Austin is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Austin are considered greater risk due to market dynamics. Interest rates for multifamily loans in Austin are higher than the national average. Austin 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 Austin.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Austin 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 Austin.
The city of Austin in Mower County has a population of 25,233. The median rent in Mower County for a 2 bedroom is $816. The median Austin resident is 37 years old with a yearly income of $29,094. The average family has 3.15 members and a median household income of $48,127. Austin has a 23% higher education rate. The unemployment rate in Austin is 4.5%.
33.6% of Austin households are renters.
32% median household income spent on rent.
Bedrooms |
Mower County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $538 | $607 | $737 |
| 1 bedroom | $619 | $694 | $813 |
| 2 bedroom | $816 | $881 | $1,015 |
| 3 bedroom | $1,164 | $1,200 | $1,325 |
| 4 bedroom | $1,196 | $1,366 | $1,521 |
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