A family living on Staten Island received a notice from their landlord during the renewal period. The notice stated that the rent would be significantly increased all at once. In their search for a new place to move, they began to wonder if buying a home might be a better option. In fact, inquiries about this have been increasing recently on Staten Island.

There are three key points to check in order. First is the home prices. According to PropertyShark and local real estate data, the median sale price on Staten Island for the second quarter of 2026 is between $742,000 and $750,000. The year-over-year increase is around 0.6 to 1.7 percent, showing a gradual and stable trend.

Next is the rent. As of August 2026, the average rent on Staten Island is $3,000 per month, according to Zumper's data. This represents a double-digit percentage increase compared to the previous year. For one-bedroom apartments, the average rent is reported to be around $1,950 per month. In either case, the rate of rent increase is noticeably faster than the rate of home price increases.

Finally, we look at the price-to-rent ratio, which is calculated by dividing the sale price by the annual rent. Dividing $750,000 by an annual rent of $36,000 gives a ratio of about 20.8. When this number exceeds 20, it is generally considered more favorable to buy rather than rent in the industry.

This aspect is advantageous, but it also comes with its own burdens. Staten Island has the highest proportion of single-family homes among the five boroughs of New York. While switching to buying a home alleviates concerns about rent increases, it introduces fixed costs such as property taxes, homeowners insurance, and maintenance fees. Notably, property taxes in New York State vary by county, so it is essential to check each listing directly.

Within Staten Island, the North Shore and South Shore have different atmospheres. The North Shore, which has easy access to Manhattan via ferry, sees steady demand for rentals, while the South Shore, with a higher proportion of single-family homes, has greater demand for owner-occupied sales. Depending on which area of Staten Island you consider, the advantages and disadvantages of buying versus renting can vary.

When receiving a notice of a rent increase, it may be wise to first check the increase clause in the renewal contract and the local rent guidelines rather than immediately deciding to move. If the increase is excessively high, there may be room for negotiation. It is advisable to follow these steps carefully before hastily deciding to buy.

Due to the unique condition of ferry commuting, Staten Island often experiences different market trends compared to other boroughs. Since the accessibility to Manhattan affects both rent and home prices, relying solely on the overall market trends in New York could lead to misconceptions. It is important to develop a habit of checking the specific trends in this neighborhood.

From the landlord's perspective, a significant rent increase is often due to rising holding costs such as property taxes or insurance. While tenants may feel unfairly treated, understanding the reasons behind the increase can help assess whether there is room for negotiation.

If you do not have enough for a down payment, there is no need to rush into buying. Instead, check if there are clauses in the rental agreement that limit the increase upon renewal, or if the building is subject to rent stabilization. New York City has tenant protection provisions related to rent regulations, so checking before signing a contract can be beneficial.

If you are certain about staying in the area long-term and have prepared a down payment, considering buying a home may be worthwhile just to escape the cycle of repeated rent increases. Conversely, if you might need to move within a few years due to work or family circumstances, negotiating the rent increase or moving to another property may be more flexible.

This article is not investment or legal advice, and it is recommended to consult with a professional regarding tenant rights and contract terms before entering into any agreements.