Markets
US multifamily financing by state
Review lending and market context across all 50 states plus DC, with cap-rate bands, foreclosure posture, and major metro anchors for 5+ unit multifamily execution.
Quick answer
What market data does Multi-Family USA publish by state?
We cover all 50 US states plus DC with multifamily financing context: average cap rates, price-per-unit bands, property tax and income-tax notes, foreclosure type, eviction timelines, rent-control posture, and top metro markets for 5+ unit execution.
- 51 jurisdictions — full US coverage
- Interactive map plus tier-grouped state lists
- Pairs with city guides, loan types, and calculators
Interactive coverage map
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
Tier 2 states
Colorado
Avg cap rate 6.0% · Avg $/unit $175,000
Indiana
Avg cap rate 6.3% · Avg $/unit $163,000
Kentucky
Avg cap rate 4.5% · Avg $/unit $199,000
Michigan
Avg cap rate 6.3% · Avg $/unit $139,000
Missouri
Avg cap rate 4.5% · Avg $/unit $175,000
Nevada
Avg cap rate 5.6% · Avg $/unit $211,000
Ohio
Avg cap rate 5.2% · Avg $/unit $175,000
South Carolina
Avg cap rate 4.2% · Avg $/unit $115,000
Tennessee
Avg cap rate 4.9% · Avg $/unit $139,000
Virginia
Avg cap rate 6.3% · Avg $/unit $187,000
Tier 3 states
Alabama
Avg cap rate 4.2% · Avg $/unit $115,000
Alaska
Avg cap rate 4.5% · Avg $/unit $127,000
Arkansas
Avg cap rate 5.2% · Avg $/unit $151,000
California
Avg cap rate 5.6% · Avg $/unit $163,000
Connecticut
Avg cap rate 6.3% · Avg $/unit $187,000
Delaware
Avg cap rate 6.7% · Avg $/unit $199,000
Idaho
Avg cap rate 5.6% · Avg $/unit $139,000
Illinois
Avg cap rate 6.0% · Avg $/unit $151,000
Iowa
Avg cap rate 6.7% · Avg $/unit $175,000
Kansas
Avg cap rate 4.2% · Avg $/unit $187,000
Louisiana
Avg cap rate 4.9% · Avg $/unit $211,000
Maine
Avg cap rate 5.2% · Avg $/unit $223,000
Maryland
Avg cap rate 5.6% · Avg $/unit $115,000
Mississippi
Avg cap rate 4.2% · Avg $/unit $163,000
Montana
Avg cap rate 4.9% · Avg $/unit $187,000
Nebraska
Avg cap rate 5.2% · Avg $/unit $199,000
New Hampshire
Avg cap rate 6.0% · Avg $/unit $223,000
North Dakota
Avg cap rate 4.9% · Avg $/unit $163,000
Oklahoma
Avg cap rate 5.6% · Avg $/unit $187,000
Oregon
Avg cap rate 6.0% · Avg $/unit $199,000
South Dakota
Avg cap rate 4.5% · Avg $/unit $127,000
Utah
Avg cap rate 5.6% · Avg $/unit $163,000
Vermont
Avg cap rate 6.0% · Avg $/unit $175,000
Washington
Avg cap rate 6.7% · Avg $/unit $199,000
West Virginia
Avg cap rate 4.2% · Avg $/unit $211,000
Wisconsin
Avg cap rate 4.5% · Avg $/unit $223,000
Wyoming
Avg cap rate 4.9% · Avg $/unit $115,000
Tier Special states
District of Columbia
Avg cap rate 4.2% · Avg $/unit $211,000
Hawaii
Avg cap rate 5.2% · Avg $/unit $127,000
Massachusetts
Avg cap rate 6.0% · Avg $/unit $127,000
Minnesota
Avg cap rate 6.7% · Avg $/unit $151,000
New Jersey
Avg cap rate 6.3% · Avg $/unit $115,000
New Mexico
Avg cap rate 6.7% · Avg $/unit $127,000
New York
Avg cap rate 4.2% · Avg $/unit $139,000
Pennsylvania
Avg cap rate 6.3% · Avg $/unit $211,000
Rhode Island
Avg cap rate 6.7% · Avg $/unit $223,000
Turn market context into execution decisions
Match markets to loan products
Review which multifamily loan structures best fit each state-level risk profile.
Run market-adjusted underwriting
Use calculators to stress-test NOI, commercial DSCR, debt yield, LTV, and proceeds for target markets.
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?
Financing Multifamily in This State?
Taxes, rent control, and foreclosure timing change lender fit. Let's review your market.