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Studio Apartment for Rent in Spearfish, SD

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    Starting at $999 Per Month

    • Studio - 2 Beds

    501 N Yale St, Spearfish, SD 57783

    Opening Summer 2026, Hollow Gulch brings a premier apartment community to Spearfish, SD—redefining modern living with high-end amenities and thoughtfully designed spaces. This luxury residence offers spacious studio, one-bedroom, and two-bedroom apartments, each featuring contemporary finishes, upscale appliances, and open-concept layouts. At Hollow Gulch, comfort and sophistication come together

    Hollow Gulch

    (605) 340-1887

    501 N Yale St, Spearfish, SD 57783

Why Live in Spearfish

Spearfish, South Dakota, known as "The Queen City," is a suburban area surrounded by three peaks in the northern Black Hills. With a population of 13,000, it attracts families, retirees, and second-homeowners due to its natural beauty and small-town atmosphere. Located 45 miles from Rapid City and 12 miles east of Wyoming, Spearfish offers a robust economy with industries such as tourism, health care, education, mining, and timber. The Spearfish School District is highly rated, serving 2,423 students across three elementary schools, a middle school, and a high school. Black Hills State University, a four-year public university, is also located here. Housing options range from modest manufactured homes to luxury estates, with new homes continually being built. Outdoor activities are abundant, including hiking, rock climbing, skiing, and fly-fishing, with over 50 miles of trails and popular spots like Big Hill and Eagle Cliff. The city has 16 developed parks connected by an 8-mile path, sports fields, a skate park, and a winter ice rink. Downtown Spearfish is walkable, featuring dining, shopping, and entertainment options, including the Matthews Opera House and Art Gallery. Interstate 90 runs through the city, and the Rapid City Regional Airport is 50 miles away.

Frequently Asked Questions

How much does it cost to rent a home in Spearfish, SD?
The median rent for a home in Spearfish, SD is $1,950 per month, though prices vary by neighborhood, size, and property type. As of June 2026, condos tend to be the most affordable option while single-family homes are currently more expensive.
How much do you need to make to afford rent in Spearfish, SD?
To comfortably afford the median rent in Spearfish, SD, a household needs to earn roughly $78,000 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 $1,950 per month in Spearfish, SD, renters typically need to show $5,850 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 Spearfish, SD?
In Spearfish, SD, the price-to-rent ratio is 18.8, 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 Home Trends in Spearfish, SD

Rental Home Trends

Number of Homes for Rent
1
Median Rent
$1,950
Median Single Family Home Rent
$3,000
Median Condo Rent
$900
How to Rent a Home