Cheap Apartments for Rent in Rapid City, SD from $497 (122 Rentals)

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

property at 334 St Patrick St
$695 - $1,200
1 To 2 Bedroom Rentals
Available Now
Affordability

334 St Patrick St

Rapid CitySD57701
property at 609 St Joseph St
$795 - $995
Studio To 1 Bedroom Rentals
Available Now
Affordability

609 St Joseph St

Rapid CitySD57701

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 3737 Sturgis Rd
$895 - $1,200
Studio To 1 Bedroom Rentals
Available Now
Affordability

3737 Sturgis Rd

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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property at 5 E Kansas City St
$750 - $950
1 Bedroom Rentals
Available Now
Affordability

5 E Kansas City St

Rapid CitySD57701

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

Base Rent$1,100
Total Monthly Price$1,100
2 Bedroom, 1 Bath Home for Rent
Available Now
Furnished

145 Indiana St

Rapid CitySD57701
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Prairie Tree
$1,110 - $1,345

Total Monthly Price

Base Rent$1,110 - $1,345
Total Monthly Price$1,110 - $1,345
1 to 2 Bedroom Apartments Available Nov 7

Prairie Tree

4010 Elm AveRapid City, SD 57701
Affordability
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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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Local Guide Expert

Cheapest Neighborhoods for Apartments in Rapid City, SD

Pricing Updated: 09/11/2026

Current apartment rentals in the Rapid City, SD area range in price from $497 to $3,020 with an overall median price of $1,200. Here is today’s list neighborhoods with the lowest median pricing for Rapid City Apartments for rent:

NeighborhoodMedian PriceMin PriceAvailable Units
Downtown Rapid City$1,200$49781

Cheapest Available Rapid City Apartments for Rent

 

The cheapest available apartment rental in Rapid City, SD is a 1 Bed unit found at The Radiant in the Downtown Rapid City neighborhood priced from $616. Civic Plaza Apartments in the Downtown Rapid City neighborhood has the second lowest priced unit, which is a 2 Beds apartment currently listed from $865. Here is today’s list of the most affordable Rapid City apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The RadiantOne Bedroom Market Rate1BR,1BA$616
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$865
Badlands ApartmentsOne Bed, One Bath1BR,1BA$875
LaCrosse Estates Apartment HomesHOT SIZZLIN SUMMER DEALS! $500 DEPOSIT! NO APPL...1BR,1BA$886
3010 W Omaha St2BR/1.0BA2BR,1BA$895
Bridgewood EstatesOpen living space + spacious master *WAITLIST*1BR,1BA$900
Enchanted PinesStudioStudio,1BA$950

Best Value Apartments for Rent in Rapid City, SD

As of September 11, 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 Two Bedroom Market Rate Model at The Radiant starting at $1,152 with a $1.12 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
The RadiantTwo Bedroom Market Rate2BR,1BA$1.12
Southern Cross Apartments2b1b Southern2BR,1BA$1.15
107 Franklin St, Unit 107 1/2 Franklin lower107 Franklin St2BR,1BA$1.12
The Place at Estes ParkTwo Bed Two Bath2BR,2BA$1.11
CARRIAGE GREENSpacious living + master walk-in closet *WAITLIST*2BR,1BA$1.16
3010 W Omaha St2BR/1.0BA2BR,1BA$1.12
215 E Denver St, Unit 215215 E Denver St1BR,1BA$1.07
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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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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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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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.

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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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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 $950.

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

The cheapest apartment in Rapid City is The Radiant which is listed at $616, while the average apartment in Rapid City costs $1,200.

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 $292 which is $908 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 Rent According to Income: A Look at Income-Restricted Rentals article

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.

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Exploring Rental Options: Apartments, Townhomes, and Lofts - Oh My!

Written by: Robin Stewart

Where do you see yourself? When you think of home, sweet home, are you in a 3/2 apartment? Dreaming of a tall townhome? Maybe an industrial loft heavy on cool vibes is on your visioning board.

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Practical Tips for Renters: How to Identify a Great Rental and Avoid Red Flags

Written by: Robin Stewart

Renters want to find a great apartment, the right place for them, one that checks all the boxes of location, rental cost, amenities, safety, and more.

decorative image for First Apartment Regrets: Real Renters Share What They'd Do Differently article

First Apartment Regrets: Real Renters Share What They'd Do Differently

Written by: Robin Stewart

Hindsight is 20/20. Live and Learn. With age comes wisdom. We’re familiar with all those expressions, and all of them apply to lessons first-time renters learn.