Monterey is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Monterey are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Monterey are slightly higher than the national average. Monterey 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 Monterey.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Monterey 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 | 5.53% - 5.77% |
| 7 Year Fixed | 5.17% - 5.41% |
| 10 Year Fixed | 5.18% - 5.42% |
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 Monterey.
The city of Monterey in Monterey County has a population of 28,178. The median rent in Monterey County for a 2 bedroom is $1,951. The median Monterey resident is 38 years old with a yearly income of $39,539. The average family has 2.9 members and a median household income of $80,694. Monterey has a 53% higher education rate. The unemployment rate in Monterey is 3.0%.
62.1% of Monterey households are renters.
32.1% median household income spent on rent.
Bedrooms |
Monterey County 1 |
California 2 |
National 2 |
|---|---|---|---|
| Studio | $1,467 | $1,137 | $737 |
| 1 bedroom | $1,595 | $1,291 | $813 |
| 2 bedroom | $1,951 | $1,635 | $1,015 |
| 3 bedroom | $2,792 | $2,254 | $1,325 |
| 4 bedroom | $3,061 | $2,613 | $1,521 |
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