New York is located in a strong market for 5+ unit multifamily loans. Multifamily loans in New York are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in New York are some of the lowest nationally. New York 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 York.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New York are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.74% - 7.48% |
| 7 Year Fixed | 6.70% - 7.21% |
| 10 Year Fixed | 6.71% - 7.11% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.97% - 7.21% |
| 7 Year Fixed | 6.93% - 7.17% |
| 10 Year Fixed | 6.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.54% - 7.28% |
| 7 Year Fixed | 6.50% - 7.01% |
| 10 Year Fixed | 6.51% - 6.91% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.95% - 6.05% |
| 7 Year Fixed | 5.96% - 6.06% |
| 10 Year Fixed | 5.89% - 6.29% |
All major multifamily lender types are lending in New York.
The city of New York in New York County has a population of 8,336,820. The median rent in New York County for a 2 bedroom is $2,263. The median New York resident is 37 years old with a yearly income of $32,320. The average family has 3.37 members and a median household income of $63,998. New York has a 38% higher education rate. The unemployment rate in New York is 6.3%.
67.3% of New York households are renters.
34.5% median household income spent on rent.
Bedrooms |
New York County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $1,940 | $909 | $737 |
| 1 bedroom | $1,985 | $990 | $813 |
| 2 bedroom | $2,263 | $1,202 | $1,015 |
| 3 bedroom | $2,864 | $1,537 | $1,325 |
| 4 bedroom | $3,069 | $1,692 | $1,521 |
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