Cheap Apartments for Rent in the Downtown Rapid City Neighborhood of Rapid City, SD from $500 (46 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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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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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

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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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
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KC Lofts
1 to 2 Bedroom Apartments

KC Lofts

18 E Kansas City StRapid City, SD 57701
Corporate Housing

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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Showing Results 1-46, 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
LaCrosse Estates Apartment HomesSPRING INTO SUMMER WITH HUGH SAVINGS! $500 DEPO...1BR,1BA$886
The RadiantTwo Bedroom 50%2BR,1BA$942
The Place at Estes ParkTwo Bed Two Bath2BR,2BA$995
Sagebrush Flats1 Bed, 1 bath1BR,1BA$1,052
KC LoftsUnit A | 2 Bedroom, 1 Bathroom2BR,1BA$1,195
Founders Park VillageScott $1,1002BR,2BA$1,478

Best Value Apartments for Rent in Downtown Rapid City, SD

As of July 12, 2026 the best value apartment in the Downtown Rapid City area is the $1.27 price per square foot 919 Main St Model at 919 Main St, Unit 2BR in the in the Downtown Rapid City neighborhood starting from $1,650. 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.
919 Main St, Unit 2BR919 Main St2BR,2BA$1.27
Founders Park VillageBrennan $1,0852BR,2BA$1.34
The RadiantTwo Bedroom 50%2BR,1BA$0.97
The Place at Estes ParkTwo Bed One Bath2BR,1BA$1.08
LaCrosse Estates Apartment HomesSPRING INTO SUMMER WITH THIS DEAL! $500 DEPOSIT...3BR,1.5BA$1.62
KC LoftsUnit A Furnished | 2 Bedroom, 1 Bathroom2BR,1BA$1.68
215 E Denver St, Unit 215215 E Denver St1BR,1BA$1.33
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$1.29
The Place at HaineswayOne Bed, One Bath1BR,1BA$1.35
Sagebrush Flats1 Bed, 1 bath1BR,1BA$1.75

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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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 Place at Hainesway which is listed at $875, while the average apartment in Downtown Rapid City costs $1,501.

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 $243 which is $1,258 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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Renters Insurance 101: What It Is, What It Covers, and Why You Need It

Written by: Robin Stewart

Insurance seems to be a part of life. In some states, having insurance is the law, as is the case for automobile insurance. Renters are no exception.

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Apartment Occupancy Rates: Renter Attraction vs Renter Retention

Written by: Robin Stewart

There’s a tenet in marketing about client or customer attraction and retention. Studies and data have consistently shown it costs less to keep a current customer than to attract a new one.

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How I Find the Perfect Rental for My Clients: A Real Estate Pro's Guide

Written by: Robin Stewart

Evaluating rental properties for clients draws many parallels to house-hunting. Whether an apartment, loft, townhouse, or other rental, finding the right place means finding “home” for your client.

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Pet-Friendly Renting: Everything You Need to Know Before You Move

Written by: Christine Leonard, Esq.

For so many of us, pets are the best companions and a big part of our lives. For this reason, a pet-friendly house or apartment is often a very important - and nonnegotiable - part of a move.