Rapid City is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Rapid City are considered greater risk due to market dynamics. Interest rates for multifamily loans in Rapid City are higher than the national average. Rapid City apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Rapid City.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Rapid City are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.91% - 6.92% |
| 7 Year Fixed | 5.82% - 7.04% |
| 10 Year Fixed | 5.84% - 7.08% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.18% |
| 7 Year Fixed | 6.09% - 6.24% |
| 10 Year Fixed | 6.09% - 6.24% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Rapid City.
The city of Rapid City in Pennington County has a population of 77,503. The median rent in Pennington County for a 2 bedroom is $936. The median Rapid City resident is 38 years old with a yearly income of $28,100. The average family has 3.03 members and a median household income of $52,351. Rapid City has a 33% higher education rate. The unemployment rate in Rapid City is 5.7%.
38.2% of Rapid City households are renters.
33.3% median household income spent on rent.
Bedrooms |
Pennington County 1 |
South Dakota 2 |
National 2 |
|---|---|---|---|
| Studio | $618 | $539 | $737 |
| 1 bedroom | $710 | $599 | $813 |
| 2 bedroom | $936 | $770 | $1,015 |
| 3 bedroom | $1,323 | $1,019 | $1,325 |
| 4 bedroom | $1,537 | $1,196 | $1,521 |
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