Munich is more or less flat and very well provided with safe cycle paths. So cycling around is at least pleasant if not really good fun and obviously one can cover more ground, taking advantage of the parks including the huge Englischergarten.
Bikes can be rented at a very efficient outfit at the rear of the main station. Passport or D/L identity is required. For occasional use there is an excellent communal bike sysytem run by Deutsche Bahn called Dial-A-Bike. A cellphone is needed. The bikes are conspicous and freely available all round the inner city. One calls the number on the bike, registers (quick and Endlish is spoken) gets a code number to open the bike lock and off you go.
When you reach your destinantion one simply rings again to say where it is and leave the bike locked up. Short-term use is cheap but keeping one for a week would be very expensive. For the adventurous, Sud Bayern has a massive network of cycle trails and one can return on the train with no problem.
For example cycling to Tegernsee would make a great day out; have lunch at the old brewery and catch the train back from the quaint station with its wooden pub.