Sioux Falls, SD
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Top 5 reasons to invest in Sioux Falls, SD
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The Sioux Falls market includes areas of South Dakota and Minnesota and offers many opportunities for investors. Whether you prefer classic architecture or sleek modern designs, you'll find investment properties for all budgets.
Sioux Falls has 277,944 residents, a 2.03% change from last year. This growth provides investors with a large market of potential tenants and hints at the area's promising future. With 32% of the residents in the area renting, investors have many opportunities to take advantage of the rental market.
The median home price in Sioux Falls is $325,907, which represents a 4.0% change from last year. The median rent is $1,177, which is a change of 2.6% from last year. Rental rates here are below the national average, which helps attract more potential tenants. The rent-to-price ratio is 0.4%.
Sioux Falls has a bustling economy comprising complex manufacturing companies, top healthcare facilities, cybersecurity companies, utility and telecommunication networks, banking and insurance companies, and many biotech and pharmaceutical companies. The robust industries in the area attract many top talents, providing investors with more potential.
The large number of employers results in an unemployment rate of 1.9% in the area and a median household income of $78,552, slightly higher than the national average.
The average household size in the market is 2.4 people, and there are 119,013 households, giving investors a large potential pool of tenants. The vacancy rate in the area is low at 4%, reassuring investors that their investments will be viable.
Home to the University of South Dakota, which has nearly 10,000 undergrads and graduate students, investors can provide off-campus housing to students, diversifying their portfolios.
The area is also friendly to short-term rentals, as there aren't any specific regulations pertaining to them. However, like most areas, investors must obtain a permit to operate as a rental.
Overall, the Sioux Falls market provides investors with many opportunities. Whether you want to invest in small, modern properties or large, historic homes, there is something for everyone. With a large tenant pool originating from local colleges and large companies nearby, it's easy to see why investors choose this area.
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