Albany is located in a good market for 5+ unit multifamily loans. Multifamily loans in Albany are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Albany are competitive. Albany apartments may be eligible for non-recourse multifamily loans up to 80% and other favorable terms like long term fixed rates and interest only payment options. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Albany.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Albany are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.99% - 7.23% |
| 7 Year Fixed | 6.68% - 6.92% |
| 10 Year Fixed | 6.64% - 6.88% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in Albany.
The city of Albany in Albany County has a population of 96,460. The median rent in Albany County for a 2 bedroom is $1,205. The median Albany resident is 31 years old with a yearly income of $25,436. The average family has 3.11 members and a median household income of $45,825. Albany has a 40% higher education rate. The unemployment rate in Albany is 7.0%.
62.5% of Albany households are renters.
36.9% median household income spent on rent.
Bedrooms |
Albany County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $873 | $909 | $737 |
| 1 bedroom | $984 | $990 | $813 |
| 2 bedroom | $1,205 | $1,202 | $1,015 |
| 3 bedroom | $1,499 | $1,537 | $1,325 |
| 4 bedroom | $1,634 | $1,692 | $1,521 |
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