East Lansing is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in East Lansing are considered moderate risk due to market dynamics. Interest rates for multifamily loans in East Lansing are slightly higher than the national average. East Lansing 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 East Lansing.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in East Lansing 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 East Lansing.
The city of East Lansing in Ingham County has a population of 48,145. The median rent in Ingham County for a 2 bedroom is $962. The median East Lansing resident is 21 years old with a yearly income of $8,538. The average family has 2.92 members and a median household income of $39,867. East Lansing has a 72% higher education rate. The unemployment rate in East Lansing is 8.6%.
64.4% of East Lansing households are renters.
51% median household income spent on rent.
Bedrooms |
Ingham County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $751 | $607 | $737 |
| 1 bedroom | $783 | $678 | $813 |
| 2 bedroom | $962 | $855 | $1,015 |
| 3 bedroom | $1,239 | $1,118 | $1,325 |
| 4 bedroom | $1,338 | $1,238 | $1,521 |
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