Cheap Apartments for Rent in the Downtown Rapid City Neighborhood of Rapid City, SD from $547 (59 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 609 St Joseph St

$795 - $995

Studio To 1 Bedroom Rentals

Available Now

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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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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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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728 Saint Charles St
$1,150 - $1,600
Total Monthly Price

Total Monthly Price

Base Rent
$1,150 - $1,600
Total Monthly Price
$1,150 - $1,600
2 Bedroom Apartment Available Now

728 Saint Charles St

728 Saint Charles StRapid City, SD 57701
Cost Per Sq.Ft.
  • Smoke Free

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 109 Saint Anne St

$1,500

Total Monthly Price

Total Monthly Price

Base Rent
$1,500
Total Monthly Price
$1,500

3 Bedroom, 1 Bath Home for Rent

Available Now

109 Saint Anne St

Rapid CitySD57701
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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

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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Showing Results 1-50, Page 1 of 2

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. 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 Market Rate1BR,1BA$616
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$865
LaCrosse Estates Apartment HomesHOT SIZZLIN SUMMER DEALS! $500 DEPOSIT! NO APPL...1BR,1BA$886
Sagebrush Flats1 Bed, 1 bath1BR,1BA$1,052
Badlands ApartmentsThree Beds, One Bath3BR,1BA$1,060

Best Value Apartments for Rent in Downtown Rapid City, SD

As of August 26, 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 107 Franklin St Model at 107 Franklin St, Unit 107 1/2 Franklin lower starting at $1,100 with a $1.12 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
107 Franklin St, Unit 107 1/2 Franklin lower107 Franklin St2BR,1BA$1.12
Sheridan Lake ApartmentsThe Stanford2BR,2BA$1.27
The Place at Estes ParkTwo Bed Two Bath2BR,2BA$1.11
Badlands ApartmentsThree Beds, One Bath3BR,1BA$1.18
728 Saint Charles St728 Saint Charles St2BR,1BA$1.32
215 E Denver St, Unit 215215 E Denver St1BR,1BA$1.20
The RadiantOne Bedroom Market Rate1BR,1BA$0.85
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$1.29
214 E Denver St, Unit 217.5214 E Denver St1BR,1BA$1.23

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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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 $1,269.

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 $365 which is $904 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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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.

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

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.

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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.

decorative image for Renters Insurance 101: What It Is, What It Covers, and Why You Need It article

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.