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With 192,517 residents, Sioux Falls is the most populous city in South Dakota. It serves as the seat of Minnehaha County. Sioux Falls is home to highly rated public schools. Colleges and universities located in the city include the University of Sioux Falls, Augustana University, and National American University.
Sioux Falls is known for hosting many events and festivals throughout the year. Some of these events are focused on music, such as the Sioux Falls Jazz and Blues Festival, the Festival of Bands, the Sioux Empire Spectacular, and the Party in the Park. The SculptureWalk, held downtown, boasts historical and cultural exhibits. SiouxperCon is the city’s version of Comic-Con. Other events include Downtown Riverfest and the Sioux Empire Fair.
Sioux Falls also has several landmarks and points of interest, such as the USS South Dakota, the Washington Pavilion, and a replica of Michelangelo’s David sculpture. Other attractions include the Great Plains Zoo & Delbridge Museum, the Orpheum Theater, the Museum of Visual Materials, Eastbank Art Gallery, Falls Park, and the Old Courthouse Museum.
In Sioux Falls, the median listing price for a home is $252,000. Real estate in this city is relatively more affordable, especially when compared to bigger cities. As such, it comes as no surprise that only 39.4% of the city’s population are renters. Still, the rental market in Sioux Falls has a lot of things going for it.
Image via towncharts.com
For one thing, homes are more affordable, so rental property investors can buy them for cheap. The city also boasts decent returns when it comes to rental income. The median rent in 2019 was $851. This is lower than the national median in the same year, though still fairly attractive in comparison to the state median. Plus, rent in Sioux Falls has been increasing since 2017.
Image via deptofnumbers.com
Moreover, Sioux Falls has a lower vacancy rate. The national vacancy rate in 2019 was 5.97%, while the vacancy rate in Sioux Falls was 5.04%. To top it all off, South Dakota is one of the more landlord-friendly states in the country. Here, there are no limitations on rent or late fees, and landlords don’t need to follow a time requirement when making repairs.
There are many rental properties in Sioux Falls, though the landlords that operate them don’t always have the skill for rental management. The job of a landlord requires time and expertise. The best way landlords can ensure success is to outsource the job to a Sioux Falls rental management company.
What can a property management company do for you?
If you need a property management company in Sioux Falls, Rental Choice is the first place to look. Browse through our comprehensive online directory and narrow down your search by city or state. We only list reliable property management companies, so you can rest assured your investment is in good hands.