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Madison, SD Homes for Rent

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  • /20

    Starting at $645 Per Month

    • 1 Bed

    703-709 Egan Ave N, Madison, SD 57042

    PROPERTY DESCRIPTION: Experience the best of both worlds at Egan Avenue Residence in Madison, SD. Enjoy the convenience of living right next to the DSU Campus combined with the freedoms of off campus housing. Don’t worry about purchasing a parking pass or meal plan, at Egan Avenue you’ll have access to a shared kitchen and a reserved parking space. Plus if your best friend has four legs, they

    Egan Avenue Residence

    (605) 636-8384

    703-709 Egan Ave N, Madison, SD 57042
  • /20

    Starting at $1,050 Per Month

    • Studio - 2 Beds

    1034-1040 S Washington Ave, Madison, SD 57042

    Welcome to Washington Flats, a brand-new apartment community coming soon to Madison, SD. Currently under construction, this modern property will feature thoughtfully designed studio, one, and two-bedroom floorplans to fit a variety of lifestyles. With contemporary finishes and a convenient location, Washington Flats is set to offer comfortable, stylish living in the heart of Madison. Stay tuned

    Washington Flats

    (605) 636-8449

    1034-1040 S Washington Ave, Madison, SD 57042
  • /20

    Starting at $855 Per Month

    • 1 - 3 Beds

    418 SW 8th St, Madison, SD 57042

    Find your new home at our Lake Area Townhomes in Madison, SD. Choose from one-, two-, and three-bedroom homes featuring a range of premium amenities. Beautiful designer finishes, private patios, and a washer and dryer in every home are just a few of the many special features you will enjoy. Phase I built 2014 - Phase II built 2017 Phase IIB built in 2020. Utilities included: Phase I: Water/Sewer

    Lake Area Townhomes

    (605) 674-4142

    418 SW 8th St, Madison, SD 57042
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    $1,400

    Total Monthly Price

    • 3 Beds
    • 2 Baths
    • 1,600 Sq Ft
    • Townhouse for Rent

    837 NE 1st St, Madison, SD 57042

    All utilities furnished except internet/cable. Partially furnished, kitchen table/nook,couches. TV, couches and murphy bed lower level.

    837 NE 1st St, Madison, SD 57042

Why Live in Madison

Madison, located in Lake County, South Dakota, is a small city known as "the Heart of the Prairie," situated between Lake Madison and Lake Herman, approximately 50 miles northwest of Sioux Falls. With a population of about 6,200, Madison is home to Dakota State University, which significantly influences the local culture and economy. The city features a mix of vintage architecture, ranch-style homes, and contemporary residences, with newer twin homes in the northeast. Madison's downtown along Egan Avenue hosts small businesses, dining options like Prime Time Tavern and Los Tapatios, and entertainment venues such as Dakota Cinema. The city offers various community events, including the MadTown summer series and the Prairie Village Steam Threshing Jamboree. Outdoor amenities include Baughman/Belatti Park, the Gerry Maloney Nature Area, and the Madison Aquatic Center. Nearby Lake Herman State Park and Walker's Point Recreation Area provide opportunities for biking, birdwatching, and boating. Madison's public schools on Ninth Street receive high ratings, and the city also has private school options. The DSU campus offers public amenities like the Madison Community Center and the Dakota Prairie Playhouse. Madison is accessible via State Route 34, U.S. Route 81, and State Route 19, with East Dakota Transit Inc. providing shuttle services.

Frequently Asked Questions

How much does it cost to rent a home in Madison, SD?
The median rent for a home in Madison, SD is $1,400 per month, though prices vary by neighborhood, size, and property type. As of June 2026, single-family homes tend to be the most affordable option.
How much do you need to make to afford rent in Madison, SD?
To comfortably afford the median rent in Madison, SD, a household needs to earn roughly $56,000 per year. This is based on the common guideline that households should spend no more than 30% of gross income on housing. Most landlords require monthly household income of at least 3x the monthly rent, and with a median rent of $1,400 per month in Madison, SD, renters typically need to show $4,200 per month in gross income to qualify. Actual affordability will vary depending on household debts, other living expenses, and overall budget.
Is it more affordable to rent or buy in Madison, SD?
In Madison, SD, the price-to-rent ratio is 13.5, which generally favors renting. This ratio divides the median home price by the annual median rent: below 15 typically favors buying, 15 to 20 is balanced, and above 20 typically favors renting. Your finances, how long you plan to stay, and costs like mortgage rates, taxes, and maintenance all factor into the decision.

Rental Trends in Madison, SD

Rental Home Trends

Number of Homes for Rent
4
Median Rent
$1,400
Median Single Family Home Rent
$1,400
How to Rent a Home