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.
SoftQuotes' lender rates for 5+ unit multifamily loans in Illinois are:
Loan Amount |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.72% - 7.57% |
| 7 Year Fixed | 6.68% - 7.18% |
| 10 Year Fixed | 6.64% - 7.07% |
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 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 |