Rent, population, and median household income are important factors to consider for a 1031 exchange in Rapid City due to their correlations with market demand, and conversely, vacancy rate.
Surrounding metropolitan Area
Rapid City, South Dakota is a part of the Rapid City, SD metropolitan area, and contains 4 zip codes: 57701, 57709, 57703, and 57702.
Rapid City Demographics & Economic Trends
The 2019 average effective rent for Class A, B, and C apartments in the Rapid City, SD metropolitan area was $823, which is 4.57% lower than 2014 average rent. This represents a compounded annual growth rate of 0.90%. 2019 vacancy in Rapid City, SD was 2.00%.
The total population of the city of Rapid City, SD has grown 11.02% since 2010. As of 2018, the population was 75,443. The median household income of the Rapid City was $50,742, which is 15.84% lower than the national average.
- metropolitan area Rapid City, SD
- avg rent $823
- rent growth 4.57%
- vacancy 2.00%
- median income $50,742
- population (2018) 75,443
- population growth 11.02%
- vs. nat'l avg 15.84%
- zip codes 57701 57702 57703 57709