Rochester: In the Spotlight
Rochester, New York is located 226 miles from the state capital of Albany and is part of the Rochester–Batavia–Seneca Falls combined statistical area. The population of Rochester is just over 205,000, making it the 3rd most populous city in the State. It also covers about 37 square miles. Rochester is hailed as America’s first boomtown and is home to the world’s largest collection of lilacs.
- The unemployment rate is relatively low, around 4.8%.
- The median household income is $35,590.
- The median age in Rochester is 32 years old
- Rochester employs over 82,000 residents
Rochester Apartment Loan and Multifamily Property Facts
Rochester is part of the New York market, which has seen some growth after recovering from 2020. Although unemployment is still high and people are still uncertain, the multifamily market is starting to pick up steam. Vacancy rates and new deals are helping spur the market.
- Rochester has a moderate vacancy rate of just a little over than 7% across all rental properties
- There has been a marginal rent decrease, to $899 per month from the last year.
- The homeownership rate is roughly 36%, which leaves around 64% of residents looking for rental properties.
Although 2020 was a difficult time in Rochester, just as it was everywhere, the city is on the rebound and the market is looking good. With new developments and promising sales on the record, now is a good time to consider an apartment loan in the city.
Rochester Apartment Loan and Lending Options
In Rochester, New York there are several different ways that you can finance your new apartment investment. We work with opportunities like:
- Conventional apartment loans
- Fannie Mae apartment financing
- Freddie Mac apartment financing
- FHA/HUD financing
- Mezzanine financing
- CMBS loans
- Bridge loans
- Apartment construction loans
- And more!
Finance Your Rochester Apartment Building Now
At Apartment.loans, we can help with all kinds of loans for apartments and commercial real estate in the city of Rochester, NY. We work with value-add opportunities, ground-up developments, stabilized properties, and more. We know what it takes to get financed and find the best rates and we can help you get what you need.
The market in Rochester is growing by the day and we can help you find the financing that you need before the competition gets too fierce. Whether you are financing your first deal or just looking for your next one, we’ve got you covered.