Indiana Apartment Loan Rates
| IN Apartment Loan Rates Less Than $6 Million | Free Loan Quote | ||
|---|---|---|---|
| Loan Type | Rate* | LTV | |
| Apartment Loan 5 Yr Fixed | 5.70% | Up to 80% | |
| Apartment Loan 7 Yr Fixed | 5.74% | Up to 80% | |
| Apartment Loan 10 Yr Fixed | 5.80% | Up to 80% | |
*Rates start as low as the rates stated here. Your rate, LTV, and amortization will be determined by underwriting.
Want a personalized quote? Click here to request a customized loan quote for your Indiana apartment property.
Need a multifamily loan over $6 million? Visit our Indiana multifamily loan page. For other commercial property types, explore our Indiana commercial mortgage options. To compare all rates nationwide, see commercial mortgage rates.
2026 Indiana Apartment Loan Market Overview
Entering 2026, Indiana continues to present a stable and cash-flow-oriented apartment market in the Midwest. For borrowers evaluating apartment loans, the state benefits from steady population trends, relatively affordable housing compared to national averages, and consistent renter demand across its primary metros. While development activity increased in recent years, supply is now moderating, allowing apartment building financing to be structured around improving occupancy and predictable rent collections.
Unlike higher-volatility markets, Indiana offers a more balanced supply environment. New construction remains present but measured, particularly in the Indianapolis metro. For apartment lenders, this creates an underwriting environment focused on durability, long-term income stability, and manageable lease-up risk rather than rapid rent spikes or speculative growth.
Indianapolis Anchors Indiana Apartment Loans
Indianapolis remains the primary driver of apartment activity across the state. In 2026, the metro is projected to add approximately 12,000 jobs, deliver roughly 5,000 units, maintain vacancy near 6.0%, and reach average effective rent around $1,350 per month. For borrowers seeking an apartment building loan, Indianapolis offers scale, affordability, and a diverse employment base.
Fort Wayne Supports Workforce Housing Demand
Fort Wayne provides a steady, workforce-oriented apartment market. The city has a population of approximately 265,000, median household income near $60,000, median rent around $1,100, and median home value near $220,000. These fundamentals support consistent demand for affordable and mid-tier apartment properties.
Evansville Adds Stability in a Smaller Market
Evansville offers a smaller but stable apartment market within Indiana. The city has a population of approximately 115,000, median household income near $52,000, median rent around $1,000, and median home value near $180,000. This supports steady renter demand and predictable performance for income-focused investments.
Rent Levels Reflect Affordability and Stability
Indiana continues to show a stable rent profile relative to national averages. Indianapolis is projected near $1,350 per month, while secondary markets such as Fort Wayne and Evansville fall into lower affordability tiers. This allows borrowers to structure apartment loans across both higher-quality urban assets and workforce housing properties.
2026 Indiana Apartment Loan Market Forecast
- Employment: Indianapolis is projected to add approximately 12,000 jobs.
- Construction: Indianapolis is projected to deliver roughly 5,000 units.
- Vacancy: Vacancy is projected near 6.0%.
- Rent: Average effective rent is projected near $1,350 per month.
For investors comparing apartment loans in Indiana, 2026 reflects a market centered on consistency and income stability. Indianapolis provides scale and liquidity, while smaller cities offer complementary opportunities in workforce housing and long-term rental demand.
2026 Indianapolis Indiana Apartment Loan Market Overview
Indianapolis is the largest city in Indiana and the core driver of apartment loans in Indiana, anchoring the state's most active and liquid rental investment market. The city has a population of approximately 893,619 residents as of 2026, growing at approximately 0.12% annually, with the broader Marion County area reaching approximately 975,809 residents. There are approximately 160,653 renter-occupied households in Indianapolis, representing 45% of all occupied housing units. Current data points to an average apartment rent of $1,252 per month as of March 23, 2026, a median rent of approximately $1,350 per month across all unit types, and a Marion County vacancy rate of approximately 3.9%, a 15-year-plus low as of 2024. These metrics position Indianapolis as one of the most consistent and accessible markets for Indiana apartment loans in the Midwest.
Apartment Loan Rates and Financing Conditions in Indianapolis
Financing conditions for Indiana apartment loans remain active in Indianapolis in 2026, with strong lender participation across stabilized assets, value-add acquisitions, and newer garden-style communities in suburban submarkets. The median home sale price in Indianapolis is approximately $240,000 as of February 2026, well below most comparable Midwest metros, and the average home value is approximately $223,697. Homeownership costs reached approximately 36% of median household income in the Indianapolis metro as of September 2025, keeping a large share of the workforce structurally in the rental market. For borrowers seeking an apartment building loan in Indianapolis, the city's low acquisition cost basis, tight vacancy, and affordable price-per-unit entry point support a favorable and financeable underwriting environment within the broader Indiana apartment building financing landscape.
Key Market Trends Driving Apartment Demand in Indianapolis
Indianapolis continues to benefit from steady job growth, a diversified economy anchored by healthcare, life sciences, technology, logistics, and professional services, and consistent in-migration from higher-cost Midwest and coastal markets. Average rents rose approximately 3 to 4% in 2025, and the metro-wide vacancy rate in Marion County reached a 15-year-plus low of 3.9% in 2024, reflecting durable demand against a still-constrained new supply pipeline. Renters in the 25 to 34 age group make up the largest share of Indianapolis's renter pool at 32%, and approximately 47% of Indianapolis residents rented as of 2025, one of the highest renter ratios among major Midwest cities. These fundamentals continue to attract Indiana apartment lenders evaluating large-market opportunities in the state.
Average Rent Levels and Unit Pricing in Indianapolis in 2026
As of March 23, 2026, the average apartment rent in Indianapolis is $1,252 per month, up 0.81% from $1,242 the prior year. The median rent across all property types is approximately $1,350 per month as of March 2026, approximately 29% below the national average. By unit type: studios average $988/month, one-bedrooms average $1,125/month, two-bedrooms average $1,319/month, and three-bedrooms average $1,559/month. Approximately 61% of all Indianapolis rentals are priced between $1,001 and $1,500 per month, reflecting a predominantly workforce-oriented rental base. The North Meridian submarket commands the highest rents in the city at approximately $1,848/month. Average market-rate rents have risen nearly 50% since 2015, supporting consistent long-term underwriting for apartment loans in Indiana across stabilized assets.
Indianapolis Apartment Supply, Demand, and Vacancy in 2026
Indianapolis carries a tight vacancy environment with Marion County vacancy at approximately 3.9%, a 15-year-plus low as of 2024, and the broader Indianapolis metro area vacancy at approximately 4.2%. Downtown vacancies rose modestly to approximately 6.2% in 2025 due to new apartment supply, while single-family rentals remained near full occupancy and outer suburbs held vacancy at approximately 5.5%. Two-bedroom units make up the largest share of the rental inventory at approximately 40% of all units. Approximately 43% of Indianapolis's rental stock was built between 1960 and 1989, creating a large inventory of value-add opportunities. For borrowers pursuing apartment building financing in Indiana, the metro's tight vacancy, steady absorption, and affordable entry costs support a stable and predictable underwriting environment across asset classes.
Apartment Investment Opportunities in Indianapolis in 2026
Investors pursuing an Indiana apartment loan in Indianapolis in 2026 are targeting long-term income stability, value-add acquisitions in the city's 1960s through 1980s vintage rental stock, well-located stabilized assets near major employment corridors, and suburban garden-style communities where renter demand remains firm. Indianapolis consistently ranks among the top Midwest rental markets for investors due to its affordable buy-in, steady rent growth, and tight vacancy environment. The city's median household income of approximately $66,219 and low homeownership cost relative to other Midwest metros ensure a durable renter base that supports long-term income stability. For Indiana apartment lenders evaluating large-market opportunities in the state, Indianapolis offers scale, a historically proven rental demand base, and improving supply-demand fundamentals that support strong performance for apartment building loans across the metro.
2026 Fort Wayne Indiana Apartment Loan Market Overview
Fort Wayne is Indiana's second-largest city and a stable workforce housing market for apartment loans in Indiana. The city has a population of approximately 277,607 residents as of 2026, growing at approximately 0.8% annually, with a population increase of approximately 5% since the 2020 census. The median household income is approximately $61,422 and the median home value is approximately $219,900 as of 2024. There are approximately 40,334 renter-occupied households in Fort Wayne, representing 37% of all occupied housing units. Current data points to an average apartment rent of approximately $1,135 per month, the 2024 median gross rent at approximately $1,051, and a cost of living index of approximately 83, roughly 17% below the national average. Fort Wayne's low cost basis, consistent employment base, and modest population growth make it one of the most accessible secondary markets for Indiana apartment loans.
Apartment Loan Rates and Financing Conditions in Fort Wayne
For borrowers seeking an apartment building loan in Fort Wayne, the market supports financing across workforce housing, smaller apartment communities, and stabilized mid-tier properties anchored by manufacturing, healthcare, and defense-related employment. The median home value of approximately $219,900 as of 2024 is nearly triple the year-2000 value of $73,100, reflecting significant long-term appreciation from a low base while remaining well below most comparable Midwest metros. Housing in Fort Wayne is approximately 21% less expensive than the national average, supporting a large structural renter base among households where homeownership remains accessible but not always preferred. For borrowers evaluating Indiana apartment building financing, Fort Wayne's low per-unit acquisition costs, consistent rent growth, and diversified employment base provide a practical and predictable underwriting foundation.
Key Market Trends Driving Apartment Demand in Fort Wayne
Fort Wayne's rental market benefits from three durable demand pillars: manufacturing employment, the largest sector at approximately 24,083 workers; healthcare and social assistance at approximately 20,763 workers; and retail trade at approximately 15,532 workers. Major employers include Parkview Health, Lutheran Health Network, General Motors, BAE Systems, and Purdue University Fort Wayne, providing a diversified and largely recession-resistant employment base. Median household income grew approximately 3.54% year-over-year to approximately $60,293 as of 2023, outpacing inflation and supporting renters' capacity to absorb gradual rent increases. Renters in the 25 to 34 age group make up the largest share of Fort Wayne's renter pool at 28%, and approximately 42% of all Fort Wayne rentals are family households. These characteristics continue to attract Indiana apartment lenders evaluating affordable workforce housing opportunities in the state.
Average Rent Levels and Unit Pricing in Fort Wayne in 2026
As of early 2026, the average apartment rent in Fort Wayne is approximately $1,135 per month, up approximately 1.26% year-over-year from $1,121. The 2024 median gross rent was approximately $1,051, and the 2025 HUD Fair Market Rent for a two-bedroom unit is approximately $1,375. By unit type: studios average approximately $847/month, one-bedrooms average approximately $975/month, two-bedrooms average approximately $1,193/month, and three-bedrooms average approximately $1,487/month. Approximately 47% of all Fort Wayne rentals are priced between $1,001 and $1,500 per month. The West Central neighborhood commands some of the highest rents in the city at approximately $1,260/month for one-bedroom units. These rent levels support consistent underwriting for apartment loans in Indiana where low acquisition costs and workforce employment drive the return profile.
Fort Wayne Apartment Supply, Demand, and Vacancy in 2026
Fort Wayne carries a balanced supply-demand profile with consistent occupancy across stabilized workforce assets. The 2019 Census ACS rental vacancy rate stood at approximately 6.97%, having declined from a peak of 14.65% in 2009, reflecting steady market improvement over the prior decade. Approximately 47% of Fort Wayne's rental stock was built between 1960 and 1989, with the 1970s vintage representing the largest single cohort at 20% of all units, creating significant value-add repositioning opportunities. Two-bedroom units make up the largest share of rental inventory at approximately 37% of all units. For borrowers pursuing apartment building financing in Indiana, Fort Wayne's balanced vacancy environment, low acquisition costs, and modest but consistent rent growth support a stable and predictable income profile on well-located stabilized assets.
Apartment Investment Opportunities in Fort Wayne in 2026
Investors pursuing an Indiana apartment loan in Fort Wayne in 2026 are focused on stable income-producing workforce housing assets near major employment corridors, value-add acquisitions in the city's large 1960s through 1980s vintage rental stock, and smaller apartment buildings where low acquisition costs support attractive cash-on-cash returns relative to larger Indiana markets. Fort Wayne's median home value of approximately $219,900 and cost of living approximately 17% below the national average keep a consistent share of the workforce in the rental market, even as homeownership remains relatively accessible. For Indiana apartment lenders evaluating secondary markets in the state, Fort Wayne offers a distinct low-cost-basis profile, durable manufacturing and healthcare employment, and consistent income stability that supports long-term performance for apartment building loans throughout the metro.
2026 Evansville Indiana Apartment Loan Market Overview
Evansville is Indiana's third-largest city and a smaller but stable workforce housing market for apartment loans in Indiana. The city has a population of approximately 114,404 residents as of 2026, with the broader Evansville metro area reaching approximately 270,000 people. The median household income is approximately $53,387 and the median home value is approximately $143,100 as of 2024. There are approximately 24,114 renter-occupied households in Evansville, representing 46% of all occupied housing units. Current data points to an average apartment rent of approximately $1,024 per month as of February 21, 2026, a median rent of approximately $1,000 per month across all unit types, and rents up approximately 2.0% year-over-year as of March 2026. Evansville's extremely low acquisition cost basis and durable workforce renter demand continue to attract investors evaluating Indiana apartment loans in affordable tertiary markets.
Apartment Loan Rates and Financing Conditions in Evansville
For borrowers seeking an apartment building loan in Evansville, the market supports financing across smaller apartment communities, income-oriented workforce housing assets, and stabilized properties near healthcare and manufacturing employment corridors. The median home value of approximately $143,100 as of 2024 is nearly double the year-2000 value of approximately $73,000, reflecting meaningful long-term appreciation from a very low base while still remaining well below most comparable Indiana and Midwest markets. Housing in Evansville is approximately 26% less expensive than the national average, and the metro-area homeownership rate of approximately 70.1% among owned units still leaves a consistent renter base among households that prefer or require rental housing. For borrowers evaluating Indiana apartment building financing, Evansville's very low per-unit entry costs, steady rent growth, and diversified employment base provide a practical and income-focused underwriting profile.
Key Market Trends Driving Apartment Demand in Evansville
Evansville's rental market benefits from three durable demand pillars: manufacturing employment at approximately 9,480 workers, the largest sector in the city; healthcare and social assistance at approximately 9,103 workers anchored by Deaconess Health System and Ascension St. Vincent; and retail trade at approximately 7,892 workers. Toyota Motor Manufacturing Indiana in nearby Princeton, Berry Global, and the University of Evansville and University of Southern Indiana add additional employment and student renter demand layers. Metro-area median household income grew approximately 5.6% year-over-year to approximately $67,671 in 2023, reflecting improving income capacity among the renter base. Renters in the 25 to 34 age group make up the largest share of the renter pool, and approximately 42% of all Evansville rentals are family households, supporting longer average tenancies and consistent renewal rates. These characteristics continue to attract Indiana apartment lenders evaluating affordable cash-flow opportunities in the state.
Average Rent Levels and Unit Pricing in Evansville in 2026
As of February 21, 2026, the average apartment rent in Evansville is approximately $1,024 per month, with the overall median rent at approximately $1,000 per month, approximately 47% below the national average. By unit type: studios average approximately $680/month, one-bedrooms average approximately $874/month, two-bedrooms average approximately $1,083/month, and three-bedrooms average approximately $1,403/month. The Riverside Historic District commands the highest rents in the city at approximately $1,539/month for one-bedroom units. Rents increased approximately 4.1% year-over-year as of mid-2025, among the stronger annual increases in the state's secondary markets. These rent levels support consistent underwriting for apartment loans in Indiana where extremely low acquisition costs and workforce employment drive above-average initial yields.
Evansville Apartment Supply, Demand, and Vacancy in 2026
Evansville carries a moderate vacancy environment with the 2019 Census ACS rental vacancy rate at approximately 7.03%, having declined from a peak of 14.47% in 2005, reflecting steady market improvement over the prior 15 years. Approximately 34% of Evansville's rental stock was built between 1960 and 1979, with the 1970s vintage representing the largest single cohort at 20% of all units, creating a large inventory of value-add repositioning candidates. Two-bedroom units make up the largest share of the rental inventory at approximately 37% of all units. For borrowers pursuing apartment building financing in Indiana, Evansville's low acquisition costs, rising rent trend, and balanced supply-demand environment support a stable income profile on well-located stabilized assets.
Apartment Investment Opportunities in Evansville in 2026
Investors pursuing an Indiana apartment loan in Evansville in 2026 are focused on consistent cash flow, value-add acquisitions in the city's large pre-1980 vintage rental stock, and long-term rental demand supported by healthcare and manufacturing employment anchors. Evansville's average commute time of just 18 minutes, one of the shortest among Indiana's major cities, reinforces quality-of-life appeal for workforce renters who value proximity to employment. Rent growth of approximately 2.0% year-over-year in early 2026 provides modest but steady income appreciation on stabilized assets. For Indiana apartment lenders evaluating tertiary markets with strong cash-on-cash return potential, Evansville offers a distinct low-cost-basis profile, durable workforce employment anchors, and predictable income stability that supports long-term performance for apartment building loans throughout the metro.
Why Choose Select Commercial for Apartment Loans
What sets Select Commercial apart from traditional lenders and large banks? In this short video, we highlight the key reasons apartment building investors choose to work with us for Indiana apartment loans between $1.5 million and $6 million. We also actively finance multifamily loans exceeding $6 million.
Here’s what the video touches on:
- No upfront application or processing fees
- Fast written pre-approvals often within 24 hours
- Access to a wide range of apartment lenders, not just one bank
- Loan structures tailored to your property and investment goals
Apartment Property Types We Finance in Indiana
At Select Commercial, we arrange financing for a wide range of Indiana apartment buildings, from smaller 5+ unit walkups to large portfolios of rental properties. Whether your property is urban, suburban, or mixed-use, we can help you secure the right loan structure based on your investment goals.
- Urban mid-rise and high-rise apartment buildings
- Suburban garden-style apartment complexes
- Small apartment buildings with 5+ units
- Mixed-use properties with residential and limited commercial space
- Underlying co-op apartment building loans
- Portfolios of small apartment or single-family rental properties
- Stabilized buildings with strong cash flow and rent history
If you're not sure whether your property qualifies, contact us for a free quote and we'll review your deal and let you know within 24 hours.
Recent Apartment Loan Closings
Why Indiana Borrowers Choose Select Commercial
Thousands of apartment building investors trust Select Commercial for our direct, transparent approach and proven expertise in the Indiana apartment loan market. We're not just brokers, we provide personalized service, fast answers, and access to top institutional lenders without the bureaucracy of traditional banks.
- Over 30 years of apartment loan experience with a national platform
- No upfront fees and fast pre-approvals, often within 24 hours
- Direct access to top lenders offering aggressive terms
- Dedicated support from quote to closing
Want to see why so many clients return to us for their next deal? Start with a free quote – we'll review your scenario and respond quickly.
Our Reviews
Latest Expert Insights from Stephen A. Sobin
Stephen A. Sobin, the president of Select Commercial Funding LLC, is a renowned expert in the field of multifamily financing. His insights and perspectives are regularly sought by leading industry publications. Here are his latest contributions that highlight his deep understanding of the multifamily financing landscape and his commitment to providing clear, insightful analysis on key industry issues.
Navigating Opportunity, Risk as 2025 Winds Down
In an article for Commercial Property Executive titled "Navigating Opportunity, Risk as 2025 Winds Down", Sobin explains as we head into the final stretch of 2025, the commercial real estate industry stands at a pivotal moment. After several years of upheaval—from pandemic disruptions to aggressive Federal Reserve rate hikes and lasting shifts in how people live and work—the sector is entering a new phase.
Why Lower Rates Haven't Fixed Commercial Real Estate
In an article for Wealth Management titled "Why Lower Rates Haven't Fixed Commercial Real Estate", Sobin explains that even as the Federal Reserve has begun cutting rates and borrowing costs should be falling, the commercial real estate sector remains locked in a frustrating stalemate. For high-net-worth investors trying to time the market, he emphasizes that understanding this disconnect requires looking beyond the headlines.
Why the Fed Rate Cut’s a Game Changer for CRE
In an article featured in Multi-Housing News, Stephen Sobin highlighted that after months of speculation and market anticipation, the Federal Reserve finally pulled the trigger last week, cutting the federal funds rate by 25 basis points to 4.00 to 4.25 percent. read the full article.
Inflation's Current Impact on Apartment
In an article featured in Multi-Housing News, Sobin explains how commercial mortgage rates continue to challenge investors, with elevated inflation depressing real estate market activity. Read the full article.
Will the July Jobs Report Pressure the Fed to Act?
Sobin noted in Multi-Housing News that unemployment hit a three-year high and job creation slowed significantly, factors that could push the Fed to reconsider future rate hikes. Read the full article.
Persistent Inflation and Its Effects on CRE
In an article featured in Multi-Housing News, Stephen Sobin highlighted that while inflation is still a challenge for the Federal Reserve, there are many positive signs for the commercial real estate industry. The headline Consumer Price Index rose 3.2 percent for the year ended Feb. 29, a figure 20 basis points lower than the Dec. 31, 2023, rate. read the full article.
Commercial Spotlight: Mid-Atlantic Region In this four-state powerhouse, smaller metros are thriving.
In a feature in Scotsman Guide, the Mid-Atlantic Region's real estate dynamics are explored, highlighting its resilience and growth amidst the pandemic.
Stephen Sobin of Select Commercial Funding LLC shared insights on the New York market's allure and the challenges buyers face. He noted the shift from primary urban areas to tertiary markets due to evolving preferences and financial conditions. For a deeper dive into Sobin's analysis, read the full article.
What the New Jobs Report Means for CRE
In an article titled "What the New Jobs Report Means for CRE" in Commercial Property Executive, Stephen Sobin shared his perspective on the latest jobs report and its implications for the Commercial Real Estate (CRE) sector. He highlighted the challenges posed by high interest rates and the prevailing uncertainty in the market. Sobin remarked, "Sellers aren’t selling, buyers aren’t buying... Everyone is waiting because no one knows what to expect." For a detailed analysis and more of Sobin's insights, read the full article.
Decoding "Junk Fees" in Rental Housing
In another latest contribution to Multi-Housing News, Sobin provided expert commentary in an article titled "What's Next for Junk Fees? The Industry Weighs In". He clarified the difference between legitimate fees collected for various third-party services and so-called "junk fees". Sobin emphasized the importance of borrowers understanding their rights in negotiating all loan terms and the obligation of lenders to disclose all fees.
Understanding the Impact of Federal Reserve's Decisions
In a recent article titled "How the Fed's Pause on Interest Rates Impacts Multifamily" published by Multi-Housing News, Sobin shared his expert insights on the Federal Reserve's decision to pause interest rate hikes. He accurately predicted that the Fed would not raise rates in June, citing recent bank failures and lingering concerns about a potential recession.
Stay tuned for more expert insights from Stephen A. Sobin on the evolving multifamily financing landscape.
Frequently Asked Questions About Indiana Apartment Loans
Indiana apartment loan rates vary depending on several factors such as loan-to-value ratio (LTV), property type, borrower experience, and market conditions. As of 2025, rates remain elevated due to ongoing inflation concerns, but borrowers with strong credit and high-quality assets can still find competitive pricing. Check our latest apartment loan rates for current updates.
Most lenders require a DSCR of at least 1.25, good borrower credit, net worth, liquidity, and experience. Loan-to-value ratios in 2025 typically range from 65% to 80%, due to elevated interest rates. Properties with strong occupancy and clean financials stand a better chance of qualifying.
Most lenders require 20% to 25% down for apartment loans in Indiana. Your loan-to-value ratio will be subject to the property's debt service coverage ratio.
A qualified broker like Select Commercial can present your loan to many different capital sources, including banks, credit unions, CMBS, agency lenders, and private funds. This increases the odds of approval and helps you secure the most favorable terms available.
The process starts with gathering financials like a rent roll, trailing 12-month income and expense statement, borrower resume, and net worth statement. A mortgage broker will analyze your documents and match you with the best lending program. Start with a Free Quote today.
Absolutely. While this page focuses on apartment loans under $6 million, Select Commercial also arranges smaller balance loans for qualified borrowers. Visit our multifamily loan page for options over $6 million.
Agency Small Balance Apartment Loan Programs
Select Commercial connects borrowers with top-tier agency small balance loan programs in addition to bank and private capital options. Featured programs include:
- Fannie Mae® Small Loan Program – For apartment properties with 5+ units and loan sizes from $1 million to $6 million
- Freddie Mac® Small Balance Loan (SBL) Program – Streamlined financing solutions up to $6 million
- Loans Over $6 Million – Explore large-balance apartment loan programs in Indiana
These agency-backed options offer competitive fixed rates, non-recourse terms, and simplified underwriting for qualified apartment investors.
Indiana Apartment Building Financing
Select Commercial provides apartment building financing and Indiana commercial mortgages throughout the state of Indiana including but not limited to the areas below.