657,623 (or 11.66%) of the 5,639,632 population of Minnesota live in 5+ unit apartment properties. Minnesota has approximately 412,154 multifamily units. Last year, 12,853 new apartment units were constructed in Minnesota, representing a 3.22% growth in units. Multifamily units make up 16.76% of the total housing stock in Minnesota.
Interest rates for multifamily loans in Minnesota are very competitive. Minnesota 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 Minnesota.
SoftQuotes' lender rates for 5+ unit multifamily loans in Minnesota 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 Minnesota prohibits rent control.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $484 | $968 | $607 |
| 1 bedroom | $557 | $1,136 | $694 |
| 2 bedroom | $734 | $1,410 | $881 |
| 3 bedroom | $913 | $1,982 | $1,200 |
| 4 bedroom | $995 | $2,324 | $1,366 |