From lakeside to fun-filled, new apartments offer more options for renters

You can lounge by a lake, play video games against your friends or opt for a designated work-from-home space with some of the new apartments opening in and around Sioux Falls this fall.

Our latest edition of Apartments on the Move takes you in every direction around town, offering a look at properties with options ready or nearly ready for renters.

The market data shows there are more options too. July’s reported vacancy was 5.6 percent, up 4.2 percent from January, according to the South Dakota Multi-Housing Association.

That’s “largely due to the new construction units coming onto the market,” executive director Denise Hanzlik said. “The vacancy will continue to trend upwards until the market can absorb them, which may take a couple of years.”

Rents were up slightly overall midyear compared with the start of 2023.

“As the vacancies increase, we will start to see rents decreasing or incentives being offered,” Hanzlik said.

Plus, there are still more new apartments coming, she added.

“(The city is) still seeing a large number of permits for multifamily, several of which will start construction yet this fall.”

Popular communities and floor plans are still renting fast. Here’s the latest edition of Apartments on the Move: