Kennewick is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Kennewick are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Kennewick are slightly higher than the national average. Kennewick 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 Kennewick.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Kennewick 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 | 6.72% - 6.96% |
| 10 Year Fixed | 6.78% - 7.02% |
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 Kennewick.
The city of Kennewick in Benton County has a population of 84,347. The median rent in Benton County for a 2 bedroom is $1,072. The median Kennewick resident is 34 years old with a yearly income of $29,944. The average family has 3.34 members and a median household income of $59,533. Kennewick has a 26% higher education rate. The unemployment rate in Kennewick is 6.0%.
36.7% of Kennewick households are renters.
33.6% median household income spent on rent.
Bedrooms |
Benton County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $714 | $801 | $737 |
| 1 bedroom | $867 | $904 | $813 |
| 2 bedroom | $1,072 | $1,138 | $1,015 |
| 3 bedroom | $1,450 | $1,591 | $1,325 |
| 4 bedroom | $1,811 | $1,874 | $1,521 |
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