Rent in South Dakota Saw a Double-Digit Increase Last Year
For those new arrivals and established locals alike, the price to not live in your car is exploding.
According to research by Rent.com, the average rent in South Dakota has increased by nearly 18 percent in 2022 (Year-over-Year December '21 to '22). That's the third-highest increase in the United States.
South Dakota's southern neighbor, Nebraska saw the eighth biggest jump in rent over the last year, 12.6 percent.
December 2022's average monthly rent in South Dakota was $1184. The average for the whole country is $1,978.
Across the border in Minnesota, average rent has dropped 0.3% over the last year. Prices in the Twin Cities metro saw a drop of 8.6 percent.
The 10 states with the biggest rent increase year-over-year (December '21 vs'22):
- Florida (+23.9 percent)
- New York (+20.1 percent)
- South Dakota (+17.9 percent)
- Arkansas (+17.5 percent)
- Delaware (+14.5 percent)
- Tennessee (+14.2 percent)
- Mississippi (+13.2 percent)
- Nebraska (+12.6 percent)
- North Carolina (+12.2 percent)
- Utah (+12.1 percent)
There are some positives in this report. Overall rent prices in the US are declining. Whether Sioux Falls will be a part of this trend is yet to be seen.
Rent.com says it is a service that simplifies, "[T]he experience of connecting people & properties."
This is how they describe their methodology for this study, "We analyzed rental property prices in December 2022, the last full month of data, from Rent.'s available inventory to identify our median rent prices at the national, state and metro levels. Our analysis combines inventory and bedroom types into one simple median that covers all available rental units at the time."