Department of Numbers

Sioux Falls South Dakota Residential Rent and Rental Statistics

The median monthly gross residential rent in Sioux Falls, SD (the Sioux Falls metro area) was $750 in 2015 according to the Census ACS survey.1 Average gross rent in Sioux Falls was $769 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Sioux Falls median and average rent data will be released in September of 2017.

Data is also available below for Sioux Falls rental vacancy rates, Sioux Falls rent as a percent of median income and the fraction of renters in Sioux Falls.

Show dollars as: Nominal Real

Real Gross Rent in Sioux Falls South Dakota (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
South Dakota Median Gross Rent $675 +4.81% +3.37%
Sioux Falls, SD Median Gross Rent $750 +6.08% +4.17%

Sioux Falls, SD Real Gross Rent Trends

At $750, real median gross rent in Sioux Falls was at its highest level in 2015 since the series began in 2005. At $769, real average gross rent in Sioux Falls was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in Sioux Falls: Sioux Falls SD Median, Sioux Falls SD Average, South Dakota Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Sioux Falls

Date US
Median
South Dakota
Median
Sioux Falls, SD
Median
Sioux Falls, SD
Average
2015 $959 $675 $750 $769
2014 $930 $644 $707 $738
2013 $898 $632 $680 $696
2012 $886 $653 $720 $716
2011 $887 $623 $691 $689
2010 $901 $623 $688 $717
2009 $905 $604 $710 $726
2008 $920 $635 $721 $767
2007 $874 $583 $692 $727
2006 $883 $604 $718 $711
2005 $858 $589 $720 $687

Sioux Falls Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Sioux Falls South Dakota was 5.80% according to Census ACS data.

Rental Vacancy Rate in Sioux Falls South Dakota

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
South Dakota 5.16% +0.13% -0.45%
Sioux Falls, SD 5.80% -1.42% -0.15%

Trends in Sioux Falls, SD Rental Vacancy Rate

The rental vacancy rate in Sioux Falls peaked in 2009 at 11.11%. Since then it has fallen by 5.31% to 5.80%. Data records for this series originated in 2005. From a 2013 post peak low of 3.67%, the rental vacancy rate has increased by 2.13%.

Rental Vacancy Rate: Sioux Falls SD, South Dakota, US

Rental vacancy rate in South Dakota

Historical Rental Vacancy Rate data for Sioux Falls

Date US South Dakota Sioux Falls, SD
2015 5.85% 5.16% 5.80%
2014 6.32% 5.03% 7.22%
2013 6.49% 4.17% 3.67%
2012 6.77% 5.61% 5.95%
2011 7.40% 7.40% 6.05%
2010 8.17% 7.46%
2009 8.43% 6.35% 11.11%
2008 7.86% 5.34% 7.01%
2007 7.87% 6.85% 7.46%
2006 7.70% 7.27% 7.63%
2005 7.74% 6.24% 6.46%

Rent as a Fraction of Income

Using median household income data for Sioux Falls, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Sioux Falls, median monthly gross rent as a fraction of median household income was 15.04% in 2015 according to the ACS.

Sioux Falls South Dakota Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
South Dakota 15.28% +0.05% -0.88%
Sioux Falls, SD 15.04% +0.56% -1.61%

Trends in Sioux Falls, SD Rent as a Fraction of Income

The fraction of median Sioux Falls household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 16.65%. Since then it has fallen by 1.61% to 15.04%.

Fraction of Income towards Rent: Sioux Falls SD, South Dakota, US

Percent of median household income going towards median monthly gross rent in Sioux Falls South Dakota

Historical Data for Annual Rent as a Fraction of Income in Sioux Falls South Dakota

Date US South Dakota Sioux Falls, SD
2015 20.63% 15.28% 15.04%
2014 20.89% 15.23% 14.48%
2013 20.78% 15.62% 14.69%
2012 20.65% 16.15% 16.65%
2011 20.70% 15.20% 14.65%
2010 20.50% 15.45% 15.05%
2009 20.12% 14.97% 15.71%
2008 19.00% 14.83% 13.63%
2007 18.66% 14.54% 14.91%
2006 18.90% 14.64% 14.50%
2005 18.89% 14.88% 15.77%

Renter Fraction in Sioux Falls South Dakota

You can calculate the renter fraction in Sioux Falls in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Sioux Falls as a fraction of total Sioux Falls households. In 2015 32.36% of households were renters according to Census ACS data.

Sioux Falls Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
South Dakota 31.81% -0.02% -1.10%
Sioux Falls, SD 32.36% -0.48% -2.99%

Trends in the Sioux Falls, SD Renter Fraction

The Sioux Falls household renter fraction peaked in in 2012 at 35.35% and is now 2.99% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Sioux Falls SD, South Dakota, US

Fraction of renters in Sioux Falls

History of Sioux Falls Renter Fraction

Date US South Dakota Sioux Falls, SD
2015 36.97% 31.81% 32.36%
2014 36.90% 31.83% 32.84%
2013 36.50% 32.77% 31.95%
2012 36.09% 32.91% 35.35%
2011 35.42% 31.51% 32.28%
2010 34.65% 32.02% 32.95%
2009 34.13% 32.09% 31.29%
2008 33.36% 30.80% 30.65%
2007 32.80% 31.92% 31.42%
2006 32.73% 30.81% 30.27%
2005 33.10% 30.96% 30.64%

1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability.

2. Real dollars are calculated using the CPI-U less shelter series.

3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied.