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Real-time semantic image segmentation on platforms subject to size, weight and power (SWaP) constraints is a key area of interest for air surveillance and inspection. In this work, we propose MAVNet: a small, light-weight, deep neural network for real-time semantic segmentation on micro Aerial Vehicles (MAVs). MAVNet, inspired by ERFNet [1], features 400 times fewer parameters and achieves comparable performance with some reference models in empirical experiments. Our model achieves a trade-off between speed and accuracy, achieving up to 48 FPS on an NVIDIA 1080Ti and 9 FPS on the NVIDIA Jetson Xavier when processing high resolution imagery. Additionally, we provide two novel datasets that represent challenges in semantic segmentation for real-time MAV tracking and infrastructure inspection tasks and verify MAVNet on these datasets. Our algorithm and datasets are made publicly available.