How many renters live in Lake Preston, South Dakota?
The City of Lake Preston has people living in households.
There are renters living in renter households in this City. Renters make up 20.62 percent of the population living in Lake Preston.
What is the rental market like in Lake Preston, South Dakota?
There are an estimated housing units in the Lake Preston area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Lake Preston, South Dakota, there are 1.23 rental units.
What is the vacancy rate for rentals in Lake Preston?
The rental vacancy rate in Lake Preston is 13 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Lake Preston for each bedroom size?
Occupied Rental Units by Size in Lake Preston
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 31 | 13 | 32 | 5 | 2 |
Occupied Rental Units by Size in Lake Preston
A large number of apartments in Lake Preston have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Lake Preston
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $660 to $1,565. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $660 |
| One BR | $741 |
| Two BR | $974 |
| Three BR | $1,178 |
| Four BR | $1,565 |
2024 Fair Market Rents in Lake Preston, South Dakota
How many units are rented at Fair Market Rent (FMR) in Lake Preston?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 19 | 61 percent |
| One BR | 13 | 100 percent |
| Two BR | 31 | 97 percent |
Rental Units Below FMR in Lake Preston, South Dakota
How many affordable rental units are in Lake Preston?
There are a variety of federal affordable housing programs serving households in Lake Preston, South Dakota including the following:
| Federal Program | Unit Count |
| USDA Section 515 Rural Rental Housing |
Tracked Units by Federal Program in Lake Preston, South Dakota
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Lake Preston, South Dakota
Lake Preston features 32 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Lake Preston, South Dakota
There are 16 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Lake Preston.
Housing Choice Vouchers in Lake Preston, South Dakota
On average, Section 8 Housing Choice vouchers pay Lake Preston landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Lake Preston.
The maximum amount a voucher would pay on behalf of a low-income tenant in Lake Preston, South Dakota for a two-bedroom apartment is between $877 and $1,071.
Sourced from federal housing data and AffordableHousingOnline.com research.
