954,139 (or 7.45%) of the 12,801,989 population of Pennsylvania live in 5+ unit apartment properties. Pennsylvania has approximately 650,031 multifamily units. Last year, 7,921 new apartment units were constructed in Pennsylvania, representing a 1.23% growth in units. Multifamily units make up 12.24% of the total housing stock in Pennsylvania.
Interest rates for multifamily loans in Pennsylvania are very competitive. Pennsylvania 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 Pennsylvania.
SoftQuotes' lender rates for 5+ unit multifamily loans in Pennsylvania 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 Pennsylvania is a Dillon Rule state with no rent control nor preemptions.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $478 | $1,098 | $680 |
| 1 bedroom | $549 | $1,121 | $747 |
| 2 bedroom | $724 | $1,437 | $929 |
| 3 bedroom | $901 | $2,057 | $1,198 |
| 4 bedroom | $982 | $2,471 | $1,330 |