Grand Rapids is located in a good market for 5+ unit multifamily loans. Multifamily loans in Grand Rapids are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Grand Rapids are competitive. Grand Rapids 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 Grand Rapids.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Grand Rapids are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.39% - 6.63% |
| 7 Year Fixed | 6.20% - 6.44% |
| 10 Year Fixed | 6.24% - 6.48% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.59% - 5.69% |
| 7 Year Fixed | 5.64% - 5.74% |
| 10 Year Fixed | 5.62% - 5.72% |
All major multifamily lender types are lending in Grand Rapids.
The city of Grand Rapids in Kent County has a population of 201,013. The median rent in Kent County for a 2 bedroom is $1,059. The median Grand Rapids resident is 31 years old with a yearly income of $25,616. The average family has 3.25 members and a median household income of $50,103. Grand Rapids has a 36% higher education rate. The unemployment rate in Grand Rapids is 6.3%.
44.6% of Grand Rapids households are renters.
33.7% median household income spent on rent.
Bedrooms |
Kent County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $787 | $607 | $737 |
| 1 bedroom | $870 | $678 | $813 |
| 2 bedroom | $1,059 | $855 | $1,015 |
| 3 bedroom | $1,395 | $1,118 | $1,325 |
| 4 bedroom | $1,599 | $1,238 | $1,521 |
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