New York Multifamily Loans in 2024
At Select Commercial, we specialize in New York apartment building loans and a wide range of multifamily financing, offering competitive rates and tailored solutions for loans starting at $1,500,000. Whether you're financing an apartment complex or seeking a multifamily loan for an apartment building, our expertise in New York multifamily investments is unmatched. For other commercial real estate opportunities, explore our New York commercial mortgages page. To see a comprehensive overview of all our loan products and rates available nationwide, visit our commercial mortgage rates page. Explore our insights on the 2025 New York multifamily loan market.
New York Multifamily Loan Rates - updated 11/21/24
| Multifamily Loan > $6Million | Get Free Quote | ||
|---|---|---|---|
| Loan Type | Rate* | LTV | |
| Multifamily 5 Yr Fixed | 5.51% | Up to 80% | |
| Multifamily 7 Yr Fixed | 5.52% | Up to 80% | |
| Multifamily 10 Yr Fixed | 5.50% | Up to 80% | |
| Multifamily Loan < $6Million | Get Free Quote | ||
| Loan Type | Rate* | LTV | |
| Multifamily 5 Yr Fixed | 5.95% | Up to 80% | |
| Multifamily 7 Yr Fixed | 5.90% | Up to 80% | |
| Multifamily 10 Yr Fixed | 5.89% | Up to 80% | |
New York Multifamily Loan Benefits
New York Apartment Loan rates start as low as 5.51% (as of November 21st, 2024)
• A commercial mortgage broker with over 30 years of lending experience
• No upfront application or processing fees
• Simplified application process
• Up to 80% LTV on multifamily financing
• Terms and amortizations up to 30 years
• Multifamily loans for purchase and refinance, including cash-out
• 24 hour written pre-approvals with no cost and no obligation
Our Reviews
2025 New York Multifamily Loan Market Overview
As the Federal Reserve initiated rate hikes in 2022, the apartment and New York multifamily loan markets transitioned from rapid growth to a more restrained environment. By late 2024, signs of stabilization emerged; however, the outlook for 2025 remains cautious. Select Commercial Funding continues to monitor conditions closely, especially as higher Treasury yields and tightening financial conditions shape the landscape for apartment and New York multifamily loans.
Sales Market Recovery with Caution
Following a prolonged decline in sales volume and values, the apartment sales market has shown signs of thawing, though challenges persist. The Federal Reserve's September 2024 rate cut initially sparked renewed activity; however, the 10-year Treasury yield has risen to 4.469% as of November 5, 2024, adding uncertainty. While some sellers are accepting price adjustments from 2021 highs, higher borrowing costs could temper momentum. We are carefully evaluating New York multifamily loan opportunities as these dynamics evolve.
Debt Financing and Access to Capital
Improved financing conditions in mid-2024 allowed for a slight easing in apartment financing, as reflected in NMHC's survey where respondents reported better availability of debt options. However, with the 10-year Treasury yield climbing, access to affordable financing remains a concern. We offer a range of multifamily loan products and New York apartment loans, helping clients navigate these complexities amid fluctuating debt markets.
Apartment Demand in a Shifting Labor Market
Apartment demand continues to benefit from a stable labor market, though recent economic indicators highlight potential headwinds. The ongoing retirement of Baby Boomers has created opportunities for younger generations, but elevated borrowing costs may constrain affordability. Despite these challenges, Select Commercial Funding has observed steady interest in New York apartment loans and multifamily loan options, reflecting the need for housing solutions that adapt to changing labor and economic conditions.
Absorption Rates and Occupancy Projections
High demand for apartment units has driven strong absorption rates in 2024, and while forecasts suggest continued demand, the rate of absorption may moderate if borrowing costs remain high. Moody's projects that 2025 will remain a relatively strong year for demand, yet caution may prevail in high-supply areas. We are prepared to support clients in navigating multifamily loan needs, especially in a potentially tempered demand environment.
Operational Efficiency Amidst Rising Costs
As supply increases in certain regions (such as Downtown Nashville, Austin, Seattle, and Charlotte), effective management and strong branding will be essential to attract residents. We recognize that rising operating costs could impact net operating income (NOI), particularly in light of constrained financing conditions. In this environment, properties facing operational challenges may present opportunities for experienced buyers who can optimize performance with apartment loan options.
Outlook: Gradual Stabilization Amid Interest Rate Pressures
While the initial outlook for 2025 was optimistic, higher Treasury yields have introduced caution to market expectations. With interest rates still elevated, a more gradual stabilization may unfold. Select Commercial Funding remains focused on supporting investors with a variety of New York multifamily loan options to help manage in this dynamic market, where success will likely favor well-prepared, flexible operators.
2024 New York Multifamily Loan and Market Trends
As the multifamily market adjusts to a more predictable interest rate environment, transaction activities in the New York Multifamily Loan market are aligning more closely with historical norms. After several years of unprecedented trading volumes, last year's transactions settled at levels similar to those seen in 2014, a considerable slowdown from the peaks of 2021-2022. This shift has been primarily due to higher interest rates, which expanded the price expectation gap between buyers and sellers and slowed rent growth. Additionally, elevated vacancy rates and increased operating costs have also contributed to this trend, leading many property owners to delay selling and extend their holding periods.
The anticipated flood of properties hitting the market, driven by maturing debts and stricter refinancing rates, did not occur, leaving significant capital allocated for acquiring distressed properties largely unutilized. However, as the market adjusts to the stabilizing but elevated interest rate landscape, the New York Apartment Loan market is expected to regain momentum gradually.
Investors, recalling strategies from before the financial crisis, are adapting to a potentially flat or slightly declining interest rate scenario in the coming year. There is substantial capital, both institutional and private, poised for investment, which will aid in price discovery and help bridge the expectation gap. In the New York Multifamily Loan market, value creation is becoming a crucial strategy for investors dealing with negative leverage scenarios. Despite cap rates increasing by up to 200 basis points over the past year, they often remain below the cost of debt capital. This situation prompts buyers to seek rapid revenue enhancement through operational improvements, property upgrades, and other strategies, marking a return to traditional investment standards seen before the global financial crisis.
2024 Investment Outlook for New York Apartment Loan Market
- Acquisition Strategies: Last year, about 40 percent of property trades occurred in tertiary markets, which now nearly equals the 45 percent in primary markets. The New York Apartment Loan market benefits from reduced supply pressure and cost-of-living driven in-migration, trends expected to continue in 2024 as investors chase yields in smaller cities.
- Operating Costs: Operating costs are on the rise, with insurance costs up by 120 percent over the last four years due to more frequent and severe natural disasters, increased property values, and higher repair costs. Combined with a 40 percent rise in property taxes since 2018 and escalating labor costs, these factors are squeezing investor margins in the New York Multifamily Loan sector.
- Investor Generation Gap: There is a growing divide between investors who began their careers post-financial crisis, accustomed to a 2.5 percent average 10-year Treasury rate and rent growth above 5 percent, and those who invested during the 90s and early 2000s, who dealt with a 5.5 percent Treasury rate and rent growth around 3.5 percent. This disparity is shaping the strategies of investors and is likely to influence active participants in the New York Apartment Loan market this year.
Your Trusted New York Lender Source for Large Multifamily Properties Over $10 Million
Select Commercial Funding LLC specializes in providing exceptional mortgage brokerage services for large multifamily properties and high-value apartment complexes in New York. As a top commercial mortgage broker, our expertise extends to multifamily real estate financing, ensuring that investors receive the best terms and rates for their substantial investments. With our deep industry knowledge and commitment to excellence, we facilitate seamless financing for large balance multifamily properties, including loans for $10 million and up. Through our correspondent relationships with Freddie Mac, Fannie Mae, HUD, CMBS, life companies, and other multifamily real estate lenders, we can secure lower rates and higher leverage for our clients. Unlike banks and credit unions, we collaborate with a wide range of lenders to find the one best aligned with your unique scenario, ensuring you receive the most favorable rates and terms. We finance large balance multifamily loans nationwide across all asset classes. Our team’s extensive experience with large multifamily loans helps ensure that loans are funded quickly and at the lowest possible rates. We are dedicated to being the best multifamily mortgage brokers for large properties, providing expert services for high-value apartment complexes.
Tailored Solutions for High-Value New York Multifamily Real Estate Financing
At Select Commercial, we understand the unique challenges and opportunities involved in high-value multifamily real estate financing. Our customized loan programs are designed to meet the specific needs of large-scale and institutional investors, offering competitive rates and flexible terms on multifamily properties nationwide. With LTV’s up to 80% and low market rates, we provide our clients with some of the best financing terms available. Whether you are seeking financing for luxury New York apartment complex mortgages or large balance multifamily loans over $10 million, our team provides the strategic support you need to achieve your investment goals. Recognized as top multifamily mortgage brokers for high-value properties, we ensure you receive tailored solutions for prime multifamily properties. By leveraging our strong relationships with a variety of lending institutions, we secure some of the lowest rate multifamily and apartment loans for our clients, making us your go-to partner for large balance multifamily financing.
Latest Expert Insights from Stephen A. Sobin
Stephen A. Sobin, the president of Select Commercial Funding LLC, is a renowned expert in the field of multifamily financing. His insights and perspectives are regularly sought by leading industry publications. Here are his latest contributions that highlight his deep understanding of the multifamily financing landscape and his commitment to providing clear, insightful analysis on key industry issues.
Persistent Inflation and Its Effects on CRE
In an article featured in Multi-Housing News, Stephen Sobin highlighted that while inflation is still a challenge for the Federal Reserve, there are many positive signs for the commercial real estate industry. The headline Consumer Price Index rose 3.2 percent for the year ended Feb. 29, a figure 20 basis points lower than the Dec. 31, 2023, rate. read the full article.
Commercial Spotlight: Mid-Atlantic Region In this four-state powerhouse, smaller metros are thriving.
In a feature in Scotsman Guide, the Mid-Atlantic Region's real estate dynamics are explored, highlighting its resilience and growth amidst the pandemic.
Stephen Sobin of Select Commercial Funding LLC shared insights on the New York market's allure and the challenges buyers face. He noted the shift from primary urban areas to tertiary markets due to evolving preferences and financial conditions. For a deeper dive into Sobin's analysis, read the full article.
What the New Jobs Report Means for CRE
In an article titled "What the New Jobs Report Means for CRE" in Commercial Property Executive, Stephen Sobin shared his perspective on the latest jobs report and its implications for the Commercial Real Estate (CRE) sector. He highlighted the challenges posed by high interest rates and the prevailing uncertainty in the market. Sobin remarked, "Sellers aren’t selling, buyers aren’t buying... Everyone is waiting because no one knows what to expect." For a detailed analysis and more of Sobin's insights, read the full article.
Decoding "Junk Fees" in Rental Housing
In another latest contribution to Multi-Housing News, Sobin provided expert commentary in an article titled "What's Next for Junk Fees? The Industry Weighs In". He clarified the difference between legitimate fees collected for various third-party services and so-called "junk fees". Sobin emphasized the importance of borrowers understanding their rights in negotiating all loan terms and the obligation of lenders to disclose all fees.
Understanding the Impact of Federal Reserve's Decisions
In a recent article titled "How the Fed's Pause on Interest Rates Impacts Multifamily" published by Multi-Housing News, Sobin shared his expert insights on the Federal Reserve's decision to pause interest rate hikes. He accurately predicted that the Fed would not raise rates in June, citing recent bank failures and lingering concerns about a potential recession.
Stay tuned for more expert insights from Stephen A. Sobin on the evolving multifamily financing landscape.
Frequently Asked Questions
What’s going on with commercial mortgage rates as we near the end of 2024?
The Federal Reserve’s Federal Open Markets Committee cut the federal funds rate by 50 basis points at its September 18, 2024, meeting. This was the first rate cut since March 2020, when the Fed began a long series of rate hikes to curb the high rate of inflation. The Fed’s decision shows that they believe that inflation is under control and moving into the 2% range that the Fed has set as its goal. The Federal Reserve took this decisive action to prevent further declines in the labor market. The Fed has further hinted at further cuts at its two remaining meetings in 2024, followed by additional cuts in 2025. This rate cut, along with possible future rate cuts, may create positive investor demand for commercial real estate, and may provide aid for commercial mortgage customers, as well as consumers in general. We must caution, however, that the Federal Reserve cuts affect short term interest rates directly and long-term rates only indirectly. The Prime Rate, which is a short-term rate, dropped from 8.50% to 8.00% with the Fed’s recent action. However, most commercial mortgage rates are based on the 5-, 7-, or 10-year treasury rates, and not the Prime Rate. We have seen these treasury rates actually rise since the Fed took its action. On September 18th, the 10-year treasury was roughly 3.70%. Three weeks later, this rate had jumped to 4.03%. Investors are still concerned about future inflation and are adopting a wait and see attitude.
There are many different types of lenders offering a myriad of different loan products to finance the acquisition or refinance of apartment properties nationwide. These lenders include agency lenders (Fannie Mae and Freddie Mac), local and national banks, insurance companies, credit unions and private lenders.
Most lenders write apartment loans for five, seven or ten years (fixed) with a 30 year amortization. It is also possible to obtain loans that are fixed for up to 30 years, although this is not the norm. Rates are typically based on a margin over the corresponding US Treasury rate.
Lenders offer non-recourse to strong borrowers and solid properties. The borrower will be expected to have strong credit, good net worth and liquidity, and experience owning and managing similar properties. The property will be expected to demonstrate solid long term positive cash flow, be in good to excellent condition, and be located in a strong market with low vacancy rates.
Apartment loans are typically screened and pre-approved in 2-3 days. Since lenders require appraisals, environmental and property condition reports, and title, closings will usually take 45-60 days from application.
Apartment Loan Types We Serve
If you are looking to purchase or refinance a NYC apartment building, don't hesitate to contact us. We arrange financing in the city of NYC for the following:
- Large urban high-rise multifamily buildings
- Suburban garden multifamilycomplexes
- Small multifamily buildings containing 5+ units
- Underlying cooperative multifamily building loans
- Portfolios of small multifamily properties and/or single-family rental properties
- Other multi-family and mixed-use properties
Apartment Loan Helpful Articles
How to Get the Best Rate on a Multifamily LoanHow to Buy an Apartment Building
Uncomplicated Underwriting
How to Invest in an Apartment Building
Are You Shopping for an Apartment Building Loan?
How To Get The Best Rates On An Apartment Refinance
How do we help our New York apartment loan clients get the best rate and terms?
Select Commercial has excellent New York apartment building loan products and options available for owners and purchasers of apartment properties throughout the state of New York. Whether you are looking for a small apartment building loan or are looking for apartment building financing for a complex with hundreds of units, we can help you find the optimal apartment building financing to meet your apartment building loan needs. While we lend across the entire continental US, we are able to give our best rates and loan programs to certain areas that we feel are strong markets. New York is one of the states that we consider to be a premium market for apartment building loans and we actively look to originate good quality loans here for our clients. We have a diverse array of many available loan products to help qualified NY borrowers looking to purchase or refinance an apartment property. We offer apartment loans with terms and amortizations up to 30 years, recourse and non-recourse, and many options for prepayment. We typically approve apartment building loans within 1 day and usually close within 45 days of application. Our clients love our simplified application process, 24-hour pre-approvals with no-cost and no-obligation, great rates and terms, fast closings and personalized service.
Recent Multifamily Loan Closings
Whether you are purchasing or refinancing, we have the right solutions available for your multifamily mortgage loans. We will entertain apartment loan requests of all sizes, beginning at $1,500,000. Get started with a Free Commercial Mortgage Loan Quote.
New York Rental Statistics and Investor Highlights For Some Of The Areas We've Helped Secure Multifamily Financing
The rental rates for multifamily properties in New York varied widely depending on location. According to rentcafe.com, the average rent in the U.S. is $1,702 (updated May, 2023) with an average apartment size of 897 sq. ft. The average rent for an apartment in the state of New York was $2,552 with an average size of 842 sq. ft. According to the US Census Bureau, the apartment rental vacancy rate for New York is 5.1%.
The Bronx Multifamily Loan Investor Information
• As we approach 2025, the Bronx continues to see strong rental demand due to population growth and a shortage of affordable housing, making it an attractive market for a New York apartment loan.
• Diverse neighborhoods offer unique investment opportunities in the multifamily sector.
• Median rent of $1,575 makes it attractive for tenants and investors seeking New York multifamily loans.
• Expertise in Bronx multifamily financing available through Select Commercial.
The Bronx Apartment Rental Data
The median rent in the Bronx is $1,575. The average rent for a studio apartment has increased by 15% to $1,238, while the average rents for 1-bedroom and 2-bedroom apartments have remained steady.
Brooklyn Multifamily Loan Investor Information
• Brooklyn's population boom and a persistent lack of affordable housing keep the demand high for rental units, making it a prime area for New York apartment loans.
• A wide variety of neighborhoods provide diverse investment opportunities within the New York multifamily loan market.
• With an average rent of $3,724 for a 1-bedroom, the Brooklyn rental market remains lucrative for multifamily investors.
• Customized multifamily loan options are available through Select Commercial.
Brooklyn Apartment Rental Data
The average rent for a 1-bedroom apartment in Brooklyn is $3,724, for a studio apartment it's $3,515, and for a 2-bedroom apartment, it's $4,100.
Buffalo, NY Multifamily Loan Investor Information
• Known for its rich history and vibrant culture, Buffalo offers a stable rental market as we approach 2025.
• The median rent for a 1-bedroom apartment is $1,075, an affordable choice for tenants and investors considering a New York apartment loan.
As of October 2024, the average rent in Buffalo, NY is $1,131 per month, which is 28% lower than the national average of $1,564. Rent prices in Buffalo have increased by 3.4% over the past year, indicating growth potential for those interested in New York multifamily loans.
Renters in Buffalo can expect to pay $1,015 for a studio, $1,131 for a one-bedroom apartment, and $1,389 for a two-bedroom apartment. Three-bedroom rentals average $1,467, offering investment opportunities in the New York apartment loan market.
Affordable neighborhoods like Grant Ferry, Black Rock, and North Park make Buffalo an attractive option for multifamily loan investments.
Freeport Multifamily Loan Investor Information
• The Freeport market continues to see strong rental demand due to population growth and limited affordable housing options.
• Unique neighborhoods in Freeport offer a variety of investment possibilities for New York multifamily loans.
• A median rent of $1,818 is attractive for tenants and investors looking to secure a New York apartment loan.
• Expertise in Freeport multifamily financing available through Select Commercial.
Freeport Apartment Rental Data
The average rent for a 1-bedroom apartment in Freeport is $1,300, and for a 2-bedroom apartment, it's $2,650.
Hempstead Multifamily Loan Investor Information
• High demand for rental properties due to population growth and limited affordable housing makes Hempstead ideal for New York apartment loans.
• Various neighborhoods offer unique investment opportunities within the New York multifamily loan sector.
• Average rent of $1,300 for a 1-bedroom apartment and $2,650 for a 2-bedroom apartment attracts both tenants and investors.
• Expertise in Hempstead multifamily financing available through Select Commercial.
Hempstead Apartment Rental Data
The average rent for a 1-bedroom apartment in Hempstead is $1,300, and for a 2-bedroom apartment, it's $2,650.
Huntington Multifamily Loan Investor Information
• Continued population growth and limited affordable housing have created strong demand for rental units in Huntington.
• The area offers varied neighborhoods with significant potential for New York multifamily loan investments.
• Average rent of $2,400 for a 1-bedroom apartment attracts both renters and investors interested in New York apartment loans.
• Expertise in Huntington multifamily financing available through Select Commercial.
Huntington Apartment Rental Data
The average rent for a 1-bedroom apartment in Huntington is $2,400, and for a 2-bedroom apartment, it's $3,700.
Long Island Multifamily Loan Investor Information
• Population growth and a shortage of affordable housing drive high demand for rental units, making Long Island an appealing area for New York multifamily loans.
• Varied neighborhoods cater to a wide range of tenant needs, offering ample opportunities for New York apartment loan investments.
• Expertise in Long Island multifamily financing available through Select Commercial.
Long Island Apartment Rental Data
Unfortunately, specific rental data for Long Island is not available at this time.
Manhattan Multifamily Loan Investor Information
• As we approach 2025, Manhattan's high rental demand, driven by population growth and a shortage of affordable housing, makes it a prime area for New York apartment loans.
• Diverse neighborhoods provide a wide range of investment opportunities in the New York multifamily loan market.
• An average rent of $4,614 continues to attract both tenants and investors.
• Expertise in Manhattan multifamily financing is available through Select Commercial.
Manhattan Apartment Rental Data
The average rent in Manhattan is $4,614, with studio, 1-bedroom, and 2-bedroom apartment rents varying by neighborhood, offering unique prospects for New York apartment loans.
Mount Vernon Multifamily Loan Investor Information
• The Mount Vernon rental market, bolstered by population growth and limited affordable housing, remains strong as we head into 2025.
• A variety of neighborhoods in Mount Vernon provide unique opportunities for New York multifamily loan investments.
• Median rents of $1,850 for a 1-bedroom and $2,250 for a 2-bedroom apartment are appealing for those seeking New York apartment loans.
• Expertise in Mount Vernon multifamily financing is available through Select Commercial.
Mount Vernon Apartment Rental Data
The median rent in Mount Vernon is $1,850 for a 1-bedroom and $2,250 for a 2-bedroom. This steady demand presents various investment strategies for securing a New York multifamily loan in this active market.
Nassau County Multifamily Loan Investor Information
• Population growth drives a high demand for rental properties in Nassau County, positioning it as a viable area for New York apartment loans.
• Multiple neighborhoods across Nassau County provide diverse investment opportunities within the New York multifamily loan market.
• With a median rent of $3,552, the area remains appealing to tenants and investors.
• Specialized knowledge in Nassau County multifamily financing is available through Select Commercial.
Nassau County Apartment Rental Data
The median rent in Nassau County is $3,552, with studio apartments averaging $2,515 and 2-bedroom apartments $4,642. These figures emphasize the demand for New York apartment loans in the area.
New Rochelle Multifamily Loan Investor Information
• Heading into 2025, New Rochelle continues to see strong rental demand due to population growth and a shortage of affordable housing, making it a key area for New York multifamily loans.
• Diverse neighborhoods offer unique opportunities for multifamily investments.
• With a median rent of $2,200, the market is attractive for both tenants and investors considering New York apartment loans.
• Expertise in New Rochelle multifamily financing is available through Select Commercial.
New Rochelle Apartment Rental Data
The median rent in New Rochelle is $2,200, with studio rents at $1,600, 1-bedroom apartments at $2,200, and 2-bedroom units at $2,800. These levels highlight the value of New York multifamily loans in this area.
2024 New York City Multifamily Market: Navigating Peaking Construction and Legislative Challenges
Early Indicators Suggest Peaking Construction, Despite City's Legislative Efforts
As New York's apartment market heads toward 2025, it maintains a low 1.8 percent vacancy rate, matching a two-decade low from 2021. Although it remains one of the most active construction markets, the supply hasn't kept up with demand, pushing the need for New York City apartment loans. Mayor Eric Adams' "City of Yes" initiative aims to add 100,000 apartments over the next 15 years, but state legislation has hindered new developments, with proposed units down by 81 percent in the first eight months of 2023. This legislation underscores the importance of securing New York multifamily loans as early as 2025.
Investment Trends and Lack of Long-Term Clarity
Transaction velocity in 2023 marked the slowest pace in a decade, partly due to uncertainties in Manhattan's office sector and its impact on surrounding rental demand. Since 2022, Rent Guidelines Board increases have lagged behind inflation, making it difficult to maintain older Class B and C apartments, with over 40 percent of New York City units subject to rent control. These challenges underscore the need for New York City apartment loans and New York City multifamily loans to support the multifamily sector.
2024 Multifamily Market Forecast for New York City
- EMPLOYMENT: Job growth will reach 50,000 new roles this year, up from 30,000 in 2023, with increases in both traditional and new sectors.
- CONSTRUCTION: Completions will surpass 20,000 units for the second time in five years, adding 1.1 percent to the supply.
- VACANCY: Vacancy rates are expected to rise to 2.0 percent by early 2025, still below the long-term average of 2.6 percent.
- RENT: Average monthly rent will hit $2,912, marking the highest on record, despite slower growth since 2020.
- INVESTMENT: Investors are likely to focus on Brooklyn, where over a third of 2023's large proposals were centered, supporting demand for New York City apartment loans and New York City multifamily loans.
Poughkeepsie Multifamily Loan Investor Information
• Strong rental demand due to population growth and shortage of affordable housing.
• Diverse neighborhoods offer unique investment opportunities.
• Median rent of $1,400 makes it attractive for tenants and investors.
• Expertise in Poughkeepsie multifamily financing available through Select Commercial.
Poughkeepsie Apartment Rental Data
The median rent in Poughkeepsie is $1,400. The average rent for a studio apartment is $1,100, for a 1-bedroom apartment is $1,300, and for a 2-bedroom apartment is $1,500.
Queens Multifamily Loan Investor Information
• Queens is a diverse borough with a growing population, creating a strong demand for rental properties.
• With a variety of neighborhoods, Queens offers unique investment opportunities in multifamily properties.
• The median rent in Queens is attractive for both tenants and investors, contributing to a robust rental market.
• Select Commercial offers expertise in Queens multifamily financing, helping investors make the most of their real estate investments.
Queens Apartment Rental Data
The average rent in Queens is $3,043 for a studio, $3,213 for a 1-bedroom apartment, and $3,685 for a 2-bedroom apartment. This data indicates a strong rental market in Queens, making it an attractive location for multifamily property investments.
Rochester Multifamily Loan Investor Information
• Strong rental demand due to population growth and a shortage of affordable housing.
• Diverse neighborhoods offer unique investment opportunities.
• Average rent for a 1-bedroom apartment is $1,005, and for a 2-bedroom apartment is $1,307, making it a profitable market for both renters and investors.
• Expertise in Rochester multifamily financing available through Select Commercial.
Rochester Apartment Rental Data
The average rent for a 1-bedroom apartment in Rochester is $1,005, and for a 2-bedroom apartment, it's $1,307. Rent growth in the past month was +1.3%, and the year-over-year growth is +1.9%.
Rockland County Multifamily Loan Investor Information
• Population growth and a shortage of affordable housing contribute to a high demand for rental properties in Rockland County.
• The county's diverse neighborhoods offer unique investment opportunities.
• Expertise in Rockland County multifamily financing is available through Select Commercial.
Rockland County Apartment Rental Data
As of now, specific rental data for Rockland County is not available. However, the general trend in the New York area suggests a strong rental market.
Staten Island Multifamily Loan Investor Information
• Staten Island is the least populated of the five boroughs, providing a suburban feel with the benefits of city living.
• The area is known for its diverse neighborhoods and rich history, making it a unique investment opportunity.
• Staten Island's multifamily market is growing, with new developments and renovations of existing properties.
• Expertise in Staten Island multifamily financing available through Select Commercial.
Staten Island Apartment Rental Data
Unfortunately, specific rental data for Staten Island is not available. However, it's important to note that rental prices can vary significantly across the island, depending on the neighborhood and the type of property.
Suffolk County Multifamily Loan Investor Information
• High demand for rental properties due to a growing population.
• Offers a variety of neighborhoods, each with its unique investment opportunities.
• Median rent in Suffolk County is competitive, attracting both tenants and investors.
• Expertise in Suffolk County multifamily financing available through Select Commercial.
Suffolk County Apartment Rental Data
The median rent in Suffolk County varies depending on the area. The rental market is dynamic, with rent prices fluctuating based on supply and demand. For the most accurate rental data, it is recommended to check real estate websites or contact a local real estate agent.
Syracuse Multifamily Loan Investor Information
• High demand for rental properties due to the presence of Syracuse University and several large employers.
• Various neighborhoods offering different types of investment opportunities.
• Median rent of $1,910 for a 1-bedroom apartment, appealing to both tenants and investors.
• Expertise in Syracuse multifamily financing available through Select Commercial.
Syracuse Apartment Rental Data
The average rent in Syracuse is $1,579 for a studio, $1,910 for a 1-bedroom apartment, $2,089 for a 2-bedroom apartment, and $1,283 for a 3-bedroom apartment.
Valley Stream Multifamily Loan Investor Information
• Strong rental demand due to population growth and shortage of affordable housing.
• Diverse neighborhoods offer unique investment opportunities.
• Median rent of $1,300 makes it attractive for tenants and investors.
• Expertise in Valley Stream multifamily financing available through Select Commercial.
Valley Stream Apartment Rental Data
The median rent in Valley Stream is $1,300. The average rent for a studio apartment is not available, for a 1-bedroom apartment is $1,300, and for a 2-bedroom apartment is $1,650.
Westchester County Multifamily Loan Investor Information
• Westchester County is a popular location for multifamily properties due to its proximity to New York City.
• The county has a diverse range of neighborhoods, providing a variety of investment opportunities.
• With a median rent of $2,872 for a 1-bedroom apartment, the rental market is robust and attractive for both tenants and investors.
• Select Commercial has expertise in Westchester County multifamily financing.
Westchester County Apartment Rental Data
The average rent in Westchester County is $2,277 for a studio, $2,872 for a 1-bedroom apartment, and $3,876 for a 2-bedroom apartment.
White Plains Multifamily Loan Helpful Information
• Strong rental demand due to population growth and shortage of affordable housing.
• Diverse neighborhoods offer unique investment opportunities.
• Median rent for a studio apartment is $2,670, for a 1-bedroom apartment is $2,915, and for a 2-bedroom apartment is $4,375.
• Expertise in White Plains multifamily financing available through Select Commercial.
White Plains Apartment Rental Data
The median rent in White Plains for a studio apartment is $2,670, for a 1-bedroom apartment is $2,915, and for a 2-bedroom apartment is $4,375.
Yonkers Multifamily Loan Helpful Information
• Strong rental demand due to population growth and shortage of affordable housing.
• Diverse neighborhoods offer unique investment opportunities.
• Median rent of $2,134 for a studio, $2,485 for a 1-bedroom apartment, and $3,214 for a 2-bedroom apartment makes it attractive for tenants and investors.
• Expertise in Yonkers multifamily financing available through Select Commercial.
Yonkers Apartment Rental Data
The median rent in Yonkers is $2,134 for a studio, $2,485 for a 1-bedroom apartment, and $3,214 for a 2-bedroom apartment. The rental market in Yonkers offers a variety of options for tenants, with apartments available in different sizes and price ranges.
Overall, we expect the rise in borrowing costs to continue putting pressure on people to rent for longer periods. This supports the case that there will be strong demand for apartment building loans in 2023.
New York Apartment Building Financing
Select Commercial provides apartment building financing and commercial mortgages throughout the state of New York including but not limited to the areas below.