Rhode Island: In the Spotlight
Rhode Island, often known as the Ocean State, is home to around 1 million people. The state of Rhode Island is the 43rd most populous state, and is also home to cities like Providence, which is the state capital as well as the most populated city in the state with more than 180,000 residents. Cranston is another key location in the state, with more than 81,000 people calling the region home.
- Rhode Island is the smallest state with only 1,214 square miles.
- Lifespan Finance is the largest employer in Rhode Island, with over 15,000 employees.
- Biomedicine, Data Analytics, and Defense are the largest industries in the state.
- The average household income is $67,167.
- The average age in Rhode Island is 39 years old.
- Rhode Island has over 444,000 employees across the state.
- The home ownership rate is roughly 60%, which leaves around 40% of the residents looking for apartments and rental properties.
Rhode Island Apartment Loan and Multifamily Property Facts
Rhode Island 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.
- Rhode Island is home to several cities that are prime markets for investors to acquire a rental property investment in for 2021.
- Rents in Rhode Island are 2.66% higher than the previous year.
- The average rent in Rhode Island is $1,004.
The market for commercial real estate in Rhode Island is huge, and, thanks to an ever-expanding job market and a growing base of young families who prefer to rent rather than buy a home, the perfect place for multifamily investors to look for opportunities. 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.
Rhode Island Apartment Loan and Lending Options
In the state of Rhode Island, there are several different ways that you can finance your new apartment investment, whether you’re looking for a massive multi-unit tower in Providence or a simple eight-unit property in an up-and-coming neighborhood of Warwick. 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 Rhode Island Apartment Building Now
The team at Apartment.loans specializes in commercial financing for all kinds of real estate and apartments in Rhode Island 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 Rhode Island apartment loans to the next level. To learn more and start your investment journey, contact our Rhode Island Apartment Lending Specialists at [email protected] or (800) 567-9631.
Apartment loans from $750,000 and up.