Cheap Apartments for Rent in the Downtown Rapid City Neighborhood of Rapid City, SD from $500 (27 Rentals)

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

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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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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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
  • Utilities Included
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Sundial Square
1 to 4 Bedroom Apartments

Sundial Square

118 Waterloo StRapid City, SD 57701
  • Utilities Included

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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1320 Quincy St
Studio to 3 Bedroom Apartments

1320 Quincy St

1320 Quincy StRapid City, SD 57701
Showing Results 1-27, Page 1 of 1

Downtown Rapid City, Rapid City, SD Local Guide

Cheapest Available Downtown Rapid City Apartments for Rent

 

The cheapest available apartment rental in the Downtown Rapid City area of Rapid City, SD is a 1 Bed unit found at The Radiant priced from $616. The Place at Hainesway has the second lowest priced unit, which is a Studio apartment currently listed from $730. Here are the most affordable Downtown Rapid City apartments for rent in Rapid City, SD:

Apartment ListingModel NameBed/BathPriced From
The RadiantOne Bedroom 40%1BR,1BA$616
The Place at HaineswayStudioStudio,1BA$730
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$865
Sagebrush Flats1 Bed, 1 bath1BR,1BA$1,052
The Place at Estes ParkTwo Bed Two Bath2BR,2BA$1,075
LaCrosse Estates Apartment Homes2 Beds | 1 Bath | 750 Square Ft2BR,1BA$1,088
Harmony HeightsThe Bluff1BR,1BA$1,150
Sheridan Lake ApartmentsThe Windsor2BR,1BA$1,165

Best Value Apartments for Rent in Downtown Rapid City, SD

As of April 11, 2026 the best value apartment in the Downtown Rapid City area is the $1.53 price per square foot 2Bed/2Bath Model at The Elements, LLC in the in the Downtown Rapid City neighborhood starting from $1,750. The second greatest value Downtown 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 Downtown Rapid City apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
The Elements, LLC2Bed/2Bath2BR,2BA$1.53
Founders Park VillageBrennan $1,0852BR,2BA$1.34
711 East Blvd, Unit Kreman Realty LLC711 East Blvd2BR,1BA$1.30
The Place at Estes ParkTwo Bed Two Bath2BR,2BA$1.11
Sheridan Lake ApartmentsThe Windsor2BR,1BA$1.23
LaCrosse Estates Apartment Homes3 bedroom 1.5 bathroom3BR,1.5BA$1.62
919 Main St919 Main St2BR,2BA$1.49
The RadiantOne Bedroom Market Rate1BR,1BA$1.45
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$1.29
The Place at HaineswayOne Bed, One Bath1BR,1BA$1.35

10 Hidden Costs of Renting You Should Budget for Before Signing a Lease

Avoid financial stress when renting. Learn about the 10 most common hidden costs—from pet fees to utilities—you must budget for before you sign a lease.

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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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Best Local Schools in
Downtown Rapid City, Rapid City, SD

School data provided by Great Schools

Frequently Asked Questions about Cheap Downtown Rapid City Apartments

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

The cheapest apartment in Downtown Rapid City is The Radiant which is listed at $616, while the average apartment in Downtown Rapid City costs $1,478.

What types of apartments are the cheapest in Downtown 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 4 regular apartments in Downtown 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 Downtown Rapid City?

Cheap apartments in Downtown Rapid City have an average cost of $175 which is $1,303 cheaper than the average rent for all rentals in Downtown 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 What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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

Written by: Lauren Harrington

This article draws from first-hand renter experiences and recurring financial challenges reported after moving in.

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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.