User uShare Login | Register
Login
Register

Along with posting photos, videos, and stories, your uShare account lets you post Classified Ads, recipes on What's For Dinner, and Announcements.


63° View Weather Current Conditions Sioux Falls Change Location
Set Weather Options

RADAR LOCATION

TEMPERATURE LOCATION

News

[0] My Saved Articles
Back to all news

Business

Find local businesses
on the KELO Pages!

 

Apartment Companies Can't Keep Up With Demand

June 26, 2014, 10:10 PM by Angela Kennecke

Apartment Companies Can't Keep Up With Demand
SIOUX FALLS, SD -

Take a drive around Sioux Falls and you'll see apartment buildings going up all over town. This summer, you can expect ground to be broken on even more complexes.

Developers say they're meeting pent-up demand, in what's shaping up to be a record year for apartment building.

In the first four months of the year, 600 new apartments went up in Sioux Falls totaling $55 million in construction. Many of those new units are in a $26 million complex near Costco.

The first phase of the complex will be complete in three months.

"We get calls on this for leasing apartments every day right now," Dunham said.

There are already 13 people on the waiting list. Developer Jim Dunham says while apartment building came to a stop in the recession, people continued to move town. 

"I think what would surprise people is they see a lot of apartments going up, but yet with the permits taken out, we will not have enough to serve the demand that is out there," Dunham said.

Proof of that is the newly constructed, The Villas at Canyon Creek. The last two of ten buildings are nearing completion with a 95 percent occupancy rate. 

"I feel like we really lucked out. We came in, did the tour, filled out the application, got in right away. I think they had three left when we signed it," Coome said.

Mari Coome and her roommate Kristen Brink signed a lease for a two-bedroom apartment at The Villas today. They're happy with all the amenities, but rental rates have risen about five percent in the last two years.

"I think the price of rent is rising, just because the demand is there right now--but we're also trying to stay competitive because you want to fill that new project," Jill Madsen of Bender Midwest Properties said.

Even more projects are on the way. Dunham has two more complexes planned-- Sunset Villas at 69th and Southeastern will have 132 units. Dunham will also be building on the other side of town on West 26th street. Emerald Valley will have 120 apartments. 

"A lot of thought and a lot of projections go into building $55 million in apartments in one year," Dunham said.

But all developers are confident they're not over-building yet.

Previous Story

Next Story


Comments







 
Find Local Businesses on KELO Pages!

View business

You may also like

Former Sioux Falls Executive Investigated For Animal Abuse

8/28/2014 4:15 PM

A former Hot Stuff/Orion Foods President is being investigated for dog abuse in Canada.

Full Story
Westward Ho Country Club Changes Name

8/28/2014 12:56 PM

The Westward Ho Country club in Sioux Falls is changing its name to The Country Club of Sioux Falls.  Members were notified of the change on Thur...

Full Story
Single-Screen Theater Closed After Four Decades

8/23/2014 12:33 PM

A single-screen movie theater in Vermillion has closed after serving the area for more than four decades.

Full Story
Sanford And First PREMIER Bank Hosting Concert For Employees

8/29/2014 11:30 AM

Employees from two Sioux Falls employers have an opportunity to see a private concert with two country headliners at the Denny Sanford PREMIER Center.

Full Story
Car vs Bus Crash Injures Two Teens

8/26/2014 6:00 PM

Two Iowa teenagers are hospitalized after colliding with a school bus early Tuesday morning.  It happened just east of Inwood on 240th Street at ...

Full Story | Watch


Events