Brookings is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Brookings are considered greater risk due to market dynamics. Interest rates for multifamily loans in Brookings are higher than the national average. Brookings apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Brookings.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Brookings 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 $6M |
|---|---|
| 5 Year Fixed | 7.33% - 7.57% |
| 7 Year Fixed | 6.94% - 7.18% |
| 10 Year Fixed | 6.83% - 7.07% |
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® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.40% - 6.50% |
| 7 Year Fixed | 6.41% - 6.51% |
| 10 Year Fixed | 6.34% - 6.44% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Brookings.
The city of Brookings in Brookings County has a population of 24,415. The median rent in Brookings County for a 2 bedroom is $811. The median Brookings resident is 24 years old with a yearly income of $21,688. The average family has 3.09 members and a median household income of $53,863. Brookings has a 46% higher education rate. The unemployment rate in Brookings is 4.1%.
50.8% of Brookings households are renters.
25.8% median household income spent on rent.
Bedrooms |
Brookings County 1 |
South Dakota 2 |
National 2 |
|---|---|---|---|
| Studio | $613 | $539 | $737 |
| 1 bedroom | $617 | $599 | $813 |
| 2 bedroom | $811 | $770 | $1,015 |
| 3 bedroom | $1,161 | $1,019 | $1,325 |
| 4 bedroom | $1,404 | $1,196 | $1,521 |
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