Department of Numbers

Rapid City South Dakota Residential Rent and Rental Statistics

The median monthly gross residential rent in Rapid City, SD (the Rapid City metro area) was $766 in 2016 according to the Census ACS survey.1 Average gross rent in Rapid City was $716 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Rapid City median and average rent data will be released in September of 2018.

Data is also available below for Rapid City rental vacancy rates, Rapid City rent as a percent of median income and the fraction of renters in Rapid City.

Show dollars as: Nominal Real

Real Gross Rent in Rapid City South Dakota (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
South Dakota Median Gross Rent $706 +3.22% +10.14%
Rapid City, SD Median Gross Rent $766 -6.13% +2.00%

Rapid City, SD Real Gross Rent Trends

Median gross rent for Rapid City peaked in real terms in 2015 at $816 and is now $50 (6.13%) lower. Average gross rent for Rapid City peaked in real terms in 2012 at $785 and is now $69 (8.79%) lower.

Real Gross Rent in Rapid City: Rapid City SD Median, Rapid City SD Average, South Dakota Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Rapid City

Date US
Median
South Dakota
Median
Rapid City, SD
Median
Rapid City, SD
Average
2016 $981 $706 $766 $716
2015 $972 $684 $816 $775
2014 $942 $652 $785 $753
2013 $910 $641 $751 $733
2012 $898 $661 $793 $785
2011 $898 $631 $741 $673
2010 $912 $631 $789 $733
2009 $916 $612 $698 $714
2008 $932 $644 $730 $716
2007 $885 $590 $726 $684
2006 $895 $612 $686 $622
2005 $869 $597 $737 $655

Rapid City Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Rapid City South Dakota was 9.13% according to Census ACS data.

Rental Vacancy Rate in Rapid City South Dakota

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
South Dakota 6.66% +1.50% +2.49%
Rapid City, SD 9.13% +4.15%

Trends in Rapid City, SD Rental Vacancy Rate

The rental vacancy rate in Rapid City peaked in 2006 at 12.77%. Since then it has fallen by 3.64% to 9.13%. Data records for this series originated in 2005. From a 2014 post peak low of 4.60%, the rental vacancy rate has increased by 4.53%.

Rental Vacancy Rate: Rapid City SD, South Dakota, US

Rental vacancy rate in South Dakota

Historical Rental Vacancy Rate data for Rapid City

Date US South Dakota Rapid City, SD
2016 5.89% 6.66% 9.13%
2015 5.85% 5.16% 4.98%
2014 6.32% 5.03% 4.60%
2013 6.49% 4.17%
2012 6.77% 5.61% 4.64%
2011 7.40% 7.40% 10.40%
2010 8.17% 7.46% 6.73%
2009 8.43% 6.35% 6.17%
2008 7.86% 5.34%
2007 7.87% 6.85% 6.55%
2006 7.70% 7.27% 12.77%
2005 7.74% 6.24% 5.92%

Rent as a Fraction of Income

Using median household income data for Rapid City, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Rapid City, median monthly gross rent as a fraction of median household income was 17.99% in 2016 according to the ACS.

Rapid City South Dakota Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
South Dakota 15.55% +0.28% -0.06%
Rapid City, SD 17.99% -0.30% -0.44%

Trends in Rapid City, SD Rent as a Fraction of Income

The fraction of median Rapid City household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 18.84%. Since then it has fallen by 0.85% to 17.99%.

Fraction of Income towards Rent: Rapid City SD, South Dakota, US

Percent of median household income going towards median monthly gross rent in Rapid City South Dakota

Historical Data for Annual Rent as a Fraction of Income in Rapid City South Dakota

Date US South Dakota Rapid City, SD
2016 20.43% 15.55% 17.99%
2015 20.63% 15.28% 18.29%
2014 20.89% 15.23% 18.77%
2013 20.78% 15.62% 18.43%
2012 20.65% 16.15% 18.60%
2011 20.70% 15.20% 17.11%
2010 20.50% 15.45% 18.84%
2009 20.12% 14.97% 16.63%
2008 19.00% 14.83% 17.29%
2007 18.66% 14.54% 17.47%
2006 18.90% 14.64% 15.88%
2005 18.89% 14.88% 17.70%

Renter Fraction in Rapid City South Dakota

You can calculate the renter fraction in Rapid City in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Rapid City as a fraction of total Rapid City households. In 2016 29.91% of households were renters according to Census ACS data.

Rapid City Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
South Dakota 32.80% +0.99% +0.03%
Rapid City, SD 29.91% +2.07% -2.03%

Trends in the Rapid City, SD Renter Fraction

The Rapid City household renter fraction peaked in in 2010 at 35.05% and is now 5.14% below that level. From a recent low of 27.84% in 2015, the household based renter fraction has now grown by 2.07%. The origin year for the series is 2005.

Fraction of Renting Households: Rapid City SD, South Dakota, US

Fraction of renters in Rapid City

History of Rapid City Renter Fraction

Date US South Dakota Rapid City, SD
2016 36.88% 32.80% 29.91%
2015 36.97% 31.81% 27.84%
2014 36.90% 31.83% 32.61%
2013 36.50% 32.77% 31.94%
2012 36.09% 32.91% 34.19%
2011 35.42% 31.51% 31.17%
2010 34.65% 32.02% 35.05%
2009 34.13% 32.09% 30.56%
2008 33.36% 30.80% 34.23%
2007 32.80% 31.92% 31.26%
2006 32.73% 30.81% 28.28%
2005 33.10% 30.96% 30.24%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.