Sioux Falls Is America’s Most Affordable Metro Area To Rent

You don't have to look very hard to see the future of living in Sioux Falls.

Almost every corner of the city has either recently opened or is in the process of building several sizable apartment complexes.

And as it turns out, South Dakota's largest city is the most ideal place to rent in America.

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Lawn Love has Sioux Falls at the top of its list of the Least Expensive Metro Areas for Renters in all 50 states.

And while at $1,028 per month, the average rent in the city isn't the lowest in the country, the share of renters who are burdened by their rent payments is among the smallest in America.

That's the good news.

The bad news? Nearly 40 percent of renters (39.8%) in Sioux Falls are in the 'burdened' category, which gives you an idea of just how high rent is across the country.

Overall, the average Sioux Falls rent is the 16th lowest among the biggest 172 housing markets from coast to coast. Over in Iowa, Des Moines has the fifth-best rate at 41.7%.

South Dakota's largest city trails only Fayetteville-Springdale-Rogers, Arkansas for the lowest share of cost-burdened renters.

Sioux Falls does have the best Cost Inflators Rank, which factors in things like insurance and foreclosures.

Further down the top ten places for the least rent are one city each from Minnesota and Iowa.

St. Cloud is fifth overall with an average rent of $1,036 and a cost-burdened rate of 43.5%.

Davenport, which is part of the Quad Cities market, is tenth with an average rent of $902 and a burden rate of 44.4%.

LEAST EXPENSIVE METROS FOR RENTERS

Sioux Falls, South Dakota
Huntsville, Alabama
Lake Charles, Louisiana
Wichita, Kansas
St. Cloud, Minnesota
Fort Wayne Indiana
Ogden/Clearfield, Utah
Louisville/Jefferson County, Kentucky/Indiana
Fayetteville/Springdale/Rogers Arkansas
Davenport/Moline/Rock Island, Iowa/Illinois

As for the most expensive places for renters, it's no surprise that the New York metro area is number one at an average of $2,016 per month.

MOST EXPENSIVE METROS FOR RENTERS

New York/Newark/Jersey City, New York/New Jersey
Miami/Fort Lauderdale/Pompano Beach, Florida
Oxnard/Thousand Oaks/Ventura, California
San Diego/Chula Vista/Carlsbad, California
Honolulu, Hawaii
Los Angeles/Long Beach/Anaheim, California
Napa, California
Naples/Marco Island, Florida
Washington DC/Arlington Virginia
Bridgeport/Stamford/Norwalk, Connecticut

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The following statistics are based on data from the year 2022

Filed Under: Davenport, Economy, Iowa, Minnesota, rent, St. Cloud

Categories: Articles, News, Newsletter KYBB, Sioux Falls, South Dakota