Cheap Apartments for Rent in the Downtown Rapid City Neighborhood of Rapid City, SD from $500 (38 Rentals)

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

property at 1219 5th St

$700 - $875

1 Bedroom Rentals

Available Now

1219 5th St

Rapid CitySD57701

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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

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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

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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The Radiant
1 to 3 Bedroom Apartments

The Radiant

28 Racine StRapid City, SD 57701
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1320 Quincy St
Studio to 3 Bedroom Apartments

1320 Quincy St

1320 Quincy StRapid City, SD 57701
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West Park Apartments
1 Bedroom Apartments

West Park Apartments

1018 11th StRapid City, SD 57701
  • Utilities Included

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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Showing Results 1-38, 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 $784. Civic Plaza Apartments has the second lowest priced unit, which is a 2 Beds apartment currently listed from $865. Here are the most affordable Downtown Rapid City apartments for rent in Rapid City, SD:

Apartment ListingModel NameBed/BathPriced From
The RadiantOne Bedroom 50%1BR,1BA$784
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$865
The Place at HaineswayTwo Beds, One Bath2BR,1BA$949
LaCrosse Estates Apartment HomesAPRIL SHOWERS BROUGHT MAY RENT FREE AND ROCK BO...2BR,1BA$950
The Place at Estes ParkTwo Bed One Bath2BR,1BA$1,040
Sagebrush Flats1 Bed, 1 bath1BR,1BA$1,052
Sheridan Lake ApartmentsThe Windsor2BR,1BA$1,165
Harmony HeightsThe Bluff1BR,1BA$1,200

Best Value Apartments for Rent in Downtown Rapid City, SD

As of May 28, 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
The Place at Estes ParkTwo Bed One Bath2BR,1BA$1.08
Sheridan Lake ApartmentsThe Windsor2BR,1BA$1.23
LaCrosse Estates Apartment HomesAPRIL SHOWERS BROUGHT MAY RENT FREE! $500 DEPOS...3BR,1.5BA$1.62
The Place at HaineswayTwo Beds, One Bath2BR,1BA$1.10
The RadiantOne Bedroom Market Rate1BR,1BA$1.45
720 Haines Ave, Unit B720 Haines Ave2BR,1BA$1.30
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$1.29
214 E Denver St, Unit 217.5214 E Denver St1BR,1BA$1.38

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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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 a cheap apartment in Downtown Rapid City?

A cheap apartment is any apartment up to the 30% percentile of cost for the area, which in Downtown Rapid City is under $1,200.

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 $784, while the average apartment in Downtown Rapid City costs $1,495.

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 3 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 $162 which is $1,333 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

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A Seasoned Property Manager's Step-by-Step Guide to Getting Your Deposit Back

Written by: Lauren Harrington

I’m going to talk with you as a seasoned property manager and friend. So, let’s start with your security deposit. I want you to think about this guide as insider information. You deserve your deposit back.

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Expert Solutions for Creating the Perfect Work-From-Home Apartment Layouts

Written by: Lauren Harrington

This article is based on first-hand experience managing apartment communities and helping renters adapt to their spaces after moving in.

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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.