Rochester is located in what is considered a very small market for 5+ unit multifamily loans. Multifamily loans in Rochester are considered greater risk due to market dynamics. Interest rates for multifamily loans in Rochester are higher than the national average. Rochester 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 Rochester.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Rochester 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 Rochester.
The city of Rochester in Olmsted County has a population of 118,935. The median rent in Olmsted County for a 2 bedroom is $1,092. The median Rochester resident is 36 years old with a yearly income of $38,635. The average family has 3.04 members and a median household income of $73,106. Rochester has a 47% higher education rate. The unemployment rate in Rochester is 3.5%.
32.2% of Rochester households are renters.
30% median household income spent on rent.
Bedrooms |
Olmsted County 1 |
Minnesota 2 |
National 2 |
|---|---|---|---|
| Studio | $725 | $607 | $737 |
| 1 bedroom | $849 | $694 | $813 |
| 2 bedroom | $1,092 | $881 | $1,015 |
| 3 bedroom | $1,559 | $1,200 | $1,325 |
| 4 bedroom | $1,891 | $1,366 | $1,521 |
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