373,301 (or 7.61%) of the 4,903,185 population of Alabama live in 5+ unit apartment properties. Alabama has approximately 245,982 multifamily units. Last year, 2,125 new apartment units were constructed in Alabama, representing a 0.87% growth in units. Multifamily units make up 12.24% of the total housing stock in Alabama.
Interest rates for multifamily loans in Alabama are very competitive. Alabama apartments are eligible for non-recourse multifamily loans with long term fixed rates and other favorable terms. SoftQuotes' lenders are actively lending on 5+ unit multifamily properties in Alabama.
SoftQuotes' lender rates for 5+ unit multifamily loans in Alabama are:
Loan Amount |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.87% - 6.47% |
| 7 Year Fixed | 5.93% - 6.26% |
| 10 Year Fixed | 5.84% - 6.12% |
Loan Amount |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.75% - 6.25% |
| 7 Year Fixed | 5.72% - 6.22% |
| 10 Year Fixed | 5.64% - 6.14% |
The state of Alabama prohibits rent control.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $426 | $891 | $580 |
| 1 bedroom | $481 | $950 | $626 |
| 2 bedroom | $634 | $1,093 | $767 |
| 3 bedroom | $789 | $1,428 | $1,004 |
| 4 bedroom | $860 | $1,810 | $1,157 |