Richland is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Richland are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Richland are slightly higher than the national average. Richland 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 Richland.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Richland 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 $6M |
|---|---|
| 5 Year Fixed | 6.53% - 6.77% |
| 7 Year Fixed | 6.24% - 6.48% |
| 10 Year Fixed | 6.33% - 6.57% |
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® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.74% - 5.84% |
| 7 Year Fixed | 5.79% - 5.89% |
| 10 Year Fixed | 5.77% - 5.87% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Richland.
The city of Richland in Benton County has a population of 58,225. The median rent in Benton County for a 2 bedroom is $1,072. The median Richland resident is 37 years old with a yearly income of $39,550. The average family has 3.1 members and a median household income of $77,686. Richland has a 43% higher education rate. The unemployment rate in Richland is 4.0%.
34.9% of Richland households are renters.
24.6% median household income spent on rent.
Bedrooms |
Benton County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $714 | $801 | $737 |
| 1 bedroom | $867 | $904 | $813 |
| 2 bedroom | $1,072 | $1,138 | $1,015 |
| 3 bedroom | $1,450 | $1,591 | $1,325 |
| 4 bedroom | $1,811 | $1,874 | $1,521 |
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