Pittsfield is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Pittsfield are considered greater risk due to market dynamics. Interest rates for multifamily loans in Pittsfield are higher than the national average. Pittsfield 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 Pittsfield.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Pittsfield 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 | 5.33% - 5.57% |
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 Pittsfield.
The city of Pittsfield in Berkshire County has a population of 42,142. The median rent in Berkshire County for a 2 bedroom is $1,211. The median Pittsfield resident is 44 years old with a yearly income of $29,909. The average family has 2.85 members and a median household income of $51,411. Pittsfield has a 29% higher education rate. The unemployment rate in Pittsfield is 5.7%.
38.2% of Pittsfield households are renters.
38.2% median household income spent on rent.
Bedrooms |
Berkshire County 1 |
Massachusetts 2 |
National 2 |
|---|---|---|---|
| Studio | $799 | $1,259 | $737 |
| 1 bedroom | $962 | $1,399 | $813 |
| 2 bedroom | $1,211 | $1,747 | $1,015 |
| 3 bedroom | $1,530 | $2,190 | $1,325 |
| 4 bedroom | $1,708 | $2,423 | $1,521 |
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