US multifamily financing by state
Review lending and market context across all 50 states plus DC, with foreclosure posture, tax notes, and major metro anchors for 5+ unit multifamily execution. Statewide cap-rate and $/unit figures are illustrative — not surveyed market prints.
Commercial multifamily financing by state — click to explore
Tax posture, foreclosure timelines, legal context, and NOI/cap-rate dynamics vary by state. Click any state for market bands, commercial underwriting context, and the 5+ unit execution guide.
Click any state on the map for cap-rate bands, commercial underwriting context (NOI, DSCR, debt yield, LTV), and top markets.
Tier 1 states
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Arizona
Illustrative (not a surveyed print) · cap ~5.0% · $/unit ~$ 188,000
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Florida
Illustrative (not a surveyed print) · cap ~4.9% · $/unit ~$ 198,000
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Georgia
Illustrative (not a surveyed print) · cap ~5.2% · $/unit ~$ 164,000
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North Carolina
Illustrative (not a surveyed print) · cap ~5.3% · $/unit ~$ 171,000
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Texas
Illustrative (not a surveyed print) · cap ~5.4% · $/unit ~$ 152,000
Tier 2 states
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Colorado
Illustrative (not a surveyed print) · cap ~6.0% · $/unit ~$ 175,000
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Indiana
Illustrative (not a surveyed print) · cap ~6.3% · $/unit ~$ 163,000
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Kentucky
Illustrative (not a surveyed print) · cap ~4.5% · $/unit ~$ 199,000
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Michigan
Illustrative (not a surveyed print) · cap ~6.3% · $/unit ~$ 139,000
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Missouri
Illustrative (not a surveyed print) · cap ~4.5% · $/unit ~$ 175,000
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Nevada
Illustrative (not a surveyed print) · cap ~5.6% · $/unit ~$ 211,000
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Ohio
Illustrative (not a surveyed print) · cap ~5.2% · $/unit ~$ 175,000
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South Carolina
Illustrative (not a surveyed print) · cap ~4.2% · $/unit ~$ 115,000
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Tennessee
Illustrative (not a surveyed print) · cap ~4.9% · $/unit ~$ 139,000
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Virginia
Illustrative (not a surveyed print) · cap ~6.3% · $/unit ~$ 187,000
Tier 3 states
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Alabama
Illustrative (not a surveyed print) · cap ~4.2% · $/unit ~$ 115,000
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Alaska
Illustrative (not a surveyed print) · cap ~4.5% · $/unit ~$ 127,000
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Arkansas
Illustrative (not a surveyed print) · cap ~5.2% · $/unit ~$ 151,000
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California
Illustrative (not a surveyed print) · cap ~5.6% · $/unit ~$ 163,000
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Connecticut
Illustrative (not a surveyed print) · cap ~6.3% · $/unit ~$ 187,000
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Delaware
Illustrative (not a surveyed print) · cap ~6.7% · $/unit ~$ 199,000
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Idaho
Illustrative (not a surveyed print) · cap ~5.6% · $/unit ~$ 139,000
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Illinois
Illustrative (not a surveyed print) · cap ~6.0% · $/unit ~$ 151,000
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Iowa
Illustrative (not a surveyed print) · cap ~6.7% · $/unit ~$ 175,000
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Kansas
Illustrative (not a surveyed print) · cap ~4.2% · $/unit ~$ 187,000
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Louisiana
Illustrative (not a surveyed print) · cap ~4.9% · $/unit ~$ 211,000
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Maine
Illustrative (not a surveyed print) · cap ~5.2% · $/unit ~$ 223,000
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Maryland
Illustrative (not a surveyed print) · cap ~5.6% · $/unit ~$ 115,000
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Mississippi
Illustrative (not a surveyed print) · cap ~4.2% · $/unit ~$ 163,000
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Montana
Illustrative (not a surveyed print) · cap ~4.9% · $/unit ~$ 187,000
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Nebraska
Illustrative (not a surveyed print) · cap ~5.2% · $/unit ~$ 199,000
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New Hampshire
Illustrative (not a surveyed print) · cap ~6.0% · $/unit ~$ 223,000
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North Dakota
Illustrative (not a surveyed print) · cap ~4.9% · $/unit ~$ 163,000
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Oklahoma
Illustrative (not a surveyed print) · cap ~5.6% · $/unit ~$ 187,000
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Oregon
Illustrative (not a surveyed print) · cap ~6.0% · $/unit ~$ 199,000
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South Dakota
Illustrative (not a surveyed print) · cap ~4.5% · $/unit ~$ 127,000
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Utah
Illustrative (not a surveyed print) · cap ~5.6% · $/unit ~$ 163,000
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Vermont
Illustrative (not a surveyed print) · cap ~6.0% · $/unit ~$ 175,000
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Washington
Illustrative (not a surveyed print) · cap ~6.7% · $/unit ~$ 199,000
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West Virginia
Illustrative (not a surveyed print) · cap ~4.2% · $/unit ~$ 211,000
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Wisconsin
Illustrative (not a surveyed print) · cap ~4.5% · $/unit ~$ 223,000
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Wyoming
Illustrative (not a surveyed print) · cap ~4.9% · $/unit ~$ 115,000
Tier Special states
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District of Columbia
Illustrative (not a surveyed print) · cap ~4.2% · $/unit ~$ 211,000
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Hawaii
Illustrative (not a surveyed print) · cap ~5.2% · $/unit ~$ 127,000
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Massachusetts
Illustrative (not a surveyed print) · cap ~6.0% · $/unit ~$ 127,000
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Minnesota
Illustrative (not a surveyed print) · cap ~6.7% · $/unit ~$ 151,000
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New Jersey
Illustrative (not a surveyed print) · cap ~6.3% · $/unit ~$ 115,000
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New Mexico
Illustrative (not a surveyed print) · cap ~6.7% · $/unit ~$ 127,000
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New York
Illustrative (not a surveyed print) · cap ~4.2% · $/unit ~$ 139,000
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Pennsylvania
Illustrative (not a surveyed print) · cap ~6.3% · $/unit ~$ 211,000
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Rhode Island
Illustrative (not a surveyed print) · cap ~6.7% · $/unit ~$ 223,000
Turn market context into execution decisions
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Match markets to loan products
Review which multifamily loan structures best fit each state-level risk profile.
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Run market-adjusted underwriting
Use calculators to stress-test NOI, commercial DSCR, debt yield, LTV, and proceeds for target markets.
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Build execution playbooks
Translate market snapshots into lender-ready assumptions and due-diligence plans.
Cross-border investors
State guides cover US execution context. If you are a Canadian operator buying US multifamily — or comparing CMHC MLI at home with US agency or bridge abroad — start with LendCity cross-border and multifamily resources below.
DSCR Authority — US 1–4 unit DSCR
Canonical ACTION for residential DSCR (1–4 units): calculators, state guides, and lender matching — not this site.
LendCity — Canadian multifamily & CMHC MLI
Canonical ACTION for CMHC MLI Select and Canadian multifamily — do not clone those guides on Multi-Family USA.
LendCity — Cross-border financing
Canadians buying US rental or multifamily — entity and lender-fit planning on the hub.
Frequently asked questions
Does every state page include multifamily financing context?
Can Canadians use these guides for US multifamily investing?
How should I use state data in underwriting?
Taxes, rent control, and foreclosure timing change lender fit. Let's review your market.
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resources
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- Learning center
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