105,411 (or 9.95%) of the 1,059,361 population of Rhode Island live in 5+ unit apartment properties. Rhode Island has approximately 70,067 multifamily units. Last year, 107 new apartment units were constructed in Rhode Island, representing a 0.15% growth in units. Multifamily units make up 16.37% of the total housing stock in Rhode Island.
Interest rates for multifamily loans in Rhode Island are very competitive. Rhode Island 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 Rhode Island.
SoftQuotes' lender rates for 5+ unit multifamily loans in Rhode Island are:
Loan Amount |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.32% - 6.92% |
| 7 Year Fixed | 6.43% - 6.68% |
| 10 Year Fixed | 6.39% - 6.72% |
Loan Amount |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.44% - 5.99% |
| 7 Year Fixed | 5.49% - 6.04% |
| 10 Year Fixed | 5.47% - 6.02% |
The state of Rhode Island has no rent control or preemptions.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $915 | $1,105 | $936 |
| 1 bedroom | $999 | $1,245 | $1,044 |
| 2 bedroom | $1,239 | $1,616 | $1,270 |
| 3 bedroom | $1,541 | $2,283 | $1,615 |
| 4 bedroom | $1,850 | $2,798 | $1,932 |