Location: Corson County, SD | Metro: Corson County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The market in ZIP code 57639 presents a dynamic landscape that is heavily skewed towards renters, with a strong indication of long-term housing pressure. The 88.9% renter share is a critical statistic that highlights the significant proportion of residents who prefer or require rental accommodation over homeownership. This high percentage suggests a persistent demand for rental properties, which can be attributed to various factors including affordability, job mobility, and lifestyle preferences.
A closer look at the Fair Market Rent (FMR) set at $950 for metro FY 2026 reveals the government's benchmark for affordable rental units in the area. This figure is notably higher than the current market rent of $243, as reported by the Census ACS. While the discrepancy between these two figures might initially seem puzzling, it is important to consider that FMRs are often adjusted to reflect broader metropolitan averages, which can include areas with higher costs of living. The actual market rent of $243, however, indicates the current price point where most transactions occur in ZIP 57639.
The lack of specific data on price-cut share, days on market (DOM), and median home value suggests that the primary focus of the real estate market here is on rentals rather than sales. This further reinforces the idea that ZIP 57639 is a market dominated by rental activity, where the supply of rental properties must closely match the high demand to maintain stability.
In a scenario where such a large portion of the population rents, landlords and small-portfolio investors should anticipate a steady flow of tenants but also recognize the potential challenges of maintaining occupancy rates and managing property turnover. The high renter share implies that there is less flexibility for price increases without risking tenant loss, as residents are likely to be sensitive to changes in rental costs.
To conclude, ZIP 57639 appears to be a market where demand for rental properties is robust, driven by a high renter share. Landlords and investors should focus on providing quality rental units that meet the needs of a diverse tenant base to capitalize on this ongoing trend. The interplay between the FMR and actual market rent underscores the importance of understanding local market conditions to make informed decisions.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.