For those looking into properties in Staten Island, the first thing to note is that the rent laws can vary by area even within New York City. This can work to your advantage or be a burden, so it's important to check directly before signing a lease.

Looking at rental prices, as of August 8, 2026, the average rent in Staten Island is $3,000. Studios are around $2,855, and one-bedroom apartments are about $3,205, with some surveys showing a range from $2,800 to $3,205. It's also worth noting that rents have increased by about 15 percent over the past year. This level of increase is not insignificant compared to other boroughs in New York City, so for properties purchased recently, it may be beneficial to reassess the market rate at the time of rent reset.

Property taxes in Staten Island are generally more favorable compared to other boroughs in New York City. According to Ownwell, the effective property tax rate is 0.86 percent, which is lower than the state median of 1.90 percent. However, other studies show rates varying from 1.0 to 1.4 percent by neighborhood, and there are reports indicating that a home valued at $740,000 could incur annual taxes ranging from $7,400 to $10,360. Since property taxes can vary significantly by county and neighborhood, it's advisable to verify based on the property address.

Loan conditions present both advantages and disadvantages. While the down payment can be higher, ranging from 15 to 25 percent, having a credit score above 740 can qualify you for favorable interest rates, which can be an opportunity for prepared investors. Typically, interest rates are set about 0.5 to 0.75 percentage points higher for owner-occupied properties.

It's also important to understand how rental income is recognized. Lenders typically consider only about 75 percent of the expected rental income as qualifying income, and a rent schedule from the lease agreement or appraisal is required. In areas like Staten Island, where rents have recently risen quickly, preparing the latest rent schedule can be advantageous.

Applying the 1 percent rule to a one-bedroom rental at $3,205 means it holds true if the purchase price is below $320,500, but given Staten Island's housing prices, meeting this criterion can be challenging. It seems more realistic to verify through a cap rate calculation. When recalculating the cap rate by dividing net operating income by the purchase price, it appears that the relatively low property tax rate helps to defend Staten Island's yield to some extent.

Returning to tenant laws, while all of New York City applies rent stabilization regulations to buildings with six or more units built before 1974, Staten Island has a relatively high number of single-family homes and small multi-family buildings. It's essential to check individually how many units a property has and whether it falls under regulation. Since building age and unit composition can differ across boroughs, applying the same judgment criteria from Staten Island to properties in Manhattan or Brooklyn could lead to misjudgments.

Management and maintenance costs should also be on your checklist. When outsourcing to a management company, 8 to 12 percent of the monthly rent goes to fees, and it's typical to set aside about 1 percent of the asset value annually for maintenance. Landlord insurance, which includes rental loss and liability coverage, is generally more expensive than standard homeowners insurance. Due to its accessibility via ferry to Manhattan, more investors have been turning their attention to Staten Island in recent years, making it all the more important to systematically check the previously mentioned items.

If you're aiming for long-term capital gains, it might be worth adding the 1031 exchange to your checklist. This provision allows you to defer capital gains tax by reinvesting in like-kind assets after a sale, with requirements outlined on irs.gov. This article is not investment or legal advice, and it's advisable to consult real estate and tax professionals before entering into any contracts.