Cheap Homes for Rent in Downtown Rapid City Neighborhood of Rapid City, SD from $700 (12 Rentals)

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Search the lowest-cost Homes 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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Showing Results 1-12, 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 Studio unit found at The Place at Hainesway priced from $730. The Radiant has the second lowest priced unit, which is a 1 Bed apartment currently listed from $784. Here are the most affordable Downtown Rapid City apartments for rent in Rapid City, SD:

Apartment ListingModel NameBed/BathPriced From
The Place at HaineswayStudioStudio,1BA$730
The RadiantOne Bedroom 50%1BR,1BA$784
Civic Plaza Apartments2 Bedroom Garden Level2BR,1BA$865
The Place at Estes ParkTwo Bed Two Bath2BR,2BA$995
Sagebrush Flats1 Bed, 1 bath1BR,1BA$1,052

Best Value Apartments for Rent in Downtown Rapid City, SD

As of April 27, 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 Two Bath2BR,2BA$1.03
Sheridan Lake ApartmentsThe Kensington2BR,2BA$1.26
LaCrosse Estates Apartment Homes3 bedroom 1.5 bathroom3BR,1.5BA$1.62
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
220 E Denver St, Unit 220.5220 E Denver StStudio ,1BA$1.54
515 E New York St, Unit 515 1/2 east new york str515 E New York St1BR,1BA$1.66

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 Downtown Rapid City

What type of rentals are currently available in Downtown Rapid City?

There are currently 64 Apartments for Rent in Downtown Rapid City, SD with pricing that ranges from $547 to $5,457. There are also 17 Single Family Homes for rent, Condos, and Townhome rentals currently available in Downtown Rapid City ranging from $750 to $1,750.

What is the current price range for Rental Homes in Downtown Rapid City?

Today's rental pricing for Homes for Rent, Condos and Townhomes in Downtown Rapid City ranges from $750 to $1,750 with an average monthly rent of $1,340.

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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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.

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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.