Durham is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Durham are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Durham are slightly higher than the national average. Durham apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend lend on 5+ unit multifamily properties in Durham.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Durham 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 | 7.18% - 7.42% |
| 7 Year Fixed | 6.82% - 7.06% |
| 10 Year Fixed | 6.73% - 6.97% |
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 | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Durham.
The city of Durham in Durham County has a population of 278,993. The median rent in Durham County for a 2 bedroom is $1,218. The median Durham resident is 34 years old with a yearly income of $33,540. The average family has 3.07 members and a median household income of $58,905. Durham has a 50% higher education rate. The unemployment rate in Durham is 4.6%.
49.8% of Durham households are renters.
32% median household income spent on rent.
Bedrooms |
Durham County 1 |
North Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $1,044 | $694 | $737 |
| 1 bedroom | $1,046 | $713 | $813 |
| 2 bedroom | $1,218 | $871 | $1,015 |
| 3 bedroom | $1,604 | $1,152 | $1,325 |
| 4 bedroom | $1,843 | $1,386 | $1,521 |
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