Harrisonburg is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Harrisonburg are considered greater risk due to market dynamics. Interest rates for multifamily loans in Harrisonburg are higher than the national average. Harrisonburg 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 Harrisonburg.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Harrisonburg 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 | 5.37% - 5.61% |
| 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 Harrisonburg.
The city of Harrisonburg in Harrisonburg city has a population of 53,016. The median rent in Harrisonburg city for a 2 bedroom is $982. The median Harrisonburg resident is 25 years old with a yearly income of $18,223. The average family has 3.14 members and a median household income of $46,679. Harrisonburg has a 36% higher education rate. The unemployment rate in Harrisonburg is 4.9%.
60.4% of Harrisonburg households are renters.
32.5% median household income spent on rent.
Bedrooms |
Harrisonburg city 1 |
Virginia 2 |
National 2 |
|---|---|---|---|
| Studio | $740 | $833 | $737 |
| 1 bedroom | $745 | $897 | $813 |
| 2 bedroom | $982 | $1,072 | $1,015 |
| 3 bedroom | $1,279 | $1,423 | $1,325 |
| 4 bedroom | $1,700 | $1,680 | $1,521 |
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