New Canaan is located in a strong market for 5+ unit multifamily loans. Multifamily loans in New Canaan are considered low risk due to market size and favorable regional economy. Interest rates for multifamily loans in New Canaan are some of the lowest nationally. New Canaan 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 New Canaan.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in New Canaan 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 $7.5M |
|---|---|
| 5 Year Fixed | 5.42% - 5.66% |
| 7 Year Fixed | 5.48% - 5.72% |
| 10 Year Fixed | 5.34% - 5.58% |
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® |
$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 New Canaan.
The city of New Canaan in Fairfield County has a population of 20,276. The median rent in Fairfield County for a 2 bedroom is $1,557. The median New Canaan resident is 44 years old with a yearly income of $70,558. The average family has 3.33 members and a median household income of $190,227. New Canaan has a 80% higher education rate. The unemployment rate in New Canaan is 5.0%.
21.2% of New Canaan households are renters.
38.2% median household income spent on rent.
Bedrooms |
Fairfield County 1 |
Connecticut 2 |
National 2 |
|---|---|---|---|
| Studio | $1,027 | $974 | $737 |
| 1 bedroom | $1,245 | $1,155 | $813 |
| 2 bedroom | $1,557 | $1,442 | $1,015 |
| 3 bedroom | $1,983 | $1,820 | $1,325 |
| 4 bedroom | $2,387 | $2,144 | $1,521 |
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