Palm Desert is located in a good market for 5+ unit multifamily loans. Multifamily loans in Palm Desert are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Palm Desert are competitive. Palm Desert 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 Palm Desert.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Palm Desert are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.71% - 7.45% |
| 7 Year Fixed | 6.66% - 7.17% |
| 10 Year Fixed | 6.64% - 7.04% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 6.39% - 6.63% |
| 7 Year Fixed | 6.13% - 6.37% |
| 10 Year Fixed | 6.24% - 6.48% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.51% - 7.25% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.44% - 6.84% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.59% - 5.69% |
| 7 Year Fixed | 5.64% - 5.74% |
| 10 Year Fixed | 5.62% - 5.72% |
All major multifamily lender types are lending in Palm Desert.
The city of Palm Desert in Riverside County has a population of 53,275. The median rent in Riverside County for a 2 bedroom is $1,506. The median Palm Desert resident is 55 years old with a yearly income of $31,643. The average family has 2.77 members and a median household income of $59,977. Palm Desert has a 37% higher education rate. The unemployment rate in Palm Desert is 5.2%.
37.2% of Palm Desert households are renters.
38% median household income spent on rent.
Bedrooms |
Riverside County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $1,035 | $1,137 | $737 |
| 1 bedroom | $1,199 | $1,291 | $813 |
| 2 bedroom | $1,506 | $1,635 | $1,015 |
| 3 bedroom | $2,077 | $2,254 | $1,325 |
| 4 bedroom | $2,567 | $2,613 | $1,521 |
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