Spearfish, South Dakota Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Spearfish, South Dakota rental market.
Spearfish, South Dakota
Average Apartment Rent
$1,096
Y-o-Y Change in Average
Apartment Rent
15.7%
As of March 2026
Compared to a year ago, Spearfish, South Dakota apartments have recorded a 15.7% rent increase.
Spearfish, South Dakota Average apartment rent trend
Spearfish, South Dakota Average Apartment Rent
Spearfish, South Dakota Apartment rent ranges
At 70.31%, apartments priced $1,000 - $1,500 represent the bulk of Spearfish, South Dakota rentals, while condos priced $1,500 - $2,000 hold the lowest share of the market – 3.91%.
Spearfish, South Dakota Housing tenure**
Renters take up 48% of Spearfish, South Dakota real estate, occupying a total of 2,667 units, while homeowners live in 2,889 properties.
Median number of rooms of renter-occupied housing units**
4
Renter median household income**
$44,700
Average household size of renter-occupied housing units**
1.77
Rental vacancy rate**
2.4%
Spearfish, South Dakota Renter-occupied housing units by no. of bedrooms**
There are 1,194 rentals in Spearfish, South Dakota with 2 beds making up the highest share of the market, at 45%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 50 units. Overall, the median number of rooms in Spearfish, South Dakota homes for rent is 4.
Spearfish, South Dakota Renter-occupied units by age of householder**
Most condos for rent in Spearfish, South Dakota are occupied by residents in the 15 - 24 years age group (22%), followed by those in the 35 - 44 years age group (18%). At the same time, people in the 55 - 59 years age group make up the lowest share of the local rental market – 1%.
Spearfish, South Dakota Renter-occupied housing units by family type**
Spearfish, South Dakota Renter-occupied housing units by the presence of own children**
A total of 656 apartments for rent in Spearfish, South Dakota, or 25% of all rentals are family households. Additionally, 14% of rental homes include children under the age of 18 – that’s 366 units. All in all, the median size of a renter-occupied household in Spearfish, South Dakota is 1.77.
Spearfish, South Dakota Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 36% of the rental market. In contrast, residents with less than a high school degree reside in 3% of the homes for rent in Spearfish, South Dakota.
Spearfish, South Dakota Renter-occupied units by year structure built**
The highest share of Spearfish, South Dakota apartment rentals, namely 19% or 514 units, were Built 1990 - 1999, followed by those Built 1939 or earlier (16%, 428 units), and the ones Built 2010 - 2019 (13%, 348 units).
Spearfish, South Dakota Renter-occupied units by year householder moved in**
Median year renter moved into unit 2018
Most Spearfish, South Dakota renters (46%) moved in 2018 to 2020, while only 1% of them moved in 1989 or earlier. Overall, the median year renters have occupied their Spearfish, South Dakota condos for rent is 2018.
Spearfish, South Dakota Renter-occupied housing units by vehicles available**
When it comes to transportation options, 49% of Spearfish, South Dakota renters have 1 vehicle available per household, 32% of them have 2 vehicles available, and 10% have No vehicle available.
Spearfish, South Dakota Means of transportation to work of householders living in renter-occupied housing units**
Spearfish, South Dakota Geographical mobility in the past year for householders living in renter-occupied housing units**
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Spearfish, South Dakota apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
