North Charleston is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in North Charleston are considered moderate risk due to market dynamics. Interest rates for multifamily loans in North Charleston are slightly higher than the national average. North Charleston 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 North Charleston.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in North Charleston 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 | 6.82% - 7.06% |
| 10 Year Fixed | 6.73% - 6.97% |
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 North Charleston.
The city of North Charleston in Charleston County has a population of 115,382. The median rent in Charleston County for a 2 bedroom is $1,317. The median North Charleston resident is 33 years old with a yearly income of $26,512. The average family has 3.46 members and a median household income of $45,510. North Charleston has a 23% higher education rate. The unemployment rate in North Charleston is 5.0%.
55.2% of North Charleston households are renters.
36.1% median household income spent on rent.
Bedrooms |
Charleston County 1 |
South Carolina 2 |
National 2 |
|---|---|---|---|
| Studio | $1,091 | $697 | $737 |
| 1 bedroom | $1,155 | $732 | $813 |
| 2 bedroom | $1,317 | $879 | $1,015 |
| 3 bedroom | $1,685 | $1,158 | $1,325 |
| 4 bedroom | $2,194 | $1,369 | $1,521 |
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