If you find the Apple AirTag Leather Key Ring too expensive and you don’t need the luxury or premium touch to your keys, you can consider getting those OEM AirTag Key Ring.
I bought two from Shoppee and they only cost S$3.32 each with shipping to Singapore an additional S$1.
The metal keyring is not made of stainless steel, so it will rust eventually.
The material used to make the AirTag holder is silicone.
It comes in six colors, White, Sand Pink, Midnight Blue, Grey, Blue, and Black. I got black and white.
For the price, it is no-frills, and I have no complaints.