1,045,444 (or 12.25%) of the 8,535,519 population of Virginia live in 5+ unit apartment properties. Virginia has approximately 572,074 multifamily units. Last year, 8,809 new apartment units were constructed in Virginia, representing a 1.56% growth in units. Multifamily units make up 17.25% of the total housing stock in Virginia.
Interest rates for multifamily loans in Virginia are very competitive. Virginia 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 Virginia.
SoftQuotes' lender rates for 5+ unit multifamily loans in Virginia are:
Loan Amount |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.12% - 6.82% |
| 7 Year Fixed | 6.23% - 6.66% |
| 10 Year Fixed | 6.24% - 6.62% |
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 Virginia is a Dillon Rule state with no rent control nor preemptions.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $472 | $1,643 | $833 |
| 1 bedroom | $532 | $1,682 | $897 |
| 2 bedroom | $701 | $1,917 | $1,072 |
| 3 bedroom | $872 | $2,457 | $1,423 |
| 4 bedroom | $951 | $2,978 | $1,680 |