Location: Jackson County, SD | Metro: Bennett County, SD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
U.S. Census Bureau data (2024)
The market in ZIP code 57714 presents a dynamic scenario that landlords and small-portfolio investors should consider closely. The Fair Market Rent (FMR) for the area is set at $1,200 for fiscal year 2026, according to HUD estimates. However, the actual market rent, as indicated by Census ACS data, stands significantly lower at $621. This discrepancy suggests that the rental market in 57714 is currently characterized by a balance where supply may be meeting or slightly exceeding demand, given the gap between FMR and market rent.
A key indicator of the long-term housing pressure in 57714 is the high renter share of 67.6%. This figure implies that a substantial portion of the population opts to rent rather than own property, which can indicate several underlying conditions. Firstly, it could reflect a demographic preference for renting over homeownership. Secondly, it might suggest financial constraints that prevent a significant number of residents from purchasing homes. Regardless of the cause, a high renter share often correlates with sustained demand for rental properties, making 57714 a potentially stable market for landlords.
The lack of specific data on price-cut share and days on market (DOM) for rentals means there's limited insight into the urgency of tenants seeking accommodation and the flexibility of landlords in adjusting their rents. Similarly, the absence of median home value data prevents a direct comparison between rental and purchase markets, though the high renter share hints at challenges in homeownership affordability.
In summary, while the exact trajectory of the market remains unclear due to missing time-series data, the current snapshot reveals a rental market where supply meets demand, yet the high percentage of renters signals a region likely experiencing ongoing housing pressure. For investors, this suggests a market with steady demand but also one that requires careful attention to local economic factors and tenant preferences to maximize returns.
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.