Cheap Apartments for Rent in Rapid City, SD from $400 (56 Rentals)

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

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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Roommate Matching: Finding the Right Fit and Avoiding Pitfalls

When searching for a roommate, follow this list of essential steps and set clear expectations to create a solid foundation for a harmonious living situation.

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property at 1935 38th St

$895 - $1,200

1 To 2 Bedroom Rentals

Available Now

1935 38th St

Rapid CitySD57702

The Art of the Rental Viewing: What to look for during a property tour

Touring a rental? This guide helps you know exactly what to look for, from safety features to hidden flaws, so you can confidently sign your lease or keep searching.

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Driftwood Estates
Studio to 3 Bedroom Apartments

Driftwood Estates

428 E Fairlane DrRapid City, SD 57701
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Heartland Heights
1 to 3 Bedroom Apartments

Heartland Heights

427 Degeest DrRapid City, SD 57703

Smart Renter's Guide: Calculating Affordable Rent & Housing Costs

Wondering how to determine your rental budget? This comprehensive guide covers everything from the 30% rule to hidden fees and effective budgeting strategies.

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The Radiant
1 to 3 Bedroom Apartments

The Radiant

28 Racine StRapid City, SD 57701
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Penney-Haines, LLC
Studio to 2 Bedroom Apartments

Penney-Haines, LLC

507 6th StRapid City, SD 57701
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Dakota Drive Apartments
1 to 2 Bedroom Apartments

Dakota Drive Apartments

701-733 Dakota DrRapid City, SD 57702
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Edgewood Estates
2 to 3 Bedroom Apartments

Edgewood Estates

721 Eldene LnRapid City, SD 57701
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Sundial Square
1 to 4 Bedroom Apartments

Sundial Square

118 Waterloo StRapid City, SD 57701
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Moonlight Apartments
Studio to 2 Bedroom Apartments

Moonlight Apartments

1062 Valley DrRapid City, SD 57703
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CARRIAGE GREEN
1 to 3 Bedroom Apartments

CARRIAGE GREEN

4205 Elm AveRapid City, SD 57701

Navigating the Rental Market: Tips for First-Time Renters

Entering the rental market? Learn these simple tips and strategies to avoid common pitfalls and make confident choices. Rent with peace of mind.

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Rapid City, SD Local Guide

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Local Guide Expert

Cheapest Neighborhoods for Apartments in Rapid City, SD

Pricing Updated: 03/14/2026

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$54789

Cheapest Available Rapid City Apartments for Rent

 

The cheapest available apartment rental in Rapid City, SD is a 1 Bed unit found at Heartland Heights priced from $435. The Place at Hainesway in the Downtown Rapid City neighborhood has the second lowest priced unit, which is a Studio apartment currently listed from $730. Here is today’s list of the most affordable Rapid City apartments for rent:

Apartment ListingModel NameBed/BathPriced From
Heartland Heights1 Bedroom 1 Bathroom1BR,1BA$435
The Place at HaineswayStudioStudio,1BA$730
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$865
Bridgewood EstatesOpen living space + spacious master *WAITLIST*1BR,1BA$900
Enchanted PinesStudioStudio,1BA$950
CARRIAGE GREENOpen living space + spacious master *WAITLIST*1BR,1BA$975
Moonlight Apartment ComplexStudioStudio,1BA$995
318 National St2/12BR,1BA$995

Best Value Apartments for Rent in Rapid City, SD

As of March 14, 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 2b1b WD Southern Model at Southern Cross Apartments starting at $1,200 with a $1.10 price per square foot . 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
Southern Cross Apartments2b1b WD Southern2BR,1BA$1.10
The Place at Estes ParkTwo Bed Two Bath2BR,2BA$1.11
Sheridan Lake ApartmentsThe Kensington2BR,2BA$1.26
The Pines at Rapid1/11BR,1BA$1.29
Country Bluff ApartmentsThe Lincoln2BR,1BA$1.26
3737 Sturgis Rd, Unit 153737 Sturgis Rd1BR,1BA$1.24
Heartland Heights2 Bedroom 1 Bathroom2BR,1BA$0.88
Bridgewood EstatesOpen living space + spacious master *WAITLIST*1BR,1BA$1.22
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$1.29

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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The Ultimate Long-Distance Moving Checklist: Tips from a Real Estate Pro

Moving is tough, especially long-distance. Learn how to minimize stress & expenses with proven strategies from a real estate pro, covering everything from logistics to finances.

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Cash or credit? Understanding the Importance of Credit Score in Real Estate and Renting

Discover how your credit score impacts your ability to lease or buy a home. Learn how credit scores are determined, how to check yours, and strategies to improve it for real estate success.

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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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Rapid City, SD Apartments Map
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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 $995.

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

The cheapest apartment in Rapid City is Heartland Heights which is listed at $435, 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 $109 which is $1,369 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

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

Maximizing Your Refund: Essential Tax Tips for Renters

Written by: Christine Leonard, Esq.

Other than tax professionals, I can’t think of anyone who looks forward to tax season. For everybody else, April is a stressful month to collect information and meet deadlines.

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18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property

Written by: Lauren Harrington

Renting your next home can feel thrilling and overwhelming at the same time.

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A Renters Guide for Tips on Writing Your Notice for Not Renewing Your Apartment

Written by: Bob Mallory

Packing up everything you own to move is so stressful for many that ending your apartment lease can feel like a small or unimportant task. Ending your lease involves more than simply turning over your keys on the last day.

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Renting with Roommates: Realistic Expectations for Shared Lease

Written by: Christine Leonard, Esq.

Given the high costs for housing, I have found that many people are looking for a roommate to share expenses. These arrangements can increase opportunities for more desirable and larger spaces.