Cheap Apartments for Rent in Shepherd, MT from $400 (62 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

$1,134 - $1,408

Total Monthly Price

Total Monthly Price

Base Rent
$1,134 - $1,408
Total Monthly Price
$1,134 - $1,408

1 To 2 Bedroom Condos for Rent

Available Now

1526 Lake Elmo Dr

BillingsMT59105
property at 1412 Cheryl St

$1,250

Total Monthly Price

Total Monthly Price

Base Rent
$1,250
Total Monthly Price
$1,250

2 Bedroom, 1 Bath Home for Rent

Available Now

1412 Cheryl St

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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Hunter's Pointe
Rent Specials
$1,374 - $4,774
Total Monthly Price

Total Monthly Price

Base Rent
$1,374 - $4,774
Total Monthly Price
$1,374 - $4,774
Studio to 3 Bedroom Apartments Available Now

Hunter's Pointe

3040 Central AveBillings, MT 59102
Furnished
  • Verified
  • Customer Reviewed
  • 3D Tour

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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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
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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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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

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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1433 Wyoming Ave
2 to 3 Bedroom Apartments

1433 Wyoming Ave

1433 Wyoming AveBillings, MT 59102
  • Utilities Included
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1937 Clubhouse Way
2 Bedroom Apartments

1937 Clubhouse Way

1937 Clubhouse WayBillings, MT 59105
  • Utilities Included
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813 Dreamers Loop
1 Bedroom Apartments

813 Dreamers Loop

839 Dreamers LoopBillings, MT 59105
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Samuel Court
1 Bedroom Apartments

Samuel Court

601 Samuel CtBillings, MT 59105

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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Showing Results 1-50, Page 1 of 2

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 Rimrock in the North Side Billings neighborhood has the second lowest priced unit, which is a 1 Bed apartment currently listed from $795. 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 Rimrock1 Bedroom1BR,1BA$795
The Place at Lake Elmo1 Bedroom1BR,1BA$800
Rockvue LoftsSmall StudioStudio,1BA$850
1141 28th St1 Beds1BR,1BA$850
838 Avenue B1 BD 1 bath1BR,1BA$925
Highlands Apartments1 Bed | 1 Bath1BR,1BA$995
1937 Clubhouse Way2 Bed/1 Bath2BR,1BA$1,150
Colton Heights Apartments2 Bedroom - Small2BR,1BA$1,150
Grand Slam Patio Home ApartmentsSingle level 1 bed/1 bath1BR,1BA$1,199

Best Value Apartments for Rent in Shepherd, MT and Nearby

As of April 26, 2026 the best value apartment in the Shepherd area is the $1.26 price per square foot Elk Horn Model at Farmstead Townhomes in the in the West Central Billings neighborhood starting from $3,095. The second greatest value Shepherd apartment is the 2 Bed/1.75 Bath Model at Brookshire Village Apartments starting at $1,445 with a $1.28 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.
Farmstead TownhomesElk Horn3BR,2.5BA$1.26
Brookshire Village Apartments2 Bed/1.75 Bath2BR,2BA$1.28
Harvest Granger ApartmentsLarge Townhome - 2 Bedroom / 1 Bath2BR,1BA$1.33
Lordwith ApartmentsRenovated 2 Bedroom 1 Bath2BR,1BA$1.27
Rimrock West ApartmentsB12BR,1.5BA$1.41
Olympic Village ApartmentsB2R2BR,1BA$1.48
1937 Clubhouse Way2 Bed/1 Bath2BR,1BA$1.30
1141 28th St2 Beds2BR,1BA$1.44
Highlands Apartments1 Bed | 1 Bath1BR,1BA$1.41
The Place at Rimrock1 Bedroom1BR,1BA$1.21

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
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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See the most popular apartments and homes in Shepherd, MT

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Frequently Asked Questions about Cheap Shepherd Apartments

What is the Cheapest Studio apartment in Shepherd?

Currently the most affordable Cheap Studio Apartment in Shepherd is at Rockvue Lofts listed at $850.

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

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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.

decorative image for What Does “Rent Burdened” Mean? How Much Rent Is Too Much article

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.

decorative image for Maximizing Your Refund: Essential Tax Tips for Renters article

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.

decorative image for 18 Must-Ask Rental Tour Questions That Reveal the Truth about a Property article

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.