Rents are 7% below what Rapid City's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,445 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in Rapid City usually run 1.3% below trend in December and 1.2% above it in August, about $36 a month apart at today's median. Based on 8 years of data.
Rent in Rapid City is at its highest level since Zillow's records here began in September 2017.
Rent in Rapid City is 49.7% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 10 months in a row, and rose in 11 of the last 12 months.
30% of the median household income ($70,870) is $1,772 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($1,620); a 4-bedroom is $1,950.
The priciest of 3 ZIP codes in Rapid City, 57703 ($1,539/mo), costs 10% more than the cheapest, 57701 ($1,397/mo).
From Zillow's monthly rent index (ZORI) for Rapid City. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Rapid City, SD is majority owner-occupied, has a large retiree population, 37% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Rapid City, SD has changed in 5 years
Compared with 2021, rent in Rapid City, SD has increased by $389 per month, settling near $1,445 after starting the period at $1,056. On the earnings side, the typical household in Rapid City, SD now reports about $70,870, up from $58,072 in 2021. Rent outpaced income growth by roughly 14.8 percentage points, which means renters are spending a larger slice of each paycheck on housing than they did in 2021. Headcount in the area went from 73,942 to 77,946 between 2021 and 2024, a 5.4% change. Educational attainment has shifted as well, with the share of adults holding a bachelor's degree or higher climbed from 34.8% to 37%. For context, the 2021 to 2026 window covers an unusually volatile run for US rents nationally, and Rapid City, SD reflects that arc in its own way.
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Can you afford rent in Rapid City on your salary?
At $1,445/mo, how Rapid City rent compares to typical pay (30% rule).
Rapid City rent by bedroom count
Median rent for each apartment size in Rapid City. Click any size for full breakdown.
Tips for renters in Rapid City
Last updated: October 17, 2026
The median rent in Rapid City is $1,445/mo as of October 2026. A studio apartment averages $823/mo while a 2-bedroom runs $1,207/mo. One-bedroom apartments average $920/mo and 3-bedroom units go for $1,620/mo.
At 24% of local median household income ($70,870/yr), Rapid City ranks as affordable compared to the national benchmark of 30%. Rents have increased 4.7% over the past year.
Frequently asked questions
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How does Rapid City rent compare to other cities in South Dakota?
At $1,445/mo, rent takes ~24% of Rapid City's median household income ($70,870/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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