New York Multifamily Loans in 2024
At Select Commercial, we specialize in New York apartment building loans and any type of multifamily financing, offering competitive rates and customized apartment loan solutions starting at $1,500,000. Whether you're using multifamily financing for an apartment complex or seeking a multifamily loan to finance an apartment building, our expertise in New York multifamily investment is unmatched. Explore our New York commercial mortgages for diverse real estate opportunities, or visit our commercial mortgage rates page for a detailed overview of our loan products and their rates available nationwide.
New York Multifamily Loan Rates - updated 7/26/24
| Multifamily Loan > $6Million | Get Free Quote | ||
|---|---|---|---|
| Loan Type | Rate* | LTV | |
| Multifamily 5 Yr Fixed | 5.52% | Up to 80% | |
| Multifamily 7 Yr Fixed | 5.49% | Up to 80% | |
| Multifamily 10 Yr Fixed | 5.43% | Up to 80% | |
| Multifamily Loan < $6Million | Get Free Quote | ||
| Loan Type | Rate* | LTV | |
| Multifamily 5 Yr Fixed | 6.08% | Up to 80% | |
| Multifamily 7 Yr Fixed | 5.85% | Up to 80% | |
| Multifamily 10 Yr Fixed | 5.74% | Up to 80% | |
New York Multifamily Loan Benefits
New York Apartment Loan rates start as low as 5.43% (as of July 26th, 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
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
Is multi-family real estate a good investment in 2024?
Ongoing inflation and high interest rates significantly slowed the pace of the commercial real estate market in 2023. Investors and market experts were hoping for considerable decreases in commercial mortgage rates in 2024. The expectation was that the Fed would get inflation under control and then lower rates. However, as we move into the middle of 2024, inflation is still running higher than the Fed would like. The Fed has hinted that they do not anticipate lowering rates in 2024. In fact, commercial mortgage rates have been steadily rising. Some property types, however, are outperforming others. Apartment buildings in desirable neighborhoods are performing better than other asset classes, as owners have been able to raise rents and keep up with rising interest rates. Multifamily properties in smaller and less desirable areas, or areas where unemployment is rising, are not performing as well, as rent increases are harder to implement. In the office sector, only medical office buildings are generating lender interest. General office properties have underperformed the market as a result of the work from home policies established during the Covid-19 pandemic. Office demand is unlikely to return to pre-Covid levels making the office sector extremely hard to navigate right now. In the retail sector, essential service businesses, such as grocery stores and pharmacies, are performing well, while traditional brick and mortar retailers are still feeling the effects of Covid-19 and the competition from online retailers. Many malls are experiencing record high vacancy levels, and some are being repositioned for other purposes. In the industrial sector, we are seeing strong demand for warehouse and distribution space to accommodate the online retailers. Industrial space in urban markets and close to transportation are performing very well. One positive is that a large number of CMBS loans are coming due in 2024. Even in a high interest rate environment, owners of these properties will have to refinance or sell. This should lead to some activity in the commercial mortgage market in 2024.
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.
Recent Banking Failures Likely To Impact New York Multifamily Lending
The recent collapse of Silicon Valley Bank and Signature Bank has sent shockwaves through the business and real estate lending sectors. As a leading NY commercial mortgage broker with over 30+ years of experience, Select Commercial knows that the multifamily sector is not immune to these developments. Here's how these banking failures could impact multifamily lending:
Regional Banks Under Pressure
Regional banks, which provide significant liquidity to the apartment sector, are likely to face increased pressure. The collapse of SVB and Signature Bank has raised concerns about the stability of smaller banks. This could lead to a pullback from regional banks providing loans to the multifamily sector, making it more challenging for developers and investors to secure financing.
Development Challenges
Developers could face significant challenges, particularly in securing construction loans and value-add renovation dollars. The current environment is leading to a slowdown in construction lending and a return to traditional underwriting and banker skepticism. This could particularly impact the affordable housing sector, where developers need their financing lined up to secure tax credits.
Volatility in the CMBS Market
CMBS loans have experienced turbulence following the bank failures. This volatility could impact a new crop of lenders that have emerged over the past half-decade, many of which are capital markets-dependent. If the securitization market stabilizes, some of the CMBS and bridge lenders may re-enter the market to fill the liquidity gaps left by regional lenders.
Interest Rate Uncertainty
The bank failures could also contribute to uncertainty around commercial mortgage rates. If these failures lead to a slowdown in rate hikes by the Federal Reserve, this could potentially benefit the commercial real estate market in the long run. However, it's too early to predict the exact impact on apartment transaction volume.
In summary, the recent banking failures have the potential to significantly impact how banks handle multifamily loans. We will closely monitoring these developments to provide the best advice and service to my clients during these uncertain times.
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
• Strong rental demand due to population growth and shortage of affordable housing.
• Diverse neighborhoods offer unique investment opportunities.
• Median rent of $1,575 makes it attractive for tenants and investors.
• 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 flat.
Brooklyn Multifamily Loan Investor Information
• Population boom and lack of affordable housing lead to strong demand for rental units.
• Myriad of neighborhoods offer diverse investment opportunities.
• Average rent for a 1-bedroom apartment is $3,724, creating a lucrative market.
• Customized multifamily loan options 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
• Buffalo, a city known for its rich history, diverse culture, and the famous Buffalo wings, offers a stable rental market.
• The median rent for a 1-bedroom apartment is $1,075, making it an appealing choice for both tenants and investors.
• Select Commercial is a reliable source for multifamily loans in Buffalo, NY.
Buffalo, NY Apartment Rental Data
The average rent for a 1-bedroom apartment in Buffalo, NY is $1,075 as of July 2023, a 2% decrease compared to the previous year. This stability in the rental market presents a unique investment opportunity in Buffalo, NY.
Freeport 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 $1,818 makes it attractive for tenants and investors.
• 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 lack of affordable housing.
• Various neighborhoods provide unique investment opportunities.
• Average rent of $1,300 for a 1-bedroom apartment and $2,650 for a 2-bedroom apartment.
• 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
• Population expansion and a lack of affordable housing has led to a strong demand for rental units.
• Varied neighborhoods each with its own unique character and investment potential.
• Average rent for a 1-bedroom apartment is $2,400, making it a profitable market for both renters and investors.
• 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 lead to a strong demand for rental units.
• Varied neighborhoods cater to a wide array of tenant needs.
• 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
• High rental demand due to population growth and a shortage of affordable housing.
• Diverse neighborhoods offer a wide range of investment opportunities.
• Average rent of $4,614 makes it attractive for tenants and investors.
• Expertise in Manhattan multifamily financing available through Select Commercial.
Manhattan Apartment Rental Data
The average rent in Manhattan is $4,614. The average rent for a studio apartment, 1-bedroom, and 2-bedroom apartments varies greatly depending on the neighborhood.
Mount Vernon 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 $1,850 for a 1-bedroom apartment and $2,250 for a 2-bedroom apartment.
• Expertise in Mount Vernon multifamily financing available through Select Commercial.
Mount Vernon Apartment Rental Data
The median rent in Mount Vernon is $1,850 for a 1-bedroom apartment and $2,250 for a 2-bedroom apartment. Investors can capitalize on the steady rental demand and explore various investment strategies in this vibrant multifamily market.
Nassau County Multifamily Loan Investor Information
• High demand for rental properties due to a growing population.
• Multiple neighborhoods provide a variety of investment opportunities.
• Median rent of $3,552 is appealing to both 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. The average rent for a studio apartment is $2,515, while the average rents for 2-bedroom apartments is $4,642.
New Rochelle Multifamily Loan Investor Information
• High rental demand due to population growth and shortage of affordable housing.
• Diverse neighborhoods offer unique investment opportunities.
• Median rent of $2,200 makes it attractive for tenants and investors.
• Expertise in New Rochelle multifamily financing available through Select Commercial.
New Rochelle Apartment Rental Data
The median rent in New Rochelle is $2,200. The average rent for a studio apartment is $1,600, for a 1-bedroom apartment is $2,200, and for a 2-bedroom apartment is $2,800.
2024 New York City Multifamily Market: Navigating Peaking Construction and Legislative Challenges
Early Indicators Suggest Peaking Construction, Despite City's Legislative Efforts to the Contrary
New York's apartment market started the year with a 1.8 percent vacancy rate, tying the two-decade low achieved in 2021. Despite the city being one of the nation's most active construction markets, supply has not kept up with strong renter demand. Mayor Eric Adams' "City of Yes" initiative aims to add 100,000 apartments over the next 15 years by encouraging development, but state legislation has complicated matters, with an 81 percent drop in proposed units noted in the first eight months of 2023. The impact of this decline may affect apartment deliveries as early as 2025. These challenges highlight the need for New York City apartment loans and New York City multifamily loans.
Investment Trends and Lack of Long-Term Clarity
Transaction velocity in 2023 was at the slowest pace in over a decade, partly due to uncertainties in Manhattan's office landscape and how it could affect renter demand in neighboring areas. Since 2022, Rent Guidelines Board increases have trailed inflation, creating challenges for maintaining older Class B and C apartments, with over 40 percent of New York City units subject to rent control. The long-term implications of this legislation have dampened investor interest in these market segments. This situation underscores the importance of securing New York City apartment loans and New York City multifamily loans.
2024 Multifamily Market Forecast for New York City
- EMPLOYMENT: Job growth will reach 50,000 new roles this year, up from 30,000 positions in 2023, when traditionally office-based sectors experienced losses.
- CONSTRUCTION: Completions will breach 20,000 units for the second time in the last half-decade, expanding supply by 1.1 percent.
- VACANCY: Vacancy will rise to 2.0 percent, the highest since early 2021, but still below the long-term average of 2.6 percent.
- RENT: While rent growth will be the slowest since 2020, the average monthly rent will reach $2,912, the highest on record.
- INVESTMENT: Investors will likely target Brooklyn, where a third of 2023 proposals with 100+ units are located, particularly in Gowanus, indicating strong potential 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.