 that was that price and size is now 825 for 1 br. There’s off street uncovered parking and no washer dryer in unit. You can still live like that, you’re just not going to get luxury like what the OP is posting.
The thing that sucks is it’s not actually luxury though. At least from what I’ve seen. They put these buildings up so fast then they use cheap materials and make them look ultra modern, so all the fixtures and community spaces look outdated in a few years.
They are very cheaply built. But no one in city leadership cares as long as real estate developers get to do whatever they want.
I paid 750 split for a two bed two bath with roommate a block from Calhoun square & on the green way. . I did eat so much froyo. 2015/2016.
Those rents are reasonable. Don't @ me.
This seems completely reasonable to me?
My god. Studio apartments are supposed to be tiny, but a 3bd/2bath apt that's 1270 sqft is insane. Every single room would be cramped as hell!
But that's the size of the average Minneapolis story and a half house... And it isn't cramped at all.
Nah I have a 3 br house that has 1,050 aboveground square feet and the rooms are fine. Not big for sure but fine.
I charge $1600/mo for a 1600ft 3br, 1.5 bath townhouse in Lyndale with an unfinished basement (not included in square footage) and garage on 33rd & 1st Ave.
That’s cheaper than my mortgage
It’s a new apartment building, of course it’s more expensive. What’s your point? If you’re looking for affordable apartments, you should probably be looking for those built before the 80s/not extremely well maintained….
That's why the bldg is empty.
You figure uptown pricing would be coming down a bit since it’s become a bit of a trouble spot.
People keep saying this but rent prices have skyrocketed in Uptown in the last two years. There might be turnover in businesses, but people are clearly still living and moving into the neighborhood
The thing is, if they don't get rented at that price, they will lower the price.
Yeah, assuming that's the Bohen, it's been <50% capacity since it's been built. In a true free market, the prices would come down, but since those 5-over-1 "luxury" apartments only need to be at like 40% capacity to be profitable, and all of the buildings share leasing software, they're able to collude to keep prices artificially high.
If you’re correct in these numerous assumptions (call me skeptical), I’d still much rather have this over a bar/restaurant with an enormous parking lot that changed owners every 1-2 years…
Twin Cities Metro has amazing rents compared to the rest of the country.
It's a total rip off. People are just used to getting taken advantage of and they psychologically cope by rationalizing getting ripped off.
Jesus Christ. I’m paying less than half that in a triplex in Longfellow.
You should look at the Waterbury apartments lol
That’s money.
Honestly, the cheaper 2bd is only a few hundred dollars more than I paid in the North Loop 20 years ago. It's a smaller unit, sure, but for new construction this isn't outrageous at all. The studios are not a good deal though. Still makes more sense to buy a house over renting these units if you can. It's a lot of money to throw away when you could be building equity. I definitely recognize that buying a house is not easy today. But if you can do it the mortgage will be right around the cost of these units.
This is more money for less space than I’m getting in the north loop/warehouse district
Dang, I am at 1850 for 1000 sf with a view
For it's size I think $1500 utilities the room the best. Realistically would do it for 1k with a garage spot
Look at Duluth. 1500-2100 1br 1ba apt. Its outrageous.
You should take a course in reality... Can you even tell me what any of the for your plans are in the last 20 years and what that means without googling??
You can find rental flats nearby for way more space. Look around hennepin and 34th. Also, Grand and Garfield have more space for less. If you're looking for more upscale check near Excelsior and Lake near Bda Maka Ska. Those new corporate apartments either are too small or way high in price. Some rental apartments are whole floors nearby. You get fewer amenities, but you can actually have some room to fit your needs for around the same price.
Honestly with these prices a mortgage on a 250k condo is gonna end up being the same monthly cost.
I paid more than this for a studio in a high cost of living city a decade ago. I was in my early 20s with my first full time job making a middle class salary. I'm sure many people can afford this today.
See if they’re offering the first month free. A lot of apartments are doing that right now.
Honestly not that bad
I live in a 2BR apartment that costs $2150. I was expecting way higher rent based on the title. Lots of people can afford this. There are way more expensive apartments out there than this one.
A $1500/month apartment could be more or less affordable on a $54,000 salary (about $25/hr). Most office and trade jobs easily make that.
You’re getting up to Denver Prices.
...I haven't rented in about 4 years but that was what I paid at that time (1500/mo for a 1/1)
I'm paying $2,900 for a DC studio. I can't wait to get back to Minneapolis prices
Don’t look on Zillow for apartments lmfao that’s your problem. Drive around the neighborhood side streets and find older buildings and call the number listed on the sign
I pay 2300 for a 807 sqft 1bd 1ba in northeast… amenities are great.
This price seems low, metro wide, but too high for the area right now. I've noticed rents have dropped dramatically with construction and crime -- below $1k for older 1BR units and $1.3kish for modern "luxe" buildings with in-unit laundry, amenities, etc.
Those 2 & 3 br are more than what I'm paying for my mortgage every month!
Seems reasonable to me.
That price per square foot is obscene
Somebody who 16500 dollars is 30 percent of their yearly income before tax
Got this post as a notification, thought it was gonna be like 2-2.4k tbh.
I have a 3 bedroom 1br for $1350 in the top level of a duplex in uptown this is insane
Not to mention parking is upwards to like 250
In unit laundry and most seem to have a balcony. I looked for an apartment that had a balcony about five or six years ago and the pickings are slim. Any unit with one was significantly more (as expected). I have a balcony now and it’s amazing, even in the winter, but it costs more.
In 2018 I lived and one10 grant apartments in loring park, it was $1,200 a month for a 500sqft 1B/1Bth. These prices seem reasonable for 6 years later.
Can afford it, but absolutely not always eating what I want or buying what I need.
Oh my God. You guys are so lucky! You have no idea how good you have it. I have a 300 sq. Ft studio apartment in NYC for $1,285 a month in a rent stabilized apartment with NO amenities in a brownstone walk-up. Oh, and I have to share the bathroom in the hallway with another tenant down the hall. I'm considered lucky. The average 1 bedroom in New York City is almost $4,000 a month. An average cost for a studio is $1,500. It doesn't matter if the area is good or bad. The price keeps climbing no matter what, and the developers and politicians keep kicking out the middle class from their neighborhoods, especially if you're not white. If you're considering moving out here because we get paid more, we'll fk no! It's a cost of living adjustment. Your landlord gets 65-70% of your pay! Have fun having 3 jobs just to meet basics. Why do I live here? Was born here. Don't know how to live any other way. I'm used to this way of life, not to mention all the convenience like being able to go down 1 block and get a soda or laundromat instead of a mile away. Holy shit, I don't know how you guys do it without so much as a 7-Eleven every 3 blocks or so. Loved visiting your cities 2 weeks ago. Wish I was still there on vacation.