Delaware: In the Spotlight
Delaware, often known as the First State, is home to over 925,000 people. The state of Delaware is the 45th most populous state and is also home to cities like Wilmington, which is the most populated city in the state with more than 70,000 residents. Dover, the state capital, is another key location in Delaware, with more than 37,000 people calling the city home.
- Delaware was the first state to ratify the Constitution of the United States of America.
- The Dover Air Force Base is the largest employer in Delaware, with over 12,800 employees.
- Agriculture, Fishing, and Manufacturing are the largest industries in the state.
- The average household income is $68,287.
- The average age in Delaware is 40 years old.
- Delaware has over 413,000 employees across the state.
- The homeownership rate is just over 71%, which leaves roughly 29% of the residents looking for apartments and rental properties.
Delaware Apartment Loan and Multifamily Property Facts
Delaware is seeing significant growth in many cities and regions when it comes to new residents seeking multifamily living. Condos and apartment buildings are growing in popularity once again, and with the development going on in some cities, opportunities will be plentiful for the foreseeable future. The 2020 market, like many, was a little slow, but it still made some big impacts.
- Delaware is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in Delaware are 1.06% lower than the previous year.
- The average rent in Delaware is $1,130.
The market for commercial real estate in Delaware is huge and growing by the day, thanks to an ever-expanding job market and a growing base of young families who prefer to rent rather than buy a home. Those who get in now will have a better chance of finding the best deals and not overpaying or missing out on the biggest profit potential. The state is expected to see above-average population growth through 2024, contributing to an ever-increasing demand for apartments, condos, and other rental units.
Delaware Apartment Loan and Lending Options
In the state of Delaware, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Dover or a simple eight-unit property in an up-and-coming neighborhood of Newark. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS Loans
- Apartment construction loans
- And more!
Finance Your Delaware Apartment Building Now
Apartment.loans has an expert team specializing in apartment building loan products and options available for borrowers and investors of apartment properties throughout Delaware. Whether you are looking to finance a small apartment building, a complex with hundreds of units, or a cooperative, our team endeavors to meet all of your apartment property loan needs. Delaware is a state that has been a decently strong market for apartment financing and we are no strangers to arranging high-quality apartment loans in the state for investors. We have a plethora of many available loan products to help qualified borrowers purchase or refinance an apartment property.
Apartment.loans offers apartment financing with terms and amortizations of up to 30 years, with recourse and non-recourse options, and flexibility when it comes to prepayment. Delaware apartment building loans typically close within 45 days of application. With the apartment.loans streamlined application process (with no-cost and no-obligations), gain unbiased access to the best possible apartment loans in the state of Delaware!
Our apartment loan brokerage and lending strengths are available in markets throughout the state, with a particularly strong presence in Wilmington, Dover, Newark, Milford, and Seaford.
Apartment loans from $750,000 and up.