Rapid City, SD Rental Market
Rapid City is the gateway to the Black Hills and one of South Dakota's most scenically positioned metros, drawing from Mount Rushmore and Badlands National Park tourism, Ellsworth Air Force Base (home to B-21 Raider operations), and a growing healthcare and retail services economy. The combination of military demand, tourism industry workers, and a growing remote-worker community attracted by Black Hills outdoor recreation and South Dakota's tax-free status drives above-average 3.8% annual rent growth.
Get a rent estimate for an address in Rapid CityAverage Rent in Rapid City, SD
$1,120
per month · 2026-06
Market Score
Key Facts — Rapid City, SD Rental Market
- Average rent in Rapid City, SD:$1,120/mo
- Median rent:$1,030/mo
- Rent range:$550 – $2,450/mo
- Most common rental (2 bedrooms):$975/mo
- Active listings:380
- Avg days to lease:33 days
- Year-over-year change:+3.8%
- Median home value:$270,000
- Est. gross annual yield:5.0%
- Data as of:2026-06
Rent by Bedroom in Rapid City, SD
Average monthly rent for each bedroom type based on current active listings in Rapid City.
| Bedroom Type | Avg Rent/mo |
|---|---|
1 Bedroom | $800/mo |
2 Bedrooms | $975/mo |
3 Bedrooms | $1,250/mo |
4 Bedrooms | $1,550/mo |
5 Bedrooms | $1,775/mo |
Rapid City Rental Market Statistics
Key indicators from the current Rapid City, SD rental market.
380
Available now in Rapid City
33
From list to lease
$0.88
Average across listings
1,275 sq ft
Typical rental size
$550 – $2,450
Min to max active listings
+3.8%
Avg rent vs. prior year
Investing in Rapid City, SD Rental Properties
Estimated returns based on current market rents and median home values. Perform full due diligence before investing.
Median Home Value
$270,000
Typical purchase price in Rapid City
Est. Gross Annual Yield
5.0%
Before expenses & vacancy
Avg Monthly Income
$1,120
At average market rent
Gross yield = (avg rent × 12) ÷ median home value. Does not include expenses, financing, vacancies, or management fees. Analyze a specific property in Rapid City for a full cash-flow breakdown including all costs.
Rapid City, SD Rental Market FAQ
Common questions about renting and investing in Rapid City, SD.
What is the average rent in Rapid City, SD?
The average rent in Rapid City, SD is $1,120 per month as of 2026. One-bedroom apartments average $800/mo, two-bedrooms average $975/mo, and three-bedroom homes average $1,250/mo. Areas near downtown Rapid City and neighborhoods within easy access of Ellsworth AFB on the east side command strong demand, while the west side closer to the Black Hills attracts outdoor recreation-oriented tenants.
Is Rapid City, SD a good place to invest in rental property?
Rapid City offers a 5.0% estimated gross annual yield with 3.8% year-over-year rent growth — the strongest in our South Dakota coverage. Ellsworth AFB's B-21 Raider mission generates reliable BAH-backed military demand, while tourism and healthcare employment provides additional tenant diversity. South Dakota's no-income-tax environment attracts remote workers and retirees who support long-term rental demand.
How competitive is the Rapid City, SD rental market?
Rapid City has approximately 380 active listings and averages 33 days on market. Military demand from Ellsworth AFB creates a strong summer leasing season tied to PCS movements. Downtown Rapid City and neighborhoods near Monument Health's regional hospital see consistent year-round absorption. The limited housing inventory relative to growing demand has kept vacancy rates low and supports the city's above-average rent growth trajectory.
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