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.
I don’t know how’ is the rental market in Mitchell.i am from Sioux Falls. Currently own a 4 plex in Sioux Falls.in Sioux Falls market is pretty good. But definitely would like to know about 11 plex
Just look at Redin MLS. You can determine the amount of listings for SFR and Multi's (2-4), and calculate a ratio. For example, search Las Vegas MLS, and you will arrive of a ratio of 2%. For every 100 SFR, there are 2 multi's. Econo 101 will tell you that less supply will generate more demand.
If ratio is 10%, then maybe not so much demand, thus less competition.
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.