New Orleans is located in a good market for 5+ unit multifamily loans. Multifamily loans in New Orleans are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in New Orleans are competitive. New Orleans 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 New Orleans.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Orleans 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 $7.5M |
|---|---|
| 5 Year Fixed | 6.99% - 7.23% |
| 7 Year Fixed | 6.73% - 6.97% |
| 10 Year Fixed | 6.69% - 6.93% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in New Orleans.
The city of New Orleans in Orleans Parish has a population of 390,144. The median rent in Orleans Parish for a 2 bedroom is $1,127. The median New Orleans resident is 37 years old with a yearly income of $26,095. The average family has 3.66 members and a median household income of $41,604. New Orleans has a 38% higher education rate. The unemployment rate in New Orleans is 7.9%.
51.7% of New Orleans households are renters.
45.7% median household income spent on rent.
Bedrooms |
Orleans Parish 1 |
Louisiana 2 |
National 2 |
|---|---|---|---|
| Studio | $813 | $665 | $737 |
| 1 bedroom | $955 | $729 | $813 |
| 2 bedroom | $1,127 | $888 | $1,015 |
| 3 bedroom | $1,457 | $1,160 | $1,325 |
| 4 bedroom | $1,681 | $1,326 | $1,521 |
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