Lake Area Townhomes
418 8th St SW,
Madison, SD 57042
$845 - $1,580
1-3 Beds
Rental Market Trends in Madison, SD
What is the average rent in Madison, SD?
$636/month
Average Rent
373 Sq Ft
Average Apartment Size
+1%
Increase in the Last Year
As of December 2025, the average rent in Madison, SD is $636 per month. This is 61% lower than the national average rent of $1,632/month, making renting in Madison more affordable than most cities in the US. When you rent an apartment in Madison, you can expect to pay about per month for a studio, $636 for a one-bedroom apartment, and around $892 for a two-bedroom apartment. If you opt for a three-bedroom rental, you could pay $1,222 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 Madison, SD?
In the past year, rent has increased by 1%, which averages out to $7 more per month.
Market Trends Over Time
The chart below compares average rent prices to the previous year during the same time period.
Last Updated December 2025
Legend
2024
2025
Rent Ranges in Madison, SD
Last Updated December 2025
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
25%
Below $700/month
25%
$700 - $1,000/month
50%
$1,001 - $1,500/month
0%
$1,501 - $2,000/month
0%
Above $2,000/month
What salary do I need to live comfortably in Madison, SD?
Because the average rent in Madison is $636, you’ll want to make about $2,120 per month or $25,440 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.
How does Madison, SD compare to other nearby cities and neighborhoods?
Use the tool below to compare Madison, 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.
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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 November 2025.
* Percentages may not total 100 due to rounding.