Sioux Falls is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Sioux Falls are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Sioux Falls are slightly higher than the national average. Sioux Falls 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 Sioux Falls.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Sioux Falls are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.07% - 7.81% |
| 7 Year Fixed | 6.96% - 7.47% |
| 10 Year Fixed | 6.90% - 7.30% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 7.23% - 7.47% |
| 7 Year Fixed | 6.84% - 7.08% |
| 10 Year Fixed | 6.73% - 6.97% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.87% - 7.61% |
| 7 Year Fixed | 6.76% - 7.27% |
| 10 Year Fixed | 6.70% - 7.10% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.25% - 6.35% |
| 7 Year Fixed | 6.26% - 6.36% |
| 10 Year Fixed | 6.19% - 6.39% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Sioux Falls.
The city of Sioux Falls in Minnehaha County has a population of 183,793. The median rent in Minnehaha County for a 2 bedroom is $923. The median Sioux Falls resident is 34 years old with a yearly income of $33,500. The average family has 3.01 members and a median household income of $59,912. Sioux Falls has a 35% higher education rate. The unemployment rate in Sioux Falls is 3.0%.
39.4% of Sioux Falls households are renters.
27.1% median household income spent on rent.
Bedrooms |
Minnehaha County 1 |
South Dakota 2 |
National 2 |
|---|---|---|---|
| Studio | $677 | $539 | $737 |
| 1 bedroom | $754 | $599 | $813 |
| 2 bedroom | $923 | $770 | $1,015 |
| 3 bedroom | $1,214 | $1,019 | $1,325 |
| 4 bedroom | $1,515 | $1,196 | $1,521 |
We're here to help.