597,860 (or 8.75%) of the 6,829,174 population of Tennessee live in 5+ unit apartment properties. Tennessee has approximately 377,392 multifamily units. Last year, 15,612 new apartment units were constructed in Tennessee, representing a 4.32% growth in units. Multifamily units make up 13.56% of the total housing stock in Tennessee.
Interest rates for multifamily loans in Tennessee are very competitive. Tennessee 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 Tennessee.
SoftQuotes' lender rates for 5+ unit multifamily loans in Tennessee are:
Loan Amount |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.77% - 7.47% |
| 7 Year Fixed | 6.73% - 7.16% |
| 10 Year Fixed | 6.69% - 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 Tennessee prohibits mandatory inclusionary zonings and rent control.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $455 | $1,078 | $618 |
| 1 bedroom | $503 | $1,114 | $657 |
| 2 bedroom | $663 | $1,293 | $813 |
| 3 bedroom | $825 | $1,663 | $1,073 |
| 4 bedroom | $899 | $2,085 | $1,248 |