276,580 (or 8.63%) of the 3,205,958 population of Utah live in 5+ unit apartment properties. Utah has approximately 157,345 multifamily units. Last year, 8,022 new apartment units were constructed in Utah, representing a 5.37% growth in units. Multifamily units make up 13.06% of the total housing stock in Utah.
Interest rates for multifamily loans in Utah are very competitive. Utah 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 Utah.
SoftQuotes' lender rates for 5+ unit multifamily loans in Utah are:
Loan Amount |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.77% - 7.52% |
| 7 Year Fixed | 6.55% - 7.03% |
| 10 Year Fixed | 6.59% - 7.12% |
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 Utah prohibits rent control.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $514 | $969 | $659 |
| 1 bedroom | $568 | $1,115 | $743 |
| 2 bedroom | $734 | $1,469 | $922 |
| 3 bedroom | $914 | $1,827 | $1,250 |
| 4 bedroom | $995 | $2,464 | $1,497 |