Shepherd Hills Commons
2109 E Anamosa St,
Rapid City, SD 57703
Studio - 3 Beds | $895 - $2,623
Rental Market Trends in Rapid City, SD
What is the average rent in Rapid City, SD?
$1,165/month
Average Rent
712 Sq Ft
Average Apartment Size
-1.1%
Decrease in the Last Year
As of April 2025, the average rent in Rapid City, SD is $1,165 per month. This is 26% lower than the national average rent of $1,575/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 $853 per month for a studio, $1,165 for a one-bedroom apartment, and around $1,323 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,488 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 1.1%, which averages out to $12 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 April 2025
Legend
2024
2025
Rent Ranges in Rapid City, SD
Last Updated April 2025
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
6%
Below $700/month
24%
$700 - $1,000/month
61%
$1,001 - $1,500/month
8%
$1,501 - $2,000/month
2%
Above $2,000/month
Rent by Neighborhood
Last Updated Today
What are the most affordable neighborhoods in Rapid City?
Based on current rent prices, Rapid City and Downtown 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, Downtown Rapid City and 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 $1,165, you’ll want to make about $3,883 per month or $46,596 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.
Cost of Living
The cost of living in Rapid City, SD is 6.3% lower than the national average. Generally, housing in Rapid City is 16.2% less expensive than the national average, with rent falling between $853 - $1,488. You can expect to pay 0.1% more for groceries, 11.9% less for utilities, and 1.1% more for transportation.
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
$884/month
$747/month
One Bedroom
$1,170/month
$1,255/month
Two Bedroom
$1,307/month
$1,554/month
Three Bedroom
$1,593/month
$947/month
Nearby City Rent Trends
Apartment communities in Rapid City we think you'll love
Property Management Companies in Rapid City, SD
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65
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13
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Equity REM
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3,965
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Centerspace
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11,235
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Cornerstone Residential
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84
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Kohlberg Kravis Roberts & Co. L.P.
-
39
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4,406
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-
20
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2 Communities in Rapid City
CSM Corporation
-
15
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2,563
Units
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12
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2 Communities in Rapid City
Hunt Companies
-
43
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7,351
Units
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29
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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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Methodology
† Our analysis of utilities, groceries, transportation, healthcare, home prices, and other goods and services is sourced from the Cost of Living Index, a respected benchmark published by the Council for Community and Economic Research (C2ER) that provides a thorough overview of living expenses across different regions.
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.
Consumer goods, services, and home prices are sourced from the Cost of Living Index published by the Council for Community and Economic Research (C2ER). The data on this page is updated quarterly. It was last published in February 2025.
* Percentages may not total 100 due to rounding.