St. Petersburg is located in a good market for 5+ unit multifamily loans. Multifamily loans in St. Petersburg are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in St. Petersburg are competitive. St. Petersburg 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 St. Petersburg.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in St. Petersburg 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 $7.5M |
|---|---|
| 5 Year Fixed | 6.99% - 7.23% |
| 7 Year Fixed | 6.73% - 6.97% |
| 10 Year Fixed | 6.69% - 6.93% |
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® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 6.10% - 6.20% |
| 7 Year Fixed | 6.11% - 6.21% |
| 10 Year Fixed | 6.04% - 6.34% |
All major multifamily lender types are lending in St. Petersburg.
The city of St. Petersburg in Pinellas County has a population of 265,351. The median rent in Pinellas County for a 2 bedroom is $1,375. The median St. Petersburg resident is 43 years old with a yearly income of $31,259. The average family has 3.13 members and a median household income of $56,982. St. Petersburg has a 36% higher education rate. The unemployment rate in St. Petersburg is 5.1%.
39.6% of St. Petersburg households are renters.
32% median household income spent on rent.
Bedrooms |
Pinellas County 1 |
Florida 2 |
National 2 |
|---|---|---|---|
| Studio | $1,070 | $822 | $737 |
| 1 bedroom | $1,125 | $891 | $813 |
| 2 bedroom | $1,375 | $1,089 | $1,015 |
| 3 bedroom | $1,786 | $1,448 | $1,325 |
| 4 bedroom | $2,194 | $1,716 | $1,521 |
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