Cheap Apartments for Rent in Lake Preston, SD from $300 (25 Rentals)

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Search the lowest-cost Apartments available for rent right now in Lake Preston.

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Eastside Townhomes
2 to 3 Bedroom Apartments

Eastside Townhomes

732 4th St SELake Preston, SD 57249
  • Utilities Included
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Woodland Park - Ivanhoe
1 to 2 Bedroom Apartments

Woodland Park - Ivanhoe

106 N County Road 5Ivanhoe, MN 56142
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Cathedral Square II
1 Bedroom Apartments

Cathedral Square II

500 N Langdon StMitchell, SD 57301
Senior Living
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Greenridge Apartments
1 Bedroom Apartments

Greenridge Apartments

1500 N Kimball StMitchell, SD 57301
Senior Living
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Archer Flats
Studio to 2 Bedroom Apartments

Archer Flats

2308 14th Ave NEWatertown, SD 57201
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Showing Results 1-25, Page 1 of 1

Lake Preston, SD Local Guide

Cheapest Available Lake Preston Apartments for Rent and Nearby

 

The cheapest available apartment rental in Lake Preston, SD is a Studio unit found at Wheatgrass Village I priced from $695. University Hills Village has the second lowest priced unit, which is a Studio apartment currently listed from $825. Here is today’s list of the most affordable Lake Preston apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Wheatgrass Village IEfficency with 1 bathStudio,1BA$695
University Hills VillageStudio - 559 sqftStudio,1BA$825
Marion Crossing Apartments1 Bed 1 Bath Apartment1BR,1BA$835
Lake Area Townhomes1 Bedroom1BR,1BA$845
West Oaks EstatesEfficiency UnitStudio,1BA$849

Best Value Apartments for Rent in Lake Preston, SD and Nearby

As of October 31, 2025 the best value apartment in the Lake Preston area is the $0.92 price per square foot 3x2 Model at 100 W 10th St in the starting from $1,650. The second greatest value Lake Preston apartment is the 3 Bed Model at Cloverfield Townhomes starting at $2,095 with a $1.16 price per square foot in the Downtown Brookings neighborhood. Here is today’s list of the best values for Lake Preston apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
100 W 10th St3x23BR,2BA$0.92
Cloverfield Townhomes3 Bed3BR,2.5BA$1.16
One & Two Willow Creek2BR/2.0BA2BR,2BA$0.87
Lake Area Townhomes3 Bedroom3BR,2.5BA$1.02
Fifth Street Apartments & TownhousesUpper Apartment3BR,2BA$1.20
1009 Southland Ln2 Bed 2 Bath2BR,2BA$1.06
105 Carly Dr2 Bed2BR,1.5BA$1.04
Wheatridge Apartments2 Bed 2 Bath2BR,2BA$1.10
Thelin Center1 Bedroom 1 Bathroom1BR,1BA$1.16
Marion Crossing Apartments1 Bed 1 Bath Apartment1BR,1BA$1.13

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Location, Location, Location!

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Getting Around Lake Preston, SD

Walk Score®

22 / 100

Car-Dependent

Almost all errands require a car

Bike Score®

35 / 100

Somewhat Bikeable

Minimal bike infrastructure

What Are Walk Score®, Transit Score®, and Bike Score® Ratings?

  • Walk Score® measures the walkability of any address.
  • Transit Score® measures access to public transit.
  • Bike Score® measures the bikeability of any address.

Frequently Asked Questions about Cheap Lake Preston Apartments

What is the Cheapest Studio apartment in Lake Preston?

Currently the most affordable Cheap Studio Apartment in Lake Preston is at Wheatgrass Village I listed at $695.

How much is rent for a Cheap One Bedroom Lake Preston Apartment?

The lowest price for a Cheap One Bedroom Lake Preston Apartment is $835 at Marion Crossing Apartments.

What is the lowest price for a Cheap Two Bedroom Lake Preston Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Lake Preston is starting from $899 at West Oaks Estates.

What is the most affordable Lake Preston Three Bedroom Apartment?

The best deal on a cheap Lake Preston Three Bedroom Apartment rental is at Thelin Center and starts from $1,295.

Expert Rental Resources

Helpful Apartment Articles, How-To's and Tips

The rental experts at ApartmentHomeLiving.com provide you with top advice, tools, and tips for understanding the leasing process and finding the perfect rental. Here are a few helpful rental and leasing articles from our experts to guide you on your search.

decorative image for Apartment Common Area Rules: What Renters Need to Know article

Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate! 

decorative image for The Rental Move-In Inspection Checklist: A Guide for Renters article

The Rental Move-In Inspection Checklist: A Guide for Renters

Written by: Trey Huguley

The move-in inspection checklist is a crucial tool for both tenants and landlords. This checklist, provided by the team at ApartmentHomeLiving.com, helps document the condition of an apartment at the time of move-in.

decorative image for Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between article

Your Guide to Co-Signers: The Risks, Rewards, and Everything in Between

Written by: Christine Leonard, Esq.

For many people, obstacles can arise during the rental application process for a variety of issues.