Cheap Apartments for Rent in Shepherd, MT from $400 (48 Rentals)

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Search the lowest-cost Apartments available for rent right now in Shepherd.

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 1526 Lake Elmo Dr

$1,219 - $1,408

Total Monthly Price

Total Monthly Price

Base Rent
$1,219 - $1,408
Total Monthly Price
$1,219 - $1,408

1 To 2 Bedroom Condos for Rent

Available Jul 1

1526 Lake Elmo Dr

BillingsMT59105

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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property at 743 Wyoming Ave

$1,295

Total Monthly Price

Total Monthly Price

Base Rent
$1,295
Total Monthly Price
$1,295

2 Bedroom, 2 Bath Townhome for Rent

Available Now

743 Wyoming Ave

BillingsMT59101
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307 S 28th St
Studio to 2 Bedroom Apartments

307 S 28th St

307 S 28th StBillings, MT 59101
  • Utilities Included
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4 Lewis Ave
Studio to 1 Bedroom Apartments

4 Lewis Ave

4 Lewis AveBillings, MT 59101

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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Ridgeview Apartments
Studio to 2 Bedroom Apartments

Ridgeview Apartments

1203 Broadwater AveBillings, MT 59102
  • Utilities Included
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Midway Apartments
1 Bedroom Apartments

Midway Apartments

2020 Alderson AveBillings, MT 59102
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810 Crist Dr
1 Bedroom Apartments

810 Crist Dr

810 Crist DrBillings, MT 59105
  • Utilities Included
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Central Court Village
1 to 2 Bedroom Apartments

Central Court Village

78 27th St WBillings, MT 59102
Senior Living
  • Utilities Included
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838 Avenue B
1 Bedroom Apartments

838 Avenue B

838 Avenue BBillings, MT 59102
  • Utilities Included
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3 7th St. West
2 Bedroom Apartments

3 7th St. West

3 7th St WBillings, MT 59101
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1410 Lake Elmo Dr
2 Bedroom Apartments

1410 Lake Elmo Dr

1410 Lake Elmo DrBillings, MT 59105
  • 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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1433 Wyoming Ave
2 to 3 Bedroom Apartments

1433 Wyoming Ave

1433 Wyoming AveBillings, MT 59102
  • Utilities Included
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813 Dreamers Loop
1 Bedroom Apartments

813 Dreamers Loop

839 Dreamers LoopBillings, MT 59105
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1937 Clubhouse Way
2 Bedroom Apartments

1937 Clubhouse Way

1937 Clubhouse WayBillings, MT 59105
  • Utilities Included
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Bench Apartments
1 Bedroom Apartments

Bench Apartments

927 Bench BlvdBillings, MT 59105
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Riverwalk Apartments
1 to 2 Bedroom Apartments

Riverwalk Apartments

1094 Lincoln LnBillings, MT 59105
  • Utilities Included
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Rimrock West Apartments
2 to 3 Bedroom Apartments

Rimrock West Apartments

2220-2260 St. Johns AveBillings, MT 59102
Corporate Housing

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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Showing Results 1-48, Page 1 of 1

Shepherd, MT Local Guide

Cheapest Available Shepherd Apartments for Rent and Nearby

 

The cheapest available apartment rental in Shepherd, MT is a 1 Bed unit found at The Place at North 24th in the North Side Billings neighborhood priced from $595. The Place at Lake Elmo in the East Heights neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $800. Here is today’s list of the most affordable Shepherd apartments for rent:

Apartment ListingModel NameBed/BathPriced From
The Place at North 24thStudio1BR,1BA$595
The Place at Lake Elmo1 Bedroom1BR,1BA$800
1141 28th St1 Beds1BR,1BA$850
The Place at Rimrock1 Bedroom1BR,1BA$850
Rockvue Lofts2 bed 1 bath2BR,1BA$865
Colton Heights1 Bedroom - Large1BR,1BA$950
Samuel Court1BR/1BA1BR,1BA$1,150
Jasmine Circle Apartments1 Bed/1 Bath1BR,1BA$1,175
Grand Slam Patio Home ApartmentsSingle level 1 bed/1 bath1BR,1BA$1,199
Castlerock Apartment HomesB12BR,1BA$1,215

Best Value Apartments for Rent in Shepherd, MT and Nearby

As of June 11, 2026 the best value apartment in the Shepherd area is the $1.45 price per square foot 3X2D Model at Inter Urban in the in the West Central Billings neighborhood starting from $1,990. The second greatest value Shepherd apartment is the Three Bedroom Model at Inter Pointe starting at $1,925 with a $1.52 price per square foot in the West Central Billings neighborhood. Here is today’s list of the best values for Shepherd apartments based on price per square foot:

Apartment ListingModel NameBed/BathPrice Per Sq.Ft.
Inter Urban3X2D3BR,2BA$1.45
Inter PointeThree Bedroom3BR,2BA$1.52
Brookshire Village Apartments2 Bed/1.75 Bath2BR,2BA$1.28
Rocky Meadows ApartmentsB12BR,2BA$1.36
Rimrock West ApartmentsB12BR,1.5BA$1.39
Olympic Village ApartmentsB2R2BR,1BA$1.42
Harvest Granger Apartments2 Bedroom / 1 Bath - 1st Floor2BR,1BA$1.51
Rockvue Lofts2 bed 1 bath2BR,1BA$1.12
1141 28th St2 Beds2BR,1BA$1.44
The Place at Rimrock1 Bedroom1BR,1BA$1.30

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
Shepherd, MT

School data provided by Great Schools

Remember the 3 Rules of Real Estate:
Location, Location, Location!

Explore Shepherd, MT Rentals by Map

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Frequently Asked Questions about Cheap Shepherd Apartments

How much is rent for a Cheap One Bedroom Shepherd Apartment?

The lowest price for a Cheap One Bedroom Shepherd Apartment is $595 at The Place at North 24th.

What is the lowest price for a Cheap Two Bedroom Shepherd Apartment for rent?

Today's best deal for a Cheap Two Bedroom Apartment in Shepherd is starting from $865 at Rockvue Lofts.

What is the most affordable Shepherd Three Bedroom Apartment?

The best deal on a cheap Shepherd Three Bedroom Apartment rental is at The Place at Rimrock and starts from $1,195.

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

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

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.

decorative image for Creative Ways Developers Reimagine Retail Spaces as Residential Units article

Creative Ways Developers Reimagine Retail Spaces as Residential Units

Written by: Robin Stewart

Adaptive reuse is when a commercial property is converted and repurposed. The real estate industry has embraced a growing number of these projects.

decorative image for Neighborhood and Market Insights: How to Choose the Right Area to Rent article

Neighborhood and Market Insights: How to Choose the Right Area to Rent

Written by: Robin Stewart

Apartment-hunting can be a gargantuan task. Renters have a wish list of items—some luxuries, some necessities—but finding what you seek in the right place is perhaps the most important part of the journey.