Covington is located in a strong market for 5+ unit multifamily loans. Multifamily loans in Covington are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in Covington are some of the lowest nationally. Covington 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 Covington.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Covington are:
Fannie Mae® |
$1M to $6M |
|---|---|
| 5 Year Fixed | 6.23% - 6.97% |
| 7 Year Fixed | 6.20% - 6.71% |
| 10 Year Fixed | 6.21% - 6.61% |
Freddie Mac® |
$1M to $7.5M |
|---|---|
| 5 Year Fixed | 5.71% - 5.46% |
| 7 Year Fixed | 5.10% - 5.34% |
| 10 Year Fixed | 5.09% - 5.33% |
Fannie Mae® |
$6M to $100M |
|---|---|
| 5 Year Fixed | 6.03% - 6.77% |
| 7 Year Fixed | 6.00% - 6.51% |
| 10 Year Fixed | 6.01% - 6.41% |
Freddie Mac® |
$7.5M to $100M |
|---|---|
| 5 Year Fixed | 5.55% - 5.70% |
| 7 Year Fixed | 5.56% - 5.71% |
| 10 Year Fixed | 5.56% - 5.71% |
All major multifamily lender types are lending in Covington.
The city of Covington in King County has a population of 21,175. The median rent in King County for a 2 bedroom is $2,076. The median Covington resident is 38 years old with a yearly income of $43,237. The average family has 3.28 members and a median household income of $105,154. Covington has a 28% higher education rate. The unemployment rate in Covington is 2.1%.
18.9% of Covington households are renters.
32.5% median household income spent on rent.
Bedrooms |
King County 1 |
Washington 2 |
National 2 |
|---|---|---|---|
| Studio | $1,659 | $801 | $737 |
| 1 bedroom | $1,741 | $904 | $813 |
| 2 bedroom | $2,076 | $1,138 | $1,015 |
| 3 bedroom | $2,903 | $1,591 | $1,325 |
| 4 bedroom | $3,421 | $1,874 | $1,521 |
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