Cedar City is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Cedar City are considered greater risk due to market dynamics. Interest rates for multifamily loans in Cedar City are higher than the national average. Cedar City 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 Cedar City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Cedar City 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 | 7.28% - 7.52% |
| 7 Year Fixed | 6.79% - 7.03% |
| 10 Year Fixed | 6.88% - 7.12% |
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 Cedar City.
The city of Cedar City in Iron County has a population of 34,764. The median rent in Iron County for a 2 bedroom is $789. The median Cedar City resident is 26 years old with a yearly income of $24,249. The average family has 3.31 members and a median household income of $48,346. Cedar City has a 35% higher education rate. The unemployment rate in Cedar City is 4.7%.
47.6% of Cedar City households are renters.
30.3% median household income spent on rent.
Bedrooms |
Iron County 1 |
Utah 2 |
National 2 |
|---|---|---|---|
| Studio | $521 | $659 | $737 |
| 1 bedroom | $692 | $743 | $813 |
| 2 bedroom | $789 | $922 | $1,015 |
| 3 bedroom | $1,100 | $1,250 | $1,325 |
| 4 bedroom | $1,360 | $1,497 | $1,521 |
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