Renters feel impacts of inflation in Sioux Falls

Published: Mar. 22, 2023 at 5:22 PM CDT
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SIOUX FALLS, S.D. (Dakota News Now) -With the city of Sioux Falls expanding rapidly, renters in the city could see different costs.

This could depend on the type of unit you are renting, how many people you are living with, as well as location.

Gage Klein is a managing partner at AJ Property Management in Sioux Falls.

He says a large contributing factor to prices is the expansion of the city.

“With Sioux Falls growing a lot you have a lot of people coming into town, that puts an upward pressure on rent values,” said Gage Klein, AJ Property Management managing partner.

Many first time or new renters say they have felt this pressure.

Haley Kindvall has been renting in Sioux Falls for over a year.

She says it can be daunting to budget for rent each month, especially if rent changes.

“As a twenty-four-year-old I feel like I have to budget more than most people because you’re still figuring out your finances in your day-to-day life,” said Haley Kindvall, Renter in Sioux Falls.

Saying she isn’t a stranger to increasing costs.

“We know with inflation everything is going up so rent is most likely going to go up as well but just being more careful with your spending habits right now,” said Kindvall.

However, Klein says there could be a light at the end of the tunnel when it comes to the effects of inflation on rent.

“Renters have probably seen a huge increase between this year and last year, but I think things will kind of stabilize a little bit more as inflation settles down,” said Klein.

For now, Haley says she is looking for ways to keep her rent affordable.

“The struggle for me is I want to be independent and live alone and it’s hard to financially be able to do that with the rent prices right now my only option right now is to have a roommate,” said Kindvall.

While growth in Sioux Falls is inevitable, it can be beneficial for those looking for a place to live.

“As Sioux Falls is growing, there is a lot of building going on as well which is good for renters because that also decreases rents,” Klein.

Renters advise residents to do their research and understand costs when deciding to sign a lease.