Silver Spring is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Silver Spring are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Silver Spring are some of the lowest nationally. Silver Spring 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 Silver Spring.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Silver Spring 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 | 6.12% - 6.36% |
| 7 Year Fixed | 6.23% - 6.47% |
| 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 | 5.44% - 5.54% |
| 7 Year Fixed | 5.49% - 5.59% |
| 10 Year Fixed | 5.47% - 5.57% |
All major multifamily lender types are lending in Silver Spring.
The city of Silver Spring in Montgomery County has a population of 81,773. The median rent in Montgomery County for a 2 bedroom is $1,917. The median Silver Spring resident is 35 years old with a yearly income of $41,779. The average family has 3.34 members and a median household income of $83,782. Silver Spring has a 55% higher education rate. The unemployment rate in Silver Spring is 5.7%.
64.3% of Silver Spring households are renters.
32.1% median household income spent on rent.
Bedrooms |
Montgomery County 1 |
Maryland 2 |
National 2 |
|---|---|---|---|
| Studio | $1,643 | $1,013 | $737 |
| 1 bedroom | $1,682 | $1,126 | $813 |
| 2 bedroom | $1,917 | $1,365 | $1,015 |
| 3 bedroom | $2,457 | $1,803 | $1,325 |
| 4 bedroom | $2,978 | $2,127 | $1,521 |
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