Shepherd is a census-designated place in Yellowstone County, Montana, United States. The population was 193 at the 2000 census. Shepherd is a Billings suburb located to the northeast. The unincorporated town was named after R.E. Shepherd, a prominent early settler and owner of the Billings Land and Irrigation Company and the Merchants National Bank. Shepherd apartments for rent comparison page shows most up to date rent information on Shepherd apartments and houses. Rent information is obtained from multiple rental sources but we cannot guarantee their accuracy.