Cheap Apartments for Rent in the Downtown Rapid City Neighborhood of Rapid City, SD from $500 (26 Rentals)

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Search the lowest-cost Apartments available for rent right now in the Downtown Rapid City area of 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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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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property at 231 Quincy St

$1,000 - $1,200

2 Bedroom Rentals

Available Now

231 Quincy St

Rapid CitySD57701
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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

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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Sundial Square
1 to 4 Bedroom Apartments

Sundial Square

118 Waterloo StRapid City, SD 57701
  • Utilities Included
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1320 Quincy St
Studio to 3 Bedroom Apartments

1320 Quincy St

1320 Quincy StRapid City, SD 57701
Showing Results 1-26, 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 2 Beds unit found at Civic Plaza Apartments priced from $865. The Place at Hainesway has the second lowest priced unit, which is a 1 Bed apartment currently listed from $875. Here are the most affordable Downtown Rapid City apartments for rent in Rapid City, SD:

Apartment ListingModel NameBed/BathPriced From
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$865
The Place at HaineswayOne Bed, One Bath1BR,1BA$875
Rapid Creek Apartments3Bed/2Bath3BR,2BA$979
The Place at Estes ParkTwo Bed One Bath2BR,1BA$1,040
The RadiantOne Bedroom Market Rate1BR,1BA$1,050
The Elements, LLCEfficiencyStudio,1BA$1,150
Sheridan Lake ApartmentsThe Stanford2BR,2BA$1,235
Harmony HeightsThe Bluff1BR,1BA$1,250
KC Lofts2 bed2BR,1BA$1,295

Best Value Apartments for Rent in Downtown Rapid City, SD

As of January 08, 2026 the best value apartment in the Downtown Rapid City area is the $1.34 price per square foot Brennan $1,085 Model at Founders Park Village in the in the Downtown Rapid City neighborhood starting from $1,478. The second greatest value Downtown Rapid City apartment is the 3Bed/2Bath Model at Rapid Creek Apartments starting at $979 with a $0.98 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.
Founders Park VillageBrennan $1,0852BR,2BA$1.34
Rapid Creek Apartments3Bed/2Bath3BR,2BA$0.98
Sheridan Lake ApartmentsThe Stanford2BR,2BA$1.27
The Place at Estes ParkTwo Bed Two Bath2BR,2BA$1.11
KC Lofts2 bed2BR,1BA$1.73
The RadiantOne Bedroom Market Rate1BR,1BA$1.45
Harmony HeightsThe Bluff1BR,1BA$1.78
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$1.29
The Place at HaineswayOne Bed, One Bath1BR,1BA$1.35
618 Saint Joseph St, Unit #4618 Saint Joseph St1BR,1BA$1.92

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 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 $1,295.

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

The cheapest apartment in Downtown Rapid City is The Place at Hainesway which is listed at $875, 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 9 regular apartments in Downtown Rapid City that we think qualify as ‘cheap apartments’ that do not have special requirements to apply to rent.

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 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.

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Apartment Common Area Rules: What Renters Need to Know

Written by: Christine Leonard, Esq.

Back in the day when I rented one of my first apartments, the property didn’t even have laundry in the building. Now, rental properties are often competing against each other to provide the best amenities.

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How to Negotiate Your Apartment Lease and Save Money

Written by: Christine Leonard, Esq.

Everything is a negotiation in real estate!