82,615 (or 9.34%) of the 884,659 population of South Dakota live in 5+ unit apartment properties. South Dakota has approximately 59,403 multifamily units. Last year, 2,610 new apartment units were constructed in South Dakota, representing a 4.6% growth in units. Multifamily units make up 7.8% of the total housing stock in South Dakota.
Interest rates for multifamily loans in South Dakota are very competitive. South Dakota apartments are eligible for non-recourse multifamily loans with long term fixed rates and other favorable terms. SoftQuotes' lenders are actively lending on 5+ unit multifamily properties in South Dakota.
SoftQuotes' lender rates for 5+ unit multifamily loans in South Dakota are:
Loan Amount |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.72% - 7.57% |
| 7 Year Fixed | 6.68% - 7.18% |
| 10 Year Fixed | 6.64% - 7.07% |
Loan Amount |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.95% - 6.50% |
| 7 Year Fixed | 5.96% - 6.51% |
| 10 Year Fixed | 5.89% - 6.44% |
The state of South Dakota prohibits rent control.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $503 | $677 | $539 |
| 1 bedroom | $546 | $754 | $599 |
| 2 bedroom | $719 | $969 | $770 |
| 3 bedroom | $894 | $1,323 | $1,019 |
| 4 bedroom | $975 | $1,589 | $1,196 |