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Multifamily Loans in Illinois

Overview

1,402,879 (or 11.07%) of the 12,671,821 population of Illinois live in 5+ unit apartment properties. Illinois has approximately 857,523 multifamily units. Last year, 7,796 new apartment units were constructed in Illinois, representing a 0.92% growth in units. Multifamily units make up 16.92% of the total housing stock in Illinois.

Interest rates for multifamily loans in Illinois are very competitive. Illinois 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 Illinois.

Get multifamily loan quotes for May 29, 2024


Multifamily Loan Rates in Illinois

SoftQuotes' lender rates for 5+ unit multifamily loans in Illinois are:

Loan Amount
$1M to $6M
5 Year Fixed 6.07% - 6.82%
7 Year Fixed 6.13% - 6.53%
10 Year Fixed 6.04% - 6.37%
Loan Amount
$6M to $100M
5 Year Fixed 5.80% - 6.30%
7 Year Fixed 5.79% - 6.29%
10 Year Fixed 5.74% - 6.24%
Additional rate discounts for affordability and energy efficiency. Longer term fixed rates available. This is not an offer or commitment to lend. Rates updated on 05/28/2024.

Get multifamily loan quotes for May 29, 2024


Illinois Rents

The state of Illinois prohibits rent control.

Bedrooms
Low1
High2
Average2
Studio $462 $1,104 $599
1 bedroom $531 $1,224 $669
2 bedroom $700 $1,439 $840
3 bedroom $871 $2,059 $1,100
4 bedroom $949 $2,178 $1,238
1 County median 2 Average of counties
Source: Federal Housing Finance Agency

Illinois Multifamily Loans by City