South Dakota: In the Spotlight
South Dakota, often known as the Mount Rushmore State, is home to over 844,000 people. The state of South Dakota is the 46th most populous state, and is also home to cities like Sioux Falls, which is the most populated city in the state with more than 183,000 residents. Rapid City is another key location in the state, with more than 77,000 people calling the region home.
- South Dakota is the home of Mount Rushmore.
- Sanford Health is the largest employer in South Dakota, with over 4,900 employees.
- Agriculture, Mining, and Manufacturing are the largest industries in the state.
- The average household income is $58,275.
- The average age in South Dakota is 37 years old.
- South Dakota has over 358,000 employees across the state.
- The home ownership rate is roughly 67%, which leaves around 33% of the residents looking for apartments and rental properties.
South Dakota Apartment Loan and Multifamily Property Facts
South Dakota is seeing significant growth in many cities and regions when it comes to new residents seeking multifamily living. Condos and apartment buildings are growing in popularity once again, and with the development going on in some cities, opportunities will be plentiful for the foreseeable future. The 2020 market, like many, was a little slow, but it still made some big impacts.
- South Dakota is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in South Dakota are 2.95% higher than the previous year.
- The average rent in South Dakota is $747.
The market for commercial real estate in South Dakota is huge and growing by the day, thanks to an ever-expanding job market and a growing base of young families who prefer to rent rather than buy a home. Those who get in now will have a better chance of finding the best deals and not overpaying or missing out on the biggest profit potential. The state is expected to see above-average population growth through 2024, contributing to an ever-increasing demand for apartments, condos, and other rental units.
South Dakota Apartment Loan and Lending Options
In the state of South Dakota, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Rapid City or a simple eight-unit property in an up-and-coming neighborhood of Huron. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS loans
- Bridge loans
- Apartment construction loans
- And more!
Finance Your South Dakota Apartment Building Now
The team at Apartment.loans specializes in commercial financing for all kinds of real estate and apartments in South Dakota and throughout the United States. We have solutions for commercial real estate, traditional apartment financing, value-add opportunities, and more. We can even help you with ground-up developments or just get you financed for a stabilized property so you can be on your way.
Our team of experts knows what it takes to get the loan funds that you need. Whether you’ve got a special investment in mind, or you have basic funding needs, let us know how we can help. We'll give you all of the tools and resources you need to take your South Dakota apartment loans to the next level. To learn more and start your investment journey, contact our South Dakota Apartment Lending Specialists at [email protected] or (800) 567-9631.
Apartment loans from $750,000 and up.