![]() ![]() Sioux Falls has a growing population as well as a growing prominence in the tourism industry. The same thing behind most trends in Sioux Falls: growth. "It's not hard to make a name for yourself in Sioux Falls with your property, and it's proven to be successful." What's behind the increase? "We're not as oversaturated as some cities with an abundance of Airbnbs," said Kayla Huizing, co-owner of Huizing Properties, which helps short-term rental owners in town. But Sioux Falls is nowhere near the level of places like New Orleans and Los Angeles which have cracked down on short-term rentals. It gets more complicated, though, in the broader community context when taking into account existing housing shortages, taxes and rental registration.Short-term rentals are seeing occupancy rates as high as 80% in the summer peak and between $1000 and $2500 in average monthly revenue, according to data from another industry analytics group, PriceLabs. ![]() The increase in demand is keeping up with the increasing supply.AirDNA, a company providing analytics for the short-term rental industry estimates a growth in active rentals from 170 at the start of 2019 to more than 300 by the end of 2021. Gauging the exact number of short-term rentals is tricky, and while estimates vary among industry reports, the upward trend is clear.Simplified: The number of short-term rental properties in Sioux Falls is growing, and as more of these Airbnb-type places pop up, it's possible (and even likely) we'll see more conversations in the city and state about how these properties are registered, taxed and regulated. ![]()
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