Detroit Apartment Loans
Find the apartment financing information you need and apply for apartment loans of your choosing in Detroit, Michigan
Detroit: In the Spotlight
Detroit, Michigan is located 157 miles from the next largest city of Grand Rapids and is part of the Detroit–Warren–Dearborn Metropolitan Statistical Area (MSA). The population of Detroit is just over 664,000, making it the most populous city in the state. It also covers around 142 square miles of land. Detroit is the birthplace of both techno and the legendary Motown sound, and is known worldwide as the motor city for its importance in the automotive industry.
- The unemployment rate is low and steadily dropping, currently around 4.5%.
- The median household income is $30,894.
- The median age in Detroit is 34 years old
- Detroit employs over 261,000 residents
Detroit Apartment Loan and Multifamily Property Facts
Detroit is part of the Michigan market, which has seen some growth after recovering from 2020. Although unemployment is still high and people are still uncertain, the multifamily market is starting to pick up steam. Vacancy rates and new deals are helping spur the market.
- Detroit has a rising vacancy of around 5.4% across all rental properties
- There has been a marginal rent increase, to $962 per month
- The homeownership rate is roughly 47%, which leaves around 53% of residents looking for rental properties.
Although 2020 was a difficult time in Detroit, just as it was everywhere, the city is on the rebound and the market is looking good. With new developments and promising sales on the record, now is a good time to consider an apartment loan in the city.
Detroit Apartment Loan and Lending Options
In Detroit, Michigan there are several different ways that you can finance your new apartment investment. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS loans
- Bridge loans
- Apartment construction loans
- And more!
Finance Your Detroit Apartment Building Now
At Apartment.loans, we can help with all kinds of loans for apartments and commercial real estate in the city of Detroit, MI. We work with value-add opportunities, ground-up developments, stabilized properties, and more. We know what it takes to get financed and find the best rates and we can help you get what you need.
The market in Detroit is growing by the day and we can help you find the financing that you need before the competition gets too fierce. Whether you are financing your first deal or just looking for your next one, we’ve got you covered.
When you’re ready to talk more or get started on your investment, contact our Detroit Apartment Lending Specialists today at hello@apartment.loans or by calling (800) 567-9631.