Savannah is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Savannah are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Savannah are slightly higher than the national average. Savannah 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 Savannah.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Savannah 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 | 6.32% - 6.56% |
| 10 Year Fixed | 6.28% - 6.52% |
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 Savannah.
The city of Savannah in Chatham County has a population of 144,464. The median rent in Chatham County for a 2 bedroom is $1,135. The median Savannah resident is 33 years old with a yearly income of $22,934. The average family has 3.3 members and a median household income of $43,307. Savannah has a 28% higher education rate. The unemployment rate in Savannah is 8.6%.
56.2% of Savannah households are renters.
38.2% median household income spent on rent.
Bedrooms |
Chatham County 1 |
Georgia 2 |
National 2 |
|---|---|---|---|
| Studio | $948 | $670 | $737 |
| 1 bedroom | $996 | $698 | $813 |
| 2 bedroom | $1,135 | $840 | $1,015 |
| 3 bedroom | $1,559 | $1,103 | $1,325 |
| 4 bedroom | $1,806 | $1,302 | $1,521 |
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