Michigan: In the Spotlight
Michigan, often known as the Great Lakes State, is home to roughly 9.8 million people. The state of Michigan is the 9th most populous state, and is also home to cities like Detroit, which is the most populated city in the state with more than 674,000 residents. Grand Rapids City is another key location in the state, with more than 198,000 people calling the region home.
- Detroit, Michigan is hailed as the car capital of the world
- The University of Michigan is the largest employer in Michigan, with over 23,000 employees.
- Manufacturing, Tourism, and Agriculture are the largest industries in the state.
- The average household income is $57,144.
- The average age in Michigan is 39 years old.
- Michigan has 3.9 million employees across the state.
- The home ownership rate is just slightly higher than 71%, which leaves around 29% of the residents looking for apartments and rental properties.
Michigan Apartment Loan and Multifamily Property Facts
Michigan 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.
- Michigan is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in Michigan are 1.25% higher than the previous year.
- The average rent in Michigan is $871.
The market for commercial real estate in Michigan 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.
Michigan Apartment Loan and Lending Options
In the state of Michigan, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Detroit or a simple eight-unit property in an up-and-coming neighborhood of Ann Arbor. 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 Michigan Apartment Building Now
Apartment.loans specializes in multifamily financing for all kinds of real estate and apartments in Michigan and throughout the United States. We have solutions for commercial real estate, traditional apartment financing, value-add opportunities, and more. We can even help you with ground-up developments or just get you financed for a stabilized property so you can be on your way.
Our team of experts knows what it takes to get the loan funds that you need. Whether you’ve got a special investment in mind, or you have basic funding needs, let us know how we can help. We'll give you all of the tools and resources you need to take your Michigan apartment loans to the next level. To learn more and start your investment journey, contact our Michigan Apartment Lending Specialists at [email protected] or (800) 567-9631.
Apartment loans from $750,000 and up.