Schenectady is located in a good market for 5+ unit multifamily loans. Multifamily loans in Schenectady are considered lower risk due to market size and stable regional economy. Interest rates for multifamily loans in Schenectady are competitive. Schenectady 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 Schenectady.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Schenectady 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 | 5.44% - 5.68% |
| 7 Year Fixed | 5.23% - 5.47% |
| 10 Year Fixed | 5.14% - 5.38% |
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 Schenectady.
The city of Schenectady in Schenectady County has a population of 65,273. The median rent in Schenectady County for a 2 bedroom is $1,205. The median Schenectady resident is 36 years old with a yearly income of $25,000. The average family has 3.86 members and a median household income of $45,438. Schenectady has a 22% higher education rate. The unemployment rate in Schenectady is 9.2%.
52.8% of Schenectady households are renters.
35.6% median household income spent on rent.
Bedrooms |
Schenectady County 1 |
New York 2 |
National 2 |
|---|---|---|---|
| Studio | $873 | $909 | $737 |
| 1 bedroom | $984 | $990 | $813 |
| 2 bedroom | $1,205 | $1,202 | $1,015 |
| 3 bedroom | $1,499 | $1,537 | $1,325 |
| 4 bedroom | $1,634 | $1,692 | $1,521 |
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