Sioux Falls vs Nearby Cities
The median listing price for homes in the greater Sioux Falls metro area tends to stay around $200 per square foot, and home prices in the city of Sioux Falls are similar. The city’s median listing price tends to stay around $250,000 if not a bit lower with the median rental price hovering around $1,200 per month. Harrisburg is less than 10 miles to the south and generally offers the same median listing price, but Brandon is less than 15 miles to the north and has higher real estate prices. The median listing price for homes in Brandon can get close to $300,000 at times.
Sioux Falls Property Managers
Property managers make important decisions on behalf of rental property investors and owners. They can communicate with tenants regarding rent payment, late payment fees, property maintenance and complaints. They may also oversee property upgrades, repairs and maintenance for interior and exterior spaces.
Sioux Falls Property Management Fees
Property managers typically charge 10 percent of all rent collected each month. This is a general average with actual rates going as high as 15 percent or as low as 5 percent. Property management companies often base their rates on the amount of work required to manage a property and how many properties an owner wants them to manage.
South Dakota Landlord/Tenant Laws
- If a rental property was used as a meth lab at any point in the past, landlords must inform all new tenants of this fact.
- The equivalent of one month’s rent is the maximum that landlords can legally ask tenants to pay as a security deposit.