The top rental markets in South Dakota are Sioux Falls and Rapid City.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
South Dakota Rental Trends:
South Dakota is home to Mount Rushmore, the Badlands, busy cities, and quaint small-towns. It has a strong economy based in tourism and agriculture which means there are always plenty of jobs – it’s also an extremely affordable state to live in. Here are some highlights from the top rental markets in the Mount Rushmore State.
Days on Market:
The city with the lowest days on market is Sioux Falls at nine – under the national average which sits at 15 days; Rapid City has the highest number of days on market at 11.
The top two towns for the largest amount of leads per listing are below the national average sitting at 38. Here they are:
- Rapid City – 25 leads per listing
- Sioux Falls – 12 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Sioux Falls comes below that with the lowest average rent of $826 for a two-bedroom compared to the highest rent in South Dakota at $902 in Rapid City.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. South Dakota’s highest median sale price comes below that at $210,000 in Rapid City with its lowest median sale price at $208,000 in Sioux Falls.
South Dakota’s median income rings in at $40,770 – below the national average at $48,500.
Security Deposit Trends:
Security deposits have increased and stayed the same in South Dakota cities between 2018 and 2019. With the largest being an increase of 25% in Rapid City at $1,000, and 0% in Sioux City with the current average at around $600 – below the national average for security deposits which is $1,200.
All of South Dakota’s cities have a livability score of 63 or higher with the highest being Sioux Falls at 73!
Please visit here for our full methodology.
Whether you’ve found the best South Dakota investment properties in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.