Athens is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Athens are considered greater risk due to market dynamics. Interest rates for multifamily loans in Athens are higher than the national average. Athens apartments may be eligible for non-recourse multifamily loans up to 75% for purchases and 70% for refinances. SoftQuotes' lenders will lend on 5+ unit multifamily properties in Athens.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Athens 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 | 5.68% - 5.92% |
| 7 Year Fixed | 5.39% - 5.63% |
| 10 Year Fixed | 5.23% - 5.47% |
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 | 5.70% - 5.85% |
| 7 Year Fixed | 5.71% - 5.86% |
| 10 Year Fixed | 5.71% - 5.86% |
Agency lenders along with regional banks and credit unions are most likely to lend on multifamily properties in Athens.
The city of Athens in Athens County has a population of 24,536. The median rent in Athens County for a 2 bedroom is $895. The median Athens resident is 21 years old with a yearly income of $7,146. The average family has 2.86 members and a median household income of $32,360. Athens has a 67% higher education rate. The unemployment rate in Athens is 8.2%.
67.7% of Athens households are renters.
54.7% median household income spent on rent.
Bedrooms |
Athens County 1 |
Ohio 2 |
National 2 |
|---|---|---|---|
| Studio | $767 | $597 | $737 |
| 1 bedroom | $785 | $662 | $813 |
| 2 bedroom | $895 | $834 | $1,015 |
| 3 bedroom | $1,113 | $1,084 | $1,325 |
| 4 bedroom | $1,214 | $1,205 | $1,521 |
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