Shepherd Hills Commons
2109 E Anamosa St,
Rapid City, SD 57703
Studio - 3 Beds | $895 - $2,514
Rental Market Trends in Rapid City, SD
What is the average rent in Rapid City, SD?
$1,160/month
Average Rent
718 Sq Ft
Average Apartment Size
-0.5%
Decrease in the Last Year
As of January 2025, the average rent in Rapid City, SD is $1,160 per month. This is 25% lower than the national average rent of $1,552/month, making renting in Rapid City more affordable than most cities in the US. When you rent an apartment in Rapid City, you can expect to pay about $855 per month for a studio, $1,160 for a one-bedroom apartment, and around $1,275 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,485 or more.
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
Floor Plan Type
Average Rent
Average Sq Ft
How much has average rent changed in Rapid City, SD?
In the past year, rent has decreased by 0.5%, which averages out to $5 less per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated January 2025
Legend
2024
2025
Rent Ranges in Rapid City, SD
Last Updated January 2025
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
6%
Below $700/month
22%
$700 - $1,000/month
67%
$1,001 - $1,500/month
5%
$1,501 - $2,000/month
0%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Rapid City?
Based on current rent prices, Downtown Rapid City and Rapid City" are the most affordable neighborhoods in Rapid City.
Neighborhood
Average Rent
Average Sq Ft
What are the most expensive neighborhoods in Rapid City?
Based on current rent prices, Rapid City and Downtown Rapid City" are the most expensive neighborhoods in Rapid City.
Neighborhood
Average Rent
Average Sq Ft
Which Rapid City neighborhoods have the most rentals available?
The neighborhoods in Rapid City with the most apartments available are Rapid City and Downtown Rapid City" .
Neighborhood
Average Rent
Average Sq Ft
What salary do I need to live comfortably in Rapid City, SD?
Because the average rent in Rapid City is $1,160, you’ll want to make about $3,866 per month or $46,392 per year. The general guideline is to pay no more than 30 percent of your monthly income on rent. However, you’ll want to consider additional factors, such as your monthly bills and other expenses. Use our rent affordability calculator to help determine how much to budget for rent.
How does Rapid City, SD compare to other nearby cities and neighborhoods?
Use the tool below to compare Rapid City, SD to other nearby cities and neighborhoods. The Apartments.com neighborhood guides provide you with insight into the area’s transportation, things to do, and more.
Studio
$781/month
$886/month
One Bedroom
$1,083/month
$1,180/month
Two Bedroom
$1,258/month
$1,309/month
Three Bedroom
$947/month
$1,645/month
Nearby City Rent Trends
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Property Management Companies in Rapid City, SD
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Centerspace
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Kohlberg Kravis Roberts & Co. L.P.
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CSM Corporation
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15
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2,563
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12
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Hunt Companies
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51
Communities
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8,688
Units
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31
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1 Community in Rapid City
Thies & Talle
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35
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2,470
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23
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1 Community in Rapid City
PEG Companies
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3,190
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Methodology
† Rent data is provided by CoStar Group’s Market Trend reports. As the industry leader in commercial real estate information, analytics, and news, CoStar conducts extensive research to produce and maintain a comprehensive database of commercial real estate information. We combine this data with public record to provide the most up-to-date rental information available.
* Percentages may not total 100 due to rounding.