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.
SoftQuotes' lender rates for 5+ unit multifamily loans in Michigan 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 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 |