Sioux Falls renters looking for the least expensive areas to rent should look for the areas towards the red end of the spectrum on the rent cost map. Those who don't mind paying for high-end and luxury apartments should seek out apartments in dark green areas.
On average, the cost of rent in Sioux Falls is about $982 per month. This puts it in the 94th percentile compared to the state average cost of rent, which is $846. Households in Sioux Falls have a median income of $6,522 per month so the average renter in Sioux Falls is spending roughly 15% of their earnings on housing.
Nationally, and in Sioux Falls, home values are the data point most closely correlated with the cost of rent. The median price of a home in Sioux Falls is $247,127 right now, which is lower than nearby cities, meaning that rents in Sioux Falls also tend to be lower versus these nearby cities.
Higher rent prices are common in the southeastern parts of Sioux Falls while lower rent rates are often available in central areas.
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