Akron is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Akron are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Akron are slightly higher than the national average. Akron 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 Akron.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Akron are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.56% - 7.30% |
| 7 Year Fixed | 6.46% - 6.97% |
| 10 Year Fixed | 6.40% - 6.80% |
Freddie Mac® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 10 Year Fixed | 5.13% - 5.37% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.36% - 7.10% |
| 7 Year Fixed | 6.26% - 6.77% |
| 10 Year Fixed | 6.20% - 6.60% |
Freddie Mac® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 5.65% - 5.80% |
| 7 Year Fixed | 5.66% - 5.81% |
| 10 Year Fixed | 5.66% - 5.81% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Akron.
The city of Akron in Summit County has a population of 197,597. The median rent in Summit County for a 2 bedroom is $911. The median Akron resident is 37 years old with a yearly income of $23,320. The average family has 3.05 members and a median household income of $38,739. Akron has a 21% higher education rate. The unemployment rate in Akron is 8.1%.
49.9% of Akron households are renters.
33.5% median household income spent on rent.
Bedrooms |
Summit County 1 |
Ohio 2 |
National 2 |
|---|---|---|---|
| Studio | $607 | $597 | $737 |
| 1 bedroom | $712 | $662 | $813 |
| 2 bedroom | $911 | $834 | $1,015 |
| 3 bedroom | $1,147 | $1,084 | $1,325 |
| 4 bedroom | $1,235 | $1,205 | $1,521 |
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