Rapid City vs Nearby Cities
Rapid City rests just east of the Black Hills National Forest in western South Dakota. With a median listing price for homes around $250,000 or $200 per square foot, the city’s real estate market reflects prices slightly higher than those in many surrounding cities. In Hot Springs and Belle Fourche, the median listing price is much closer to $200,000 if not a bit below. There are some cities in this area offering higher prices due to limited inventories. For instance, the median listing price is around $300,000 in Sturgis. Home prices in this city can range from under $100,000 to more than $500,000, and there are often fewer than 100 homes available.
Rapid City Property Managers
When real estate investors and property managers can’t properly maintain their rental units, they often hire property managers to take over the day-to-day operations. Duties can range from basic rent collection and customer service to complete operational control. Managers often have enough real estate knowledge to help set competitive rent prices.
Rapid City Property Management Fees
While some property management companies will work for a flat fee per month, most charge a percentage of the monthly rent value. The average managerial fee is around 10 percent, but some companies will charge less for contracts that include fewer services. Owners or investors are still required to cover daily operational expenses.
South Dakota Landlord/Tenant Laws
- South Dakota landlords can legally charge no more than the equivalent of one month’s rent when asking a new tenant for a security deposit.
- If a tenant requests an itemized list of deductions from their security deposit, the landlord has up to 45 days from the move-out date to deliver the list plus the remaining portion of the deposit.