Housing shortage affecting rent costs in Sioux Falls
SIOUX FALLS, S.D. (Dakota News Now) - Finding housing has been difficult these past few months with very few options available. It’s also put a strain on anyone searching for apartments to rent.
According to realtor.com rent prices are going up across the country, with the median rent price up 8% compared to last year.
Realtors say there are a few factors for the housing market having so few options. With pricing being good for people to refinance and people wanting to stay in their home due to Covid-19, this has trickled down for those looking to rent.
“The housing market has been pretty crazy here in Sioux Falls. For us it’s been a great opportunity because we’re renting homes, and when people can’t buy, they got to rent,” said Matt Luke, President of Luke Properties. “It’s given us the opportunity to help out a lot of people in Sioux Falls find great places to go, but it’s also a disadvantage for people who want to rent because it’s really hard to find a place right now.”
At the Bishop Dudley Hospitality House, there are many people looking to get out, but the lack of availability is a challenge.
“It’s very impossible, that’s why I live here because you can’t find any place,” said George Van Vooren, resident of Sioux Falls.
Some are even looking at different options to have their own space.
“There are just difficulties finding affordable houses here in Sioux Falls, we have many people that are transitioning, but they may be choosing a long-term motel room, which really isn’t the most economical way when you’re trying to house yourself, but that’s really the only options they have,” said Madeline Shields, Bishop Dudley Hospitality House Executive Director.
The lack of availability has also caused rent prices to increase, adding another layer of difficulty for those wanting to find their own place.
“We won’t transition people unless we know that they can afford it because it doesn’t do any good to have people go in and pay their deposit, get their background checks and pay all that money upfront knowing it is putting them even farther behind in poverty,” said Shields.
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