1,170,454 (or 13.18%) of the 8,882,190 population of New Jersey live in 5+ unit apartment properties. New Jersey has approximately 636,319 multifamily units. Last year, 21,983 new apartment units were constructed in New Jersey, representing a 3.58% growth in units. Multifamily units make up 15.74% of the total housing stock in New Jersey.
Interest rates for multifamily loans in New Jersey are very competitive. New Jersey 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 New Jersey.
SoftQuotes' lender rates for 5+ unit multifamily loans in New Jersey are:
Loan Amount |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.97% - 7.57% |
| 7 Year Fixed | 6.93% - 7.18% |
| 10 Year Fixed | 6.84% - 7.17% |
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 New Jersey has rent control.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $962 | $1,677 | $1,166 |
| 1 bedroom | $1,101 | $1,825 | $1,353 |
| 2 bedroom | $1,356 | $2,119 | $1,671 |
| 3 bedroom | $1,687 | $2,636 | $2,131 |
| 4 bedroom | $1,839 | $2,915 | $2,445 |