4,610,088 (or 23.70%) of the 19,453,561 population of New York live in 5+ unit apartment properties. New York has approximately 2,288,464 multifamily units. Last year, 26,367 new apartment units were constructed in New York, representing a 1.17% growth in units. Multifamily units make up 29.58% of the total housing stock in New York.
Interest rates for multifamily loans in New York are very competitive. New York apartments are eligible for non-recourse multifamily loans with long term fixed rates and other favorable terms. SoftQuotes' lenders are actively lending on 5+ unit multifamily properties in New York.
SoftQuotes' lender rates for 5+ unit multifamily loans in New York are:
Loan Amount |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.57% - 7.17% |
| 7 Year Fixed | 6.78% - 7.13% |
| 10 Year Fixed | 6.74% - 7.17% |
Loan Amount |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.85% - 6.40% |
| 7 Year Fixed | 5.86% - 6.41% |
| 10 Year Fixed | 5.72% - 6.27% |
The state of New York has rent control.
Bedrooms |
Low1 |
High2 |
Average2 |
|---|---|---|---|
| Studio | $542 | $1,940 | $909 |
| 1 bedroom | $597 | $1,985 | $990 |
| 2 bedroom | $757 | $2,263 | $1,202 |
| 3 bedroom | $980 | $2,864 | $1,537 |
| 4 bedroom | $1,067 | $3,116 | $1,692 |