Iowa City is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Iowa City are considered greater risk due to market dynamics. Interest rates for multifamily loans in Iowa City are higher than the national average. Iowa 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 Iowa City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Iowa 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 | 7.33% - 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 Iowa City.
The city of Iowa City in Johnson County has a population of 75,130. The median rent in Johnson County for a 2 bedroom is $1,112. The median Iowa City resident is 27 years old with a yearly income of $22,252. The average family has 2.86 members and a median household income of $49,075. Iowa City has a 59% higher education rate. The unemployment rate in Iowa City is 4.7%.
52.3% of Iowa City households are renters.
46.7% median household income spent on rent.
Bedrooms |
Johnson County 1 |
Iowa 2 |
National 2 |
|---|---|---|---|
| Studio | $789 | $558 | $737 |
| 1 bedroom | $862 | $613 | $813 |
| 2 bedroom | $1,112 | $785 | $1,015 |
| 3 bedroom | $1,591 | $1,038 | $1,325 |
| 4 bedroom | $1,925 | $1,151 | $1,521 |
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