Average Rent in Sioux Falls, SD↑ Rents rising 6.2% YoY🔺 10th priciest in SD

Sioux Falls, SD has rental prices ranging from $941/month to $2,053/month in 2027, depending on unit size. The typical 1-bedroom apartment rents for $1,044/month — 25% below the national average of $1,400/month. With a median household income of $81,418/year, spending $1,044/month on a 1-bedroom represents 15% of gross income — within the recommended 30% threshold.

How Sioux Falls Compares

With an average 2-bedroom rent of $1,228/month, Sioux Falls ranks #10 most expensive of the 64 cities tracked in South Dakota — pricier than 77% of all US cities in our data.

The Sioux Falls Rental Market

The Sioux Falls, SD area has a population of about 293,107 and 33% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Sioux Falls, SD have risen by $72/month (6.2%) over the past year, from $1,156 to $1,228. This modest growth is consistent with broader inflationary trends seen across US rental markets.

Affordability

To afford a 1-bedroom apartment in Sioux Falls, SD without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $41,760. The local median household income of $81,418 exceeds that threshold by $39,658, making Sioux Falls relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Sioux Falls, SD is $330,625, giving a price-to-rent ratio of 22.4. With a break-even horizon of approximately 22 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Sioux Falls's neighborhoods. Among the highest-value areas are Highland ($178,747 median home value), North End East ($181,536 median home value), Whittier ($190,540 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Sioux Falls, SD Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Sioux Falls?

Break-even analysis and mortgage estimates based on local market data.

Living in Sioux Falls

Cost of living, job market, crime rates, and moving cost estimates.