Cost of living: The rising price of renting

KELOLAND.com Original

SIOUX FALLS, SD (KELO) — As 2021 wears on, rental prices are rising as demand for housing also increases. This has been a persistent issue nationwide, with single-family rental costs spiking by 7.5% over last year, as of June 2021.

Sioux Falls has not been isolated from the rising cost of rent, either. According to the U.S. Dept. of Housing and Urban Development (HUD) Fair Market Rent Documentation System, fair market rent for a two-bedroom residence in Sioux Falls for fiscal year (FY) 2022 comes in at $897, up from $874 in FY 2021.

However, the average cost of rent in Sioux Falls has crept past this number. According to World Population Review, the median cost of rent in Sioux Falls in recent years has been $827/month.

However, sticking specifically with two-bedroom units, research gathered by apartmentlist.com, the median rent for a two-bedroom unit in Sioux Falls as of September 2021 comes in at $920. This places Sioux Falls in the same rental market as Little Rock, Arkansas, which also has a median cost of $920/month for a two-bedroom unit, despite hosting a population of over 500,000 compared to Sioux Falls’ nearly 200,000.

This increase in cost is not a new phenomenon. Looking once more at HUD data, we see a general rise in price through recent years.

While rent is high in Sioux Falls, Minnehaha and its surrounding counties, while towards the top, are not the counties with the highest average fair market rent cost. That title goes to Custer County ($1,203), Meade County ($1,243), and Pennington County ($1,294). You can see the average fair market rent cost for a 2-3 bedroom in your county in the map below.

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