Housing need was on the docket of a recent panel discussion hosted by Elevate Rapid City. The Critical Issues Luncheon brought lawmakers, developers and more to the table to discuss solutions.
The Rapid City area is short on housing, but events like this are meant to address the issue from a statistical perspective.
Laura Jones, housing and community development manager for Elevate Rapid City, said home sales in Rapid City have spiked in recent years.
“That is the result of the influx of people moving to the area," Jones said. "An ideal vacancy rate for rental units is about six percent, and our post-report tells us that we are more at one-point-five.”
Jones said issues like a deficit in available housing and short-term rentals through apps like Airbnb are also contributing to the current situation.
Jones described a tense, yet forward-looking tone regarding housing discussions.
“We’re feeling really hopeful and excited about the number of people who were here today and interested in the topic, but we’re still not sure what the interest rates will do this coming year to slow the progress that we’re seeing," Jones said. "So, we’re a little bit apprehensive about being too excited.”
One panelist, Alan Solano – president and CEO of the John T. Vucurevich Foundation – said there are viable steps state government can take.
“The first thing that can be done is make sure the $200 million that was approved last year, that they’re able to put through that legislation in 2023 that’s going to actually allow those dollars to be deployed," Solano said. "That’s a great first step. Is there ways we could do things with excise taxes – lowering those costs that ultimately end up getting passed on to the consumer.”
In an average year, according to statistics shared during the panel, Rapid City plats between 230 and 250 home lots.