Tuscaloosa is located in a what is considered a small market for 5+ unit multifamily loans. Multifamily loans in Tuscaloosa are considered moderate risk due to market dynamics. Interest rates for multifamily loans in Tuscaloosa are slightly higher than the national average. Tuscaloosa 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 Tuscaloosa.
SoftQuotes' Fannie Mae® and Freddie Mac® lender rates for 5+ unit multifamily loans in Tuscaloosa 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 | 5.53% - 5.77% |
| 7 Year Fixed | 5.27% - 5.51% |
| 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 Tuscaloosa.
The city of Tuscaloosa in Tuscaloosa County has a population of 101,129. The median rent in Tuscaloosa County for a 2 bedroom is $901. The median Tuscaloosa resident is 29 years old with a yearly income of $20,490. The average family has 3.25 members and a median household income of $45,268. Tuscaloosa has a 37% higher education rate. The unemployment rate in Tuscaloosa is 6.7%.
51.6% of Tuscaloosa households are renters.
36.4% median household income spent on rent.
Bedrooms |
Tuscaloosa County 1 |
Alabama 2 |
National 2 |
|---|---|---|---|
| Studio | $742 | $580 | $737 |
| 1 bedroom | $747 | $626 | $813 |
| 2 bedroom | $901 | $767 | $1,015 |
| 3 bedroom | $1,140 | $1,004 | $1,325 |
| 4 bedroom | $1,222 | $1,157 | $1,521 |
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