Sioux Falls Multi Family Landscape

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I want to hear from folks that are closer to the Sioux Falls market. 

Per Bloomberg article this may be an interesting market.

https://www.bloombergquint.com/business/south-dako...

I went to school in SD over 20 years ago and love it out there. Want to see if I can hear from troops on the ground. 

-Which areas are better than others etc. 

-What to watch for: pitfalls etc

-Out of state investing cons

-Tenant or Landlord Friendly?

The multi-family market in Sioux Falls is reaching the peak of it isn’t there already. Just like any market there will always be deals to find. Sioux Falls is a young city with a large percentage of existing multifamily properties built in the last 10 years. But the rent differential between existing and new properties is typically not enough to warrant large remodels of existing properties to increase rents. Vacancy will be the piece to watch in the next 12 month as the summer vacancy report showed 9.2% but large scale properties were not counted yet because they either weren’t  completed yet or just starting construction. My estimation is that in the next 12-18 month and vacancy will reach 15%.

Jim Dunham and Associates usually has the most multifamily properties listed for sale (which are few because most get sold before they hit the MLS). Lloyd Companies is the major property manager in town with over 3,000 units under management.