Report: More rental housing needed in Yankton
Sep. 30, 2017
YANKTON, S.D. (AP) — The city of Yankton is in need of more housing despite years of fast-paced development.
At a recent work session hosted by the Yankton City Commission, Scott Knudson of Community Partners Research presented an updated housing study, saying "there was a feeling that we needed to look at new information."
"A lot of it had to do with significant housing development that has taken place since (2013), but it also gave us a chance to take a look at updated demographic information," Knudson said.
Knudson noted that this year the city has been on pace to permit more than 50 single-family units. The city hasn't reached that amount since 2006, before the housing market collapsed, the Yankton Daily Press and Dakotan reported. Home values have also gone up, with the median price jumping about $15,000 from 2015 to 2016.
"That was a pretty big one-year jump," Knudson said. "I'd like to see the 2017 information come in to see if it's now stabilized or it's continuing to go up, but it did indicate to us that there's fairly strong demand for existing houses."
But Knudson said the city still facing an issue with rental occupancy. According to the study, there's a less than 1 percent vacancy in market-rate housing.
"That was actually lower than what we found in 2013 — and it wasn't high in 2013," Knudson said. "Despite some expansion in supply, unit absorption had been strong."
Some recommendations in the survey include constructing additional rental units over the next five years.
Information from: Yankton Press and Dakotan, http://www.yankton.net/