Ann Arbor is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Ann Arbor are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Ann Arbor are slightly higher than the national average. Ann Arbor 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 Ann Arbor.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Ann Arbor 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 Ann Arbor.
The city of Ann Arbor in Washtenaw County has a population of 119,980. The median rent in Washtenaw County for a 2 bedroom is $1,374. The median Ann Arbor resident is 28 years old with a yearly income of $32,412. The average family has 2.82 members and a median household income of $65,745. Ann Arbor has a 76% higher education rate. The unemployment rate in Ann Arbor is 3.9%.
54.8% of Ann Arbor households are renters.
34.2% median household income spent on rent.
Bedrooms |
Washtenaw County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $1,118 | $607 | $737 |
| 1 bedroom | $1,134 | $678 | $813 |
| 2 bedroom | $1,374 | $855 | $1,015 |
| 3 bedroom | $1,732 | $1,118 | $1,325 |
| 4 bedroom | $2,057 | $1,238 | $1,521 |
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