Apartment construction spikes in Rapid City - KOTA Territory News

Apartment construction spikes in Rapid City

If you're looking for a new place to live in Rapid City, don't be surprised if you have more options. Residential and apartment building are on an upswing.
 
The city issued 14 home building permits last month, valued at more than $3 million dollars.

That figure is on par with other months this year, according to City Planner Brad Salon.

Surprisingly, apartment building has exploded this year, largely in Founders park and near the School of Mines and Technology campus. 

The busiest month for apartment building was May. The city issued 7 permits, valued at $10-12 million dollars.

City planners say while the housing market may not be as strong as last year, apartment building is surpassing expectations.
 
"Last year for example, if you look through the monthly reports, you'll see there were hardly any apartments and the year before. Back in 2009 when the recession kind of hit we weren't seeing any apartments in Rapid City," said Salon.
 

"I think its a little harder to get a loan, and people are waiting more and renting," said Tracy Parkison, Property Manager with Kahler Property Management.

But demand for those apartments is growing. Parkison says her vacancy rate is about 1%.

City planners say they expect to issue just under 4000 building permits this year, totaling $200 million dollars.