6,703,941 (or 16.97%) of the 39,512,223 population of California live in 5+ unit apartment properties. California has approximately 3,089,474 multifamily units. Last year, 43,215 new apartment units were constructed in California, representing a 1.42% growth in units. Multifamily units make up 22.69% of the total housing stock in California.
Interest rates for multifamily loans in California are very competitive. California 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 California.
SoftQuotes' lender rates for 5+ unit multifamily loans in California are:
Loan Amount |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.77% - 7.52% |
| 7 Year Fixed | 6.55% - 7.03% |
| 10 Year Fixed | 6.59% - 7.12% |
Loan Amount |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.95% - 6.50% |
| 7 Year Fixed | 5.96% - 6.51% |
| 10 Year Fixed | 5.89% - 6.44% |
The state of California has statewide rent control caps and city specific laws.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $604 | $2,447 | $1,137 |
| 1 bedroom | $677 | $3,044 | $1,291 |
| 2 bedroom | $892 | $3,700 | $1,635 |
| 3 bedroom | $1,204 | $4,756 | $2,254 |
| 4 bedroom | $1,334 | $5,176 | $2,613 |