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South Dakota: The Mount Rushmore State
With only 886,667 residents, South Dakota is the fifth-least populous state in the nation. The state capital is Pierre, while Sioux Falls is the largest city. South Dakota is known as the home of many landforms, including Mount Rushmore, hence, its nickname.
In terms of culture and the arts, South Dakota does not disappoint. The state hosts a number of events every year, such as Days of ‘76, Cinco de Mayo, Czech Days, and St. Patrick’s Day. There are also several museums in the state, including the Adams Museum, the South Dakota Air and Space Museum, the Journey Museum and Learning Center, the Museum of Geology, and the South Dakota Art Museum.
The state is also a popular destination for outdoor recreation. Both residents and tourists like to participate in fishing, hunting, cycling, and running. Natural attractions in South Dakota include Wind Cave National Park, the Black Hills, Badlands National Park, and Custer State Park.
Colleges and universities located here include South Dakota State University, the University of South Dakota, and Augustana University. Other notable points of interest include the Crazy Horse Memorial, the Jewel Cave National Monument, Wall Drug Store, the World’s Only Corn Palace, and the Mammoth Site.
What Is South Dakota's Rental Market Like?
South Dakota has a very attractive rental market. The
median home value in the Mount Rushmore State is $222,435, representing an appreciation rate of 4.9%. South Dakota is also home to many renters. In fact, renters make up 32.2% of the state's total population.
Image via towncharts.com
In addition to a low price of entry and a wide pool of renters, landlords in South Dakota can also earn good returns. The Mount Rushmore State boasts a median rent of $1,140. As if that wasn't enough, South Dakota's landlord-tenant laws are also very landlord-friendly. There are no limits on rent or late fees here, and landlords have no time requirement to perform repairs.
However, it is worth noting that South Dakota also has a high vacancy rate. In 2019, the state vacancy rate was 6.93%. While this rate was higher than the national vacancy rate of 5.97%, it was still a drop from 2018's 7.49%.
Image via deptofnumbers.com
How a South Dakota Property Management Company Can Help
Managing a rental property is not an easy endeavor. It takes dedication, skill, and patience. For most landlords, property management is simply too much for them to handle alone. It becomes even more difficult when you consider the many laws that you must always keep up with.
Enter a South Dakota rental management company.
A professional management company can take over most of your duties as a landlord. This includes finding and screening tenants, setting and collecting rent, conducting property inspections, making sure your property is well-maintained, preparing lease agreements, enforcing your lease terms, and dealing with tenants. They can also assist you with property taxes and eviction filings.
If you find yourself experiencing one or more of the following, then it's time to call a rental management company for help:
- You own too many rental properties.
- Your rental property is located far from where you reside.
- You don't have property management experience or knowledge.
- Property management does not interest you.
- You lack time.
Find Property Management in South Dakota
If you are renting out your home in the state of South Dakota and are in search of a new property management company, you've come to the right place! Rental Choice is a great source to start your search. It is a user-friendly online directory that helps you find and contact a South Dakota property management company to help you oversee your rental property.
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