Cheap Apartments for Rent in Rapid City, SD from $400 (104 Rentals)

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Search the lowest-cost Apartments available for rent right now in Rapid City.

Rent According to Income: A Look at Income-Restricted Rentals

Find income-restricted rentals and housing subsidies. Explore government programs designed to help low-income families secure stable, affordable housing.

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property at 1935 38th St

$895 - $1,495

1 To 2 Bedroom Rentals

Available Aug 24

1935 38th St

Rapid CitySD57702

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

From theft to fire to water damage, the unexpected can happen to any renter. Discover why renters insurance is one of the smartest and most affordable investments you can make as a tenant.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Finding the right apartment starts with three things: location, cost, and amenities. Get the insider perspective from a real estate professional on how to nail all three.

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What Does “Rent Burdened” Mean? How Much Rent Is Too Much

Learn the official definition (spending 30% or more of your gross income on housing) and how to calculate your exact rent-to-income ratio. This guide offers expert tips on factoring in total housing costs (including utilities and fees) and budgeting accurately to avoid unnecessary financial strain.

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property at 145 Indiana St

$1,100

Total Monthly Price

Total Monthly Price

Base Rent
$1,100
Total Monthly Price
$1,100

2 Bedroom, 1 Bath Home for Rent

Available Now

145 Indiana St

Rapid CitySD57701
property at 3906 Jackson Blvd

$1,150 - $1,300

1 To 2 Bedroom Rentals

Available Now

3906 Jackson Blvd

Rapid CitySD57702

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

Thinking about getting a co-signer for your rental application? We break down what a co-signer is, the potential benefits, and the serious risks for both parties. Find out if it's the right choice for you.

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Rapid City, SD Local Guide

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Written By:
Staff Writer
Local Guide Expert

Cheapest Neighborhoods for Apartments in Rapid City, SD

Pricing Updated: 07/28/2026

Current apartment rentals in the Rapid City, SD area range in price from to with an overall median price of . Here is today’s list neighborhoods with the lowest median pricing for Rapid City Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Downtown Rapid City$1,478$54749

Cheapest Available Rapid City Apartments for Rent

 

The cheapest available apartment rental in Rapid City, SD is a 2 Beds unit found at Civic Plaza Apartments in the Downtown Rapid City neighborhood priced from $865. The Place at Hainesway in the Downtown Rapid City neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $875. Here is today’s list of the most affordable Rapid City apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$865
The Place at HaineswayOne Bed, One Bath1BR,1BA$875
Bridgewood EstatesOpen living space + spacious master *WAITLIST*1BR,1BA$900
Canyon LakeThe TeddyStudio,1BA$930
Enchanted PinesStudioStudio,1BA$950
LaCrosse Estates Apartment HomesSPRING INTO SUMMER WITH ROCK BOTTOM PRICES! ANY...2BR,1BA$950
BG Flats ApartmentsStudio ApartmentStudio,1BA$960
CARRIAGE GREENOpen living space + spacious master *WAITLIST*1BR,1BA$975

Best Value Apartments for Rent in Rapid City, SD

As of July 28, 2026 the best value apartment in the Rapid City area is the $1.27 price per square foot 3 Beds, 2 baths Model at Stonegate Community in the starting from $1,495. The second greatest value Rapid City apartment is the Brennan $1,085 Model at Founders Park Village starting at $1,478 with a $1.34 price per square foot in the Downtown Rapid City neighborhood. Here is today’s list of the best values for Rapid City apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Stonegate Community3 Beds, 2 baths3BR,2BA$1.27
Founders Park VillageBrennan $1,0852BR,2BA$1.34
Countryside Apartments2 bed 2 bath2BR,2BA$1.30
The RadiantTwo Bedroom Market Rate2BR,1BA$1.12
Southern Cross Apartments2b1b Southern2BR,1BA$1.15
Vista Pointe Apartments2-Bed 1 Bath2BR,1BA$1.32
215 E Denver St, Unit 215215 E Denver St1BR,1BA$1.33
Bridgewood EstatesOpen living space + spacious master *WAITLIST*1BR,1BA$1.22
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$1.29
The Place at HaineswayOne Bed, One Bath1BR,1BA$1.35

Don't Settle: How to Negotiate Your Apartment Lease and Save Money

Discover the insider tips from an attorney and real estate agent on how to negotiate your next apartment lease. Find out what's on the table and what's not, so you can save money and get the best terms possible.

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Real Estate and Rental Term Glossary | ApartmentHomeLiving.com Renter University

From the letter A all the way to the letter Z, the Real Estate and Rental Term Glossary from the content team at ApartmentHomeLiving.com provides our visitors and shoppers with a little clarity and helpful guidance in navigating the real estate world through definitions and explainers for the top subjects and terms that someone may come across during the leasing, buying, or selling process.

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Quick Rent Budget Calculator

How much rent can you afford?

The common "Rule of Thumb" is that rent should be no more than 30% of your income. How much is that? Enter your monthly income and click "Calculate My Budget" to find out.

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Rapid City Overview

When most people think of Rapid City, South Dakota, images of beautiful scenery, sunny weather, and friendly people immediately come to mind. Furthermore, apartment living in Rapid City is the perfect way to experience everything that Rapid City has to offer.

Why live in Rapid City, SD?

When it comes to living in Rapid City, a population of over 70,000 have all decided to call this city home. This city is home to thousands of nature lovers. With some of the most majestic mountains, green forests, and diverse wildlife on Earth, anyone enjoying nature will love Rapid City. Access to scenic views doesn't preclude civilization, as this city has plenty of radio, TV stations, attractions, and development that everyone expects in a developed town. While Rapid City is the third largest city in South Dakota, it is a popular place to call home because it doesn't have any of the traffic headaches or commuting nightmares that plague other cities.

Best Local Schools in
Rapid City, SD

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Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Rapid City, SD Rentals by Map

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See the most popular apartments and homes in Rapid City, SD

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Frequently Asked Questions about Cheap Rapid City Apartments

What is a cheap apartment in Rapid City?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Rapid City is under $975.

What is the price of a cheap apartment in Rapid City?

The cheapest apartment in Rapid City is The Place at Hainesway which is listed at $875, while the average apartment in Rapid City costs $1,478.

What types of apartments are the cheapest in Rapid City?

Student, low-income, and by-the-bed apartments are typically the cheapest rentals in most cities, though they require qualifying criteria to rent. There are 3 regular apartments in Rapid City that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

How do the prices of cheap apartments compare to the average apartment in Rapid City?

Cheap apartments in Rapid City have an average cost of $243 which is $1,235 cheaper than the average rent for all rentals in Rapid City.

Expert Rental Resources

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.

Articles, How-To's, and Tips

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Rent According to Income: A Look at Income-Restricted Rentals

Written by: Robin Stewart

The idea of affordable housing can be subjective. Every individual is in a different place financially and vocationally. What one may easily afford could be a struggle for someone else.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

decorative image for How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide article

How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.