Hays is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Hays are considered greater risk due to market dynamics. Interest rates for multifamily loans in Hays are higher than the national average. Hays 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 Hays.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Hays 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 Hays.
The city of Hays in Ellis County has a population of 20,744. The median rent in Ellis County for a 2 bedroom is $775. The median Hays resident is 31 years old with a yearly income of $23,201. The average family has 2.99 members and a median household income of $50,040. Hays has a 40% higher education rate. The unemployment rate in Hays is 3.3%.
44.3% of Hays households are renters.
28.5% median household income spent on rent.
Bedrooms |
Ellis County 1 |
Kansas 2 |
National 2 |
|---|---|---|---|
| Studio | $586 | $581 | $737 |
| 1 bedroom | $588 | $612 | $813 |
| 2 bedroom | $775 | $781 | $1,015 |
| 3 bedroom | $969 | $1,027 | $1,325 |
| 4 bedroom | $1,312 | $1,166 | $1,521 |
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