Rent prices take a soar
RAPID CITY, S.D. (KEVN) - Deborah Stewart, owner of Stewart property management in Spearfish, South Dakota has been working in reality for over 35 years. Stewart says several factors are causing rent prices to spike, one of which is families looking for an outdoor lifestyle.
She says “We have a university here that is the third-largest in the state. Students there need housing and up. It is a good retirement community as well it always has been. For ranchers and for people who want to come here to retire. people are just moving here for the lifestyle.”
Apartment Guide’s annual report studied rental data from over 44 states and Washington D.C. On average the year-to-year rent majority increased at 96 percent. All in a matter of just two years.
At the height of covid-19, businesses across the U.S faced widespread shutdowns, while South Dakota saw an increase in residents. The governor’s office of economic development provides a job development program for project owners to receive grants that cost less than 20 million in expanded facilities and project costs less than 2 million.
Stewart says that with the influx of new residents across the state if you are planning to move here, start early.
Lending Tree lists South Dakota as having the 2nd lowest number of cost-burdened renters in the nation with the average one-bedroom at 965 dollars. If you are looking for affordable housing. Look early and find yourself a good realtor.
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