HOUSING
 Rapid
City is divided into four main areas named by local according
to compass direction. South Robbinsdale and North Rapid City make
up the bulk of the community's area with the Downtown core separating
these neighborhoods. West Rapid is a sprawling, primarily residential
neighborhood found "through the gap" created by a scenic and natural
barrier of Skyline Drive and Cowboy Hill. Wide traffic arteries
provide easy access between the neighborhoods. Schools, churches,
shopping centers and other services are well located throughout
the city, and the greenbelt that follows Rapid Creek through town
makes a seven-mile-long park never more than a few minutes from
any home.
Vacancy Rates
| Apartments |
2-3% |
| Office |
8-12% |
| Retail |
15-20% |
| Warehouse |
10-15% |
| Trailers |
2-3% |
Net Rent Per Square Foot
| Office |
$5-18.00 |
| Retail |
$4-15.00 |
| Warehouse |
$2-5.00 |
Rapid City Area Home
Sales (As of 04/06)
|
Average
Sale Price |
| Single Family |
$163,000 |
| New Construction |
$200,000 |
| Townhomes |
$150,000 |
| Mobile Homes |
$44,000 |
Based on Local Public Records
| |
Single
Family
|
New
Contruction
|
Townhomes
|
Mobile
Homes
|
| Average
Day on Market |
80
|
93
|
75
|
92
|
| #
Units for Sale |
764
|
171
|
149
|
59
|
Source: Raben Realestate quarterly newsletter
Rental Rates
| Description |
Monthly
Rent |
1 bedroom |
$511 |
2 bedroom |
$639 |
3 bedroom |
$809 |
Quarterly survey of rental properties
by Kahler Property Management
Rapid City Building Permits (January
2005)
| |
2006 |
2005 |
| Residential |
86 |
90 |
| Value
Amount |
$10,672,911 |
$4,625,420 |
| |
|
|
| Commercial |
127 |
125 |
| Value
Amount |
$4,933,623
|
$1,124,944
|
Source: Rapid City Building Permit Report
November 2003
|
