SIOUX FALLS, S.D. (KELO.com) — The South Dakota Multi-Housing Association says residential rental vacancy rates are at an all-time low.
They say their members report a vacancy rate of just over 3%.
The group says the low rate makes if difficult for people to find an apartment or house to rent.
They do say more housing is being built.
The association says with more employment opportunities in the state, South Dakota needs more housing.
Below is the news release from the SDMHA.
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The South Dakota Multi-Housing Association’s 49th bi-annual vacancy survey of its members has been completed. Of the reported data, the January 2022 vacancy report confirms a vacancy rate of 3.12%.
“This has been a favorable market for the multifamily industry and property owners, with record low vacancy rates and increasing rents. However, the increased cost of property taxes, utilities, supplies and labor mean barely a break-even for many properties.” states Jill Madsen, Chair of SDMHA.
“Low vacancies rates like this bring issues for our growing population in finding housing. So it is good to see the number of units being added to the market. Housing is essential for community growth and prosperity. With the many new employment opportunities and the new people moving to the area, we need more housing.” Said Madsen.”
South Dakota Multi-Housing Association performs the vacancy survey of its members in January and July each year.
South Dakota Multi-Housing Association is a membership organization dedicated to advancing the residential rental community by providing leadership, education, advocacy and partnerships.
For more information about South Dakota Multi-Housing Association, please visit http://www.sdmha.com
