Does multi family has more competition compare to single family

[Surinder Singh]

I am looking for 5 plus unit in or around Sioux Falls.( pocket listing ) but looks like multi family got more competition compare to single family

[Andrew Adam]

Hi @Surinder Singh,

     Being an Agent in Sioux Falls it seems like for every single family that could be a rental there are 100+ people looking at it so if it is a good deal it is gone asap and can be bid up pretty high. Part of this reason is the lower barrier to entry, and that many are looking to live in it themselves. When we look at 5+ units there is really less inventory in the area so even though there are probably only a few dozen people looking at 5+ units since there is low inventory they can again be bid up or go quickly. 

    It seems to me that once you get into the 500k+ range of multifamily there are a lot less people looking in Sioux Falls. If you go 100+ units you are competing with some LARGE players, but in the 12-60 unit range I don't think there are a TON of people looking and so I would say there is less competition there.