Royal Oak is located in a good market for 5+ unit multifamily loans. Multifamily loans in Royal Oak are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Royal Oak are competitive. Royal Oak 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 Royal Oak.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Royal Oak 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 | 5.49% - 5.73% |
| 7 Year Fixed | 5.25% - 5.49% |
| 10 Year Fixed | 5.19% - 5.43% |
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 | 5.60% - 5.75% |
| 7 Year Fixed | 5.61% - 5.76% |
| 10 Year Fixed | 5.61% - 5.76% |
All major multifamily lender types are lending in Royal Oak.
The city of Royal Oak in Oakland County has a population of 59,277. The median rent in Oakland County for a 2 bedroom is $1,126. The median Royal Oak resident is 36 years old with a yearly income of $47,309. The average family has 2.85 members and a median household income of $81,665. Royal Oak has a 58% higher education rate. The unemployment rate in Royal Oak is 3.2%.
32.6% of Royal Oak households are renters.
21.3% median household income spent on rent.
Bedrooms |
Oakland County 1 |
Michigan 2 |
National 2 |
|---|---|---|---|
| Studio | $748 | $607 | $737 |
| 1 bedroom | $881 | $678 | $813 |
| 2 bedroom | $1,126 | $855 | $1,015 |
| 3 bedroom | $1,443 | $1,118 | $1,325 |
| 4 bedroom | $1,565 | $1,238 | $1,521 |
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