Washington Flats
1034-1040 S Washington Ave,
Madison, SD 57042
Studio - 2 Beds | $1,050 - $1,350
Rental Market Trends in Madison, SD
Updated September 2026
The average rent in Madison, SD is $774/month.
Rent in Madison is 54% lower than the national average rent of $1,665/month, making this one of the less expensive cities statewide.
$774/month
Average Rent
347 Sq Ft
Average Size
+1.7%
Change / Year
28
Available Apartments
Madison rent varies by unit size and layout:
- Studio apartments in Madison average $1,051 per month.
- One-bedroom apartments in Madison average $774 per month.
- Two-bedroom apartments in Madison average $1,053 per month.
- Three-bedroom apartments in Madison average $1,238 or more per month.
Average Rent by Home Type
Bedrooms
Average Rent
Average Sq Ft
How much has average rent changed in Madison, SD?
In the past year, rent has increased by 1.7%, which averages out to $14 more per month.
Market Trends Over Time
September 2026
2025
2026
Rent Ranges in Madison, SD
September 2026
$1,001 - $1,500
Most rental prices fall within this range
Percentage*
Rent Range
20%
Below $700/month
20%
$700 - $1,000/month
60%
$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 $774, you’ll want to make about $2,580 per month or $30,960 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.
View the Madison Area GuideApartment Communities in Madison We Think You'll Love
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Frequently Asked Questions
What is the average rent in Madison?
The average rent in Madison is $774 per month, which is 53.5% lower than the national average of $1,665.
Are rents going up or down in Madison?
Rents in Madison, SD are increasing, with prices up 1.7% year-over-year and $14 more per month.
What rent range is most common in Madison?
In Madison, SD, 60% of apartments fall between $1,001 - $1,500/month, though prices may vary depending on location and other factors.
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 September 2026.
Demographic information comes from Neustar and combines detailed address data with U.S. Census and American Community Survey statistics to produce reliable local estimates.
* Percentages may not total 100 due to rounding.