Rock Island is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Rock Island are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Rock Island are slightly higher than the national average. Rock Island 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 Rock Island.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Rock Island 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 | 5.58% - 5.82% |
| 7 Year Fixed | 5.29% - 5.53% |
| 10 Year Fixed | 5.13% - 5.37% |
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 Rock Island.
The city of Rock Island in Rock Island County has a population of 37,176. The median rent in Rock Island County for a 2 bedroom is $832. The median Rock Island resident is 36 years old with a yearly income of $26,416. The average family has 2.94 members and a median household income of $48,680. Rock Island has a 23% higher education rate. The unemployment rate in Rock Island is 7.9%.
38.7% of Rock Island households are renters.
32.3% median household income spent on rent.
Bedrooms |
Rock Island County 1 |
Illinois 2 |
National 2 |
|---|---|---|---|
| Studio | $549 | $599 | $737 |
| 1 bedroom | $665 | $669 | $813 |
| 2 bedroom | $832 | $840 | $1,015 |
| 3 bedroom | $1,111 | $1,100 | $1,325 |
| 4 bedroom | $1,255 | $1,238 | $1,521 |
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