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Multifamily Loans in Michigan

Overview

829,703 (or 8.31%) of the 9,986,857 population of Michigan live in 5+ unit apartment properties. Michigan has approximately 543,830 multifamily units. Last year, 3,722 new apartment units were constructed in Michigan, representing a 0.69% growth in units. Multifamily units make up 13.2% of the total housing stock in Michigan.

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

Get multifamily loan quotes for Jun 21, 2024


Multifamily Loan Rates in Michigan

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

Loan Amount
$1M to $6M
5 Year Fixed 5.82% - 6.57%
7 Year Fixed 5.88% - 6.28%
10 Year Fixed 5.79% - 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%
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 06/20/2024.

Get multifamily loan quotes for Jun 21, 2024


Michigan Rents

The state of Michigan prohibits rent control.

Bedrooms
Low1
High2
Average2
Studio $495 $1,118 $607
1 bedroom $557 $1,134 $678
2 bedroom $734 $1,374 $855
3 bedroom $913 $1,732 $1,118
4 bedroom $1,013 $2,057 $1,238
1 County median 2 Average of counties
Source: Federal Housing Finance Agency