New York Apartment Building Loans
At Select Commercial, we offer New York apartment loan financing with competitive rates starting at 5.30%. Whether you're purchasing or refinancing, our low fees, fast approvals, and simple process make us a trusted source for apartment building loans throughout New York State.
Looking for a loan on a different commercial property type? Visit our New York commercial mortgage page. Or to compare current rates on every program we offer nationwide, see our commercial mortgage rate chart.
New York Apartment Loan Rates
Below are our current New York apartment loan rates for properties between $1.5 million and $6 million. Looking for a larger loan? We also offer multifamily loan programs for New York properties over $6 million.
| NY Apartment Loans ($1,500,000 - $6,000,000) | Free Loan Quote | ||
|---|---|---|---|
| Loan Type | Rate* | LTV | |
| Apartment Loan 5 Yr Fixed | 5.70% | Up to 80% | |
| Apartment Loan 7 Yr Fixed | 5.74% | Up to 80% | |
| Apartment Loan 10 Yr Fixed | 5.80% | Up to 80% | |
*Rates start as low as the rates stated here. Your rate, LTV, and amortization will be determined by underwriting.
Want a personalized quote? Click here to request a customized loan quote for your New York apartment property.
Why Choose Select Commercial for Apartment Loans
Why Choose Select Commercial?
What sets Select Commercial apart from traditional lenders and large banks? In this short video, we highlight the key reasons apartment building investors choose to work with us for New York apartment loans between $1.5 million and $6 million. We also actively finance multifamily loans exceeding $6 million.
Here’s what the video touches on:
- No upfront application or processing fees
- Fast written pre-approvals often within 24 hours
- Access to a wide range of apartment lenders, not just one bank
- Loan structures tailored to your property and investment goals
Apartment Property Types We Finance in New York
At Select Commercial, we arrange financing for a wide range of New York apartment buildings, from smaller 5+ unit walkups to large portfolios of rental properties. Whether your property is urban, suburban, or mixed-use, we can help you secure the right loan structure based on your investment goals.
- Urban mid-rise and high-rise apartment buildings
- Suburban garden-style apartment complexes
- Small apartment buildings with 5+ units
- Mixed-use properties with residential and limited commercial space
- Underlying co-op apartment building loans
- Portfolios of small multifamily or single-family rental properties
- Stabilized buildings with strong cash flow and rent history
If you're not sure whether your property qualifies, contact us for a free quote and we'll review your deal and let you know within 24 hours.
2026 Manhattan NYC Apartment Loan Market Overview
Manhattan is the highest-rent, highest-barrier apartment market in the United States and the primary reference point for New York apartment loans across the five boroughs. The borough has a population of approximately 1,664,214 residents as of 2026 with a median household income of approximately $103,931. There are approximately 571,801 renter-occupied households in Manhattan, representing 75% of all occupied housing units, the highest renter-occupied share of any major borough. The average apartment rent in Manhattan is approximately $5,501 per month as of March 23, 2026, up 14.5% year-over-year, and the median one-bedroom rent stands at approximately $4,393 per month. New York City heads into 2026 with a supply backdrop that is expected to be the most favorable in years, with approximately 15,000 units delivering citywide and Brooklyn absorbing most of the pullback. Even as policy uncertainty and weaker household growth create underwriting friction, Manhattan's 2.8% vacancy rate remains extraordinarily tight by national standards and continues to anchor demand for apartment building loans across the borough.
Employment Outlook Remains Positive, But Slower
Employers citywide are projected to add approximately 25,000 jobs in 2026, roughly half of the prior year's total. Even with the slowdown, New York City's 0.5% job growth rate is still expected to rank second among major Northeast metros. Manhattan's finance, technology, media, and professional services sectors continue to provide a diversified and high-income employment base that supports renter demand across mid-tier and luxury New York apartment loan properties.
Construction Pullback Is the Big Story
Deliveries citywide in 2026 are forecast to be the lowest total in over a decade, with supply growth slowing to approximately 0.7% and roughly 15,000 units delivering. Brooklyn is expected to absorb most of the pullback, receiving approximately 9,000 fewer units than last year. For Manhattan specifically, the contraction in the construction pipeline is expected to reduce competitive lease-up pressure on stabilized assets and support occupancy improvement heading into 2027. The HUD 2025 Area Median Income for the New York City region is approximately $145,800 for a three-person family, reflecting the extremely high regional income floor that underpins apartment building loans across the borough.
Vacancy Expected to Lift Slightly
Sluggish job growth and broader economic headwinds are expected to temper demand, lifting vacancy slightly by approximately 20 basis points to roughly 2.8%. Even with the uptick, Manhattan vacancy remains one of the lowest among major U.S. metros, and that floor is a critical factor when structuring a New York City apartment building loan. Approximately 3,925 properties in Manhattan carry subsidized units as of 2024, and 213 properties have subsidies expiring between 2025 and 2030, creating both repositioning risk and opportunity for investors evaluating regulated versus unregulated product.
Rent Growth Holds Below 3% Again
Easing new supply may support upper-tier rents, but softer leasing activity is expected to keep overall citywide growth below 3% for a fifth straight year. Average effective rent citywide is projected near $3,190 per month in 2026, up approximately 2.1%. In Manhattan specifically, the average apartment rent reached approximately $5,501/month as of March 23, 2026, with studios averaging $4,208/month, one-bedrooms averaging $5,379/month, and two-bedrooms averaging $7,460/month. The Lincoln Square submarket commands some of the highest rents in the borough at approximately $6,694/month, while East Harlem represents the most affordable entry point at approximately $3,714/month. These conditions support a more measured underwriting stance for New York apartment loans with added emphasis on regulatory exposure and unit mix.
2026 New York City Apartment Loan Market Forecast
- Employment Growth: About 25,000 jobs added citywide in 2026 (approximately +0.5%).
- Construction Trends: About 15,000 units projected for delivery, with supply growth near 0.7% and a major pullback concentrated in Brooklyn.
- Vacancy: Vacancy projected near 2.8%, increasing by approximately 20 bps.
- Rent: Average effective rent citywide projected near $3,190 per month, up approximately 2.1%; Manhattan borough average approximately $5,501/month.
New York City ranks near the middle of major markets as policy uncertainty and weak household growth offset the benefit of declining construction activity. In prime Manhattan areas, leasing remains firm and the sharp drop in 2026 deliveries should help maintain steady fundamentals even if job and immigration growth come in softer than expected.
For investors evaluating New York City apartment building loans, 2026 underwriting may place added weight on regulatory exposure, rent collection history, and expense discipline, especially for lower-tier and rent-regulated product. Assets outside the main rent-regulation regime are expected to draw more investor interest as capital looks to reduce regulatory headwinds. Manhattan's 75% renter-occupied rate, one-bedroom median of approximately $4,393/month, and extraordinarily low vacancy floor continue to support long-term fundamentals for New York apartment loans across the borough's diverse submarket spectrum, from Inwood's entry-level product to Hudson Square's premium tier.
2026 Brooklyn Apartment Loan Market Overview
Brooklyn is New York's most populous borough and one of the strongest locations in the city for New York apartment loans, especially for investors targeting 5+ unit properties under $6 million. The borough has a population of approximately 2,649,269 residents as of 2026 with a median household income of approximately $80,263. There are approximately 684,914 renter-occupied households in Brooklyn, representing 70% of all occupied housing units. The average apartment rent in Brooklyn reached approximately $4,228 per month as of March 23, 2026, up 22.4% year-over-year, and the median rent hit a record $4,296 per month in February 2026 before settling at approximately $4,150 per month in March 2026, still up 4% annually. With listings falling approximately 8% annually and leasing activity in March reaching the strongest month since 2021, Brooklyn continues to attract buyers seeking stable rental demand and long-term appreciation through Brooklyn apartment loans.
Brooklyn Apartment Loan Rates and Financing in 2026
Financing conditions for Brooklyn apartment loans remain active in 2026, although lenders continue to underwrite carefully given property condition, mixed-use exposure, insurance costs, and New York City's unique operating expense profile. Brooklyn's homeownership rate of approximately 28.7% as of 2023, below the citywide average of 32.5%, ensures that the overwhelming majority of the borough's housing stock remains in the rental market. Brooklyn has approximately 5,036 properties with subsidized units as of 2024, with 248 properties carrying subsidies expiring between 2025 and 2030, creating repositioning opportunities for investors pursuing New York apartment loans in assets transitioning out of regulatory programs. Select Commercial helps investors arrange financing through agency, bank, debt fund, and private lending channels for stabilized and value-add apartment properties throughout Brooklyn.
Trends in the Brooklyn NYC Apartment Market
The Brooklyn apartment market continues to benefit from record or near-record rents, sharply declining listing inventory, and leasing activity that reached a multi-year high in March 2026. Approximately 54% of all Brooklyn rentals are family households, with 28% including children under 18, reflecting a stable, longer-tenancy renter base that underpins consistent demand across asset classes. Renters in the 25 to 34 age group make up the largest share of the renter pool at 24%, followed by the 35 to 44 age group at 21%. Approximately 40% of Brooklyn renters hold bachelor's degrees or higher. Investors remain focused on neighborhoods where older pre-war housing stock, strong leasing demand, and long-term neighborhood momentum support acquisitions under $6 million, particularly in areas where the contraction in new supply citywide is expected to reduce competitive pressure on existing assets.
Brooklyn Rent Levels in 2026
Brooklyn's median rent reached a record $4,296 per month in February 2026, up 7.4% year-over-year, before settling at approximately $4,150 per month in March 2026, still up 4% annually. The RentCafe average across all tracked Brooklyn units stands at approximately $4,228 per month as of March 23, 2026. By unit type: studios average approximately $3,486/month, one-bedrooms average approximately $4,049/month, two-bedrooms average approximately $5,160/month, and three-bedrooms average approximately $5,595/month. Approximately 84% of all Brooklyn rentals are priced above $3,000 per month. Two-bedroom units make up the largest share of the inventory at approximately 37% of all units. For borrowers seeking New York apartment loans, Brooklyn's rent strength can help support debt-service coverage on stabilized assets, particularly in neighborhoods with durable tenant demand and limited inventory.
Apartment Supply and Demand in Brooklyn NYC
Supply remains tight across Brooklyn with active listings falling approximately 8% year-over-year as of March 2026. Brooklyn is expected to absorb the majority of the citywide construction pullback in 2026, receiving approximately 9,000 fewer units than last year. Approximately 46% of Brooklyn's entire rental stock was built before 1939, giving the borough the largest pre-war rental inventory of any New York City borough and creating a deep pipeline of value-add and repositioning opportunities. The imbalance between tightening supply and sustained leasing demand, which saw its strongest March since 2021, helps support occupancy and rent growth across asset classes. For lenders and borrowers evaluating Brooklyn apartment loans, this supply-demand dynamic continues to make Brooklyn one of the most important markets for New York apartment loan activity citywide.
Opportunities for Apartment Investment in Brooklyn
Investors looking for Brooklyn apartment loans are often focused on 5+ unit walk-up buildings, smaller mixed-use properties, and pre-war apartment assets that can benefit from improved management, selective renovation, or long-term hold strategies. Brooklyn's diversity of neighborhoods gives borrowers significantly more flexibility than tighter Manhattan submarkets while still capturing strong renter demand and long-term appreciation. Active listings rose approximately 6% year-over-year in February 2026, giving investors slightly more options than in prior years while median rents simultaneously hit all-time records, a combination that reflects normalizing transaction velocity rather than any weakening in underlying fundamentals.
Popular Brooklyn NYC Neighborhoods for Apartment Building Investment
For borrowers seeking New York apartment loans under $6 million, several Brooklyn neighborhoods continue to stand out for smaller apartment building and mixed-use opportunities. The borough's pre-war housing stock is concentrated across a wide range of submarkets, from established neighborhoods near the waterfront to inland communities with growing restaurant and retail corridors.
- Bushwick
- Crown Heights
- Bedford-Stuyvesant
- Flatbush
- Sunset Park
- Bay Ridge
- Kensington
Financing a Brooklyn Apartment Loan with Select Commercial
Select Commercial provides tailored financing solutions for investors seeking New York apartment loans in Brooklyn under $6 million. We understand the challenges of financing apartment properties in urban markets with mixed-use components, older building stock, and property-specific underwriting issues. Whether you are acquiring, refinancing, or repositioning a Brooklyn apartment building, we can help structure a loan that fits your investment goals.
Contact Select Commercial today to discuss your financing needs and explore competitive Brooklyn apartment loan options for your next New York City investment property.
2026 Queens Apartment Loan Market Overview
Queens is New York City's second-largest borough by population and carries the second most expensive rents of any of the five boroughs, making it one of the most active markets for New York apartment loans, especially for investors targeting 5+ unit properties under $6 million. The borough has a population of approximately 2,349,330 residents as of 2026 with a median household income of approximately $86,136, the third-highest among NYC's boroughs. There are approximately 447,709 renter-occupied households in Queens, representing 55% of all occupied housing units. The average apartment rent in Queens reached approximately $4,401 per month as of February 21, 2026, and the current median rent is approximately $4,194 per month, with year-over-year rent growth of approximately 5.01% across tracked unit types. Queens added approximately 57,362 new housing units from 2010 to 2024, with 8,067 certificates of occupancy issued in 2024 alone, yet transit-oriented demand continues to outpace available supply in key submarkets, supporting consistent Queens apartment loan activity across the borough.
Queens Apartment Loan Rates and Financing in 2026
Financing conditions for Queens apartment loans remain active in 2026, although lenders continue to underwrite carefully based on property condition, mixed-use exposure, operating expenses, and borrower experience. Queens carries a relatively modest subsidized housing exposure compared to other boroughs, with approximately 634 properties with subsidized units as of 2024 and only 22 properties with subsidies expiring between 2025 and 2030, limiting regulatory repositioning complexity for most investors. The borough's median home value is approximately $699,200 in the owner-occupied segment, and the HUD 2025 Area Median Income for the New York City region is approximately $145,800 for a three-person family. Select Commercial helps investors arrange New York apartment loans through agency, bank, debt fund, and private lending channels for stabilized and value-add apartment properties throughout Queens.
Trends in the Queens NYC Apartment Market
The Queens apartment market benefits from sustained demand across transit-oriented neighborhoods, a highly diverse and growing population, and more accessible entry-point pricing than Manhattan or large portions of Brooklyn. Queens is NYC's most racially diverse borough, with approximately 26.1% Asian, 28.1% Hispanic, 16.4% Black, and 23.2% White residents as of 2023, reflecting the deep workforce and family household demand base that anchors long-term rental stability. Approximately 61% of all Queens rentals are family households, with 30% including children under 18, supporting longer average tenancies and consistent renewal rates. Renters in the 35 to 44 age group make up the largest share of the renter pool at 22%, reflecting a more established, longer-tenure renter demographic than most other boroughs. These dynamics continue to support acquisition and refinancing activity for New York apartment loans across Queens' diverse submarket spectrum.
Queens Rent Levels in 2026
Apartment rents in Queens remain strong in 2026 and continue to support investor interest in Queens apartment loans. The RentCafe average across all tracked Queens units stands at approximately $4,401 per month as of February 21, 2026. The MNS Queens Rental Market Report through February 2026 shows the borough average at approximately $3,076 per month for tracked market-rate units across tracked neighborhoods, up approximately 5.01% year-over-year. By unit type per the MNS report: studios average approximately $2,525/month (up 5.15% year-over-year), one-bedrooms average approximately $2,928/month (up 3.44% year-over-year), and two-bedrooms average approximately $3,774/month (up 6.16% year-over-year). Long Island City commands the highest rents in the tracked market, while Jackson Heights offers the most affordable one- and two-bedroom entry points. For borrowers seeking New York apartment loans, Queens' rent strength and more moderate acquisition pricing relative to Brooklyn and Manhattan can help improve debt-service coverage on stabilized assets.
Apartment Supply and Demand in Queens NYC
Supply conditions in Queens remain active but broadly balanced, with approximately 3,240 new residential permits issued in 2024 and 8,067 certificates of occupancy granted, reflecting a market working through its pipeline. Approximately 27% of Queens' rental stock was built before 1939, and 18% was built in the 1950s, providing a substantial inventory of vintage pre-war and post-war walk-up buildings that represent the core of New York apartment loan activity under $6 million. Two-bedroom units make up the largest share of rental inventory at approximately 37% of all units, consistent with Queens' family-oriented rental base. For lenders and borrowers, Queens continues to stand out as an important and accessible part of the broader New York City apartment market, with transit access to Manhattan employment and below-Manhattan rent levels driving consistent occupancy across asset classes.
Opportunities for Apartment Investment in Queens
Investors looking for Queens apartment loans are often focused on 5+ unit walk-up buildings, smaller mixed-use properties, and older pre-war and post-war apartment assets that can benefit from improved management, selective renovation, or long-term hold strategies. Queens offers a wider range of neighborhood-level price points than Manhattan or prime Brooklyn, giving borrowers more flexibility across acquisition budgets while still capturing strong renter demand from one of the most densely populated and economically diverse boroughs in the United States. The largest income group in Queens, representing approximately 34.7% of all households, earns between $100,001 and $250,000, reflecting a professionally employed renter base with solid payment capacity.
Popular Queens NYC Neighborhoods for Apartment Building Investment
For borrowers seeking New York apartment loans under $6 million, several Queens neighborhoods continue to stand out for smaller apartment building and mixed-use opportunities. Transit access, neighborhood diversity, and below-Manhattan pricing make these submarkets particularly active for investors in the 5+ unit space.
- Jackson Heights
- Elmhurst
- Woodside
- Ridgewood
- Jamaica
- Sunnyside
- Flushing
Financing a Queens Apartment Loan with Select Commercial
Select Commercial provides tailored financing solutions for investors seeking New York apartment loans in Queens under $6 million. We understand the challenges of financing apartment properties in urban markets with mixed-use components, older building stock, and property-specific underwriting issues. Whether you are acquiring, refinancing, or repositioning a Queens apartment building, we can help structure a loan that fits your investment goals.
Contact Select Commercial today to discuss your financing needs and explore competitive Queens apartment loan options for your next New York City investment property.
2026 Bronx Apartment Loan Market Overview
The Bronx is New York City's fourth-largest borough by population and its most accessible entry point for New York apartment loans, especially for investors targeting 5+ unit properties under $6 million. The borough has a population of approximately 1,406,612 residents as of 2026 with the highest renter-occupied rate of any New York City borough. There are approximately 425,000+ renter-occupied households in the Bronx, representing approximately 80% of all occupied housing units, the most renter-concentrated borough in the city. The median rent across all Bronx property types is approximately $3,058 per month as of March 2026, and median asking rents have risen approximately 61.4% over the past six years, one of the sharpest appreciation trajectories of any major NYC borough. Despite lower absolute rent levels than Manhattan, Brooklyn, and Queens, the Bronx's combination of below-market acquisition pricing, very tight vacancy, and steep long-term rent appreciation makes it one of the most compelling value-oriented targets for Bronx apartment loans in New York City.
Bronx Apartment Loan Rates and Financing in 2026
Financing conditions for Bronx apartment loans remain active in 2026, although lenders continue to underwrite carefully based on property condition, rent history, operating expenses, and mixed-use exposure. The Bronx added approximately 51,502 new housing units from 2010 to 2024, with approximately 35,266 of those units income-restricted, reflecting the borough's heavily subsidized housing landscape. Approximately 4,286 properties carry subsidized units as of 2024, with 156 properties carrying subsidies expiring between 2025 and 2030, creating both underwriting complexity and repositioning opportunity for investors pursuing New York apartment loans in the Bronx. New residential permits fell to approximately 3,125 units in 2024, down 1,735 from 2023, signaling a contracting pipeline that should support occupancy improvement on stabilized assets. Select Commercial helps investors arrange financing through agency, bank, debt fund, and private lending channels for stabilized and value-add apartment properties throughout the Bronx.
Trends in the Bronx NYC Apartment Market
The Bronx apartment market benefits from extremely tight vacancy, a large and growing renter base, and the steepest long-term rent appreciation trajectory among the five boroughs. The rental vacancy rate in the Bronx was approximately 2.1% as of 2023 per the NYU Furman Center, one of the tightest vacancy readings in the country. The borough's population is approximately 55% Hispanic, 29% Black, and 8.7% White as of 2023, reflecting a deeply working-class and lower-income renter base where approximately 8.5% of rental units are public housing as of 2024. Approximately 34.7% of renter households in the Bronx were severely rent burdened as of 2023, underscoring both the affordability pressure and the structural permanence of renter demand that supports New York apartment loan activity. Buyers remain focused on neighborhoods where healthcare employment, transit access, and neighborhood reinvestment support long-term occupancy without requiring speculative lease-up assumptions.
Bronx Rent Levels in 2026
Apartment rents in the Bronx remain firm in 2026 and continue to support investor interest in Bronx apartment loans. The median rent across all Bronx property types is approximately $3,058 per month as of March 2026. The Rentometer market average as of April 8, 2026 shows: studios averaging approximately $2,151/month, one-bedrooms averaging approximately $2,309/month, two-bedrooms averaging approximately $2,786/month, and three-bedrooms averaging approximately $3,536/month. Median asking rents rose approximately 61.4% over the past six years and approximately 1.0% year-over-year as of Q2 2025. For borrowers seeking New York apartment loans, the Bronx offers a strong balance of below-Manhattan rent levels and more moderate acquisition pricing, which can support competitive initial yields on stabilized assets while capturing long-term rent appreciation.
Apartment Supply and Demand in Bronx NYC
Supply remains tight across the Bronx. The borough's rental vacancy rate of approximately 2.1% as of 2023 reflects one of the most constrained rental markets in New York City, and new certificates of occupancy fell to approximately 6,552 units in 2024, down approximately 3,452 from 2023, signaling a meaningfully contracting pipeline heading into 2026. Approximately 90.9% of Bronx rental units are affordable at 80% of Area Median Income as of 2023, reflecting the borough's predominantly workforce-oriented housing stock. Two-bedroom units command strong demand, consistent with the borough's large family household and working-parent demographic. This ongoing imbalance between tight supply and durable renter demand makes the Bronx an important and often underappreciated part of the broader New York apartment loan market for investors comfortable with the borough's operating environment.
Opportunities for Apartment Investment in the Bronx
Investors looking for Bronx apartment loans are often focused on 5+ unit walk-up buildings, smaller elevator buildings, mixed-use properties, and older apartment assets that can benefit from improved management, selective renovation, or long-term hold strategies. The Bronx offers lower acquisition pricing than any other Manhattan-adjacent borough, creating opportunities to enter at favorable yields while capturing the borough's documented long-term rent appreciation of approximately 61.4% over six years. Healthcare and social services represent approximately 36.1% of Bronx employment, anchored by Montefiore Medical Center, Lincoln Hospital, and BronxCare Health System, providing a durable workforce renter base across submarkets.
Popular Bronx NYC Neighborhoods for Apartment Building Investment
For borrowers seeking New York apartment loans under $6 million, several Bronx neighborhoods continue to stand out for smaller apartment building and mixed-use opportunities. Transit access to Manhattan, proximity to major healthcare employers, and below-city-average acquisition pricing make these submarkets active for 5+ unit investors.
- Mott Haven
- Fordham
- Kingsbridge
- Belmont
- University Heights
- Morris Park
- Soundview
Financing a Bronx Apartment Loan with Select Commercial
Select Commercial provides tailored financing solutions for investors seeking New York apartment loans in Bronx NYC under $6 million. We understand the challenges of financing apartment properties in urban markets with older building stock, mixed-use components, and property-specific underwriting issues. Whether you are acquiring, refinancing, or repositioning a Bronx apartment building, we can help structure a loan that fits your investment goals.
Contact Select Commercial today to discuss your financing needs and explore competitive Bronx apartment loan options for your next New York City investment property.
2026 Staten Island Apartment Loan Market Overview
Staten Island is New York City's smallest and most suburban borough, offering a distinct profile for New York apartment loans compared to the other four boroughs. The borough has a population of approximately 503,008 residents as of 2026, growing at approximately 0.34% annually, with the second-highest median household income of any NYC borough at approximately $98,333. Approximately 32% of Staten Island's occupied housing units are renter-occupied, the lowest renter rate in the city, yet those approximately 53,000+ renter households benefit from a high-income, stable tenant base. The median rent across all Staten Island property types is approximately $3,085 per month as of February 2026, up approximately 19% year-over-year, and rents have risen approximately 40%+ since 2019 across the borough. Staten Island's combination of limited apartment inventory, the city's second-highest household income, and below-Manhattan acquisition pricing continues to support steady demand for Staten Island apartment loans among investors who understand the borough's unique market characteristics.
Staten Island Apartment Loan Rates and Financing in 2026
Financing conditions for Staten Island apartment loans remain active in 2026, although lenders underwrite carefully given the borough's lower apartment density, neighborhood-specific demand, and mixed-use exposure. Staten Island is the least-developed apartment market in New York City, having added only approximately 1,808 new housing units from 2010 to 2024, of which just 554 were market rate. New building permits fell to only approximately 326 residential units in 2024, and only approximately 814 certificates of occupancy were issued, making it by far the most supply-constrained new construction borough in the city. Staten Island carries approximately 126 properties with subsidized units as of 2024, the fewest of any borough, with only 13 properties carrying subsidies expiring between 2025 and 2030, meaning regulatory complexity is minimal for most investors pursuing New York apartment loans here. Select Commercial helps investors arrange financing through agency, bank, debt fund, and private lending channels for stabilized and value-add apartment properties throughout Staten Island.
Trends in the Staten Island NYC Apartment Market
The Staten Island apartment market benefits from a high-income, ownership-oriented population base that creates consistent renter demand among households not yet ready to purchase in one of the most expensive owner-occupied markets in the city. The borough's median household income of approximately $98,333 is the second-highest in New York City, and approximately 38.8% of households earn between $100,001 and $250,000, reflecting a professionally employed renter profile with strong payment capacity. The borough's median age of approximately 40.6 years is the highest in New York City alongside Queens, reflecting a mature, established tenant base with low turnover. With approximately 67.8% homeownership, the available rental pool is limited relative to the size of the borough's population, supporting consistent occupancy for well-maintained apartment assets. These characteristics continue to attract investors seeking New York apartment loans in a lower-competition, higher-income suburban environment within New York City.
Staten Island Rent Levels in 2026
Apartment rents in Staten Island have risen sharply in 2026 and continue to support investor interest in Staten Island apartment loans. The median rent across all property types is approximately $3,085 per month as of February 2026, up approximately 19% year-over-year. By unit type per current listing data: studios average approximately $2,668/month, one-bedrooms average approximately $2,762/month, two-bedrooms average approximately $3,300/month, and three-bedrooms average approximately $3,425/month. Staten Island carries the fourth most expensive rents among the five boroughs per the NYU Furman Center, sitting above the Bronx and below Queens. For borrowers seeking New York apartment loans, Staten Island offers an attractive pairing of the city's second-highest household income, below-Manhattan acquisition pricing, and accelerating rent growth that supports competitive initial yields on stabilized assets.
Apartment Supply and Demand in Staten Island NYC
Supply in Staten Island is the most constrained of any borough relative to its population. With only approximately 326 new residential permits issued in 2024 and only 814 certificates of occupancy granted, Staten Island's apartment pipeline is negligible compared to the other four boroughs. The borough added only approximately 554 market-rate units across the entire 14-year period from 2010 to 2024, creating a structural supply shortage that supports long-term occupancy and rent growth for existing stabilized assets. The vacant-for-rent rate in Staten Island is approximately 2.3%, reflecting a tight but not crisis-level availability environment. For borrowers pursuing New York apartment loans in Staten Island, the combination of minimal new supply, a high-income renter base, and accelerating rent growth provides a constructive long-term underwriting backdrop.
Opportunities for Apartment Investment in Staten Island
Investors looking for Staten Island apartment loans are often focused on 5+ unit low-rise apartment buildings, smaller mixed-use properties, and older apartment assets that can benefit from improved management, selective renovation, or long-term hold strategies. Staten Island offers borrowers a meaningfully different opportunity within the broader New York apartment loan market, with very limited institutional competition, a high-income tenant base, and rent growth that is now running approximately 19% year-over-year, one of the strongest near-term appreciation stories of any NYC borough. The borough's approximate 43-minute average commute to Manhattan is longer than other boroughs, but the trade-off in space, suburban lifestyle, and relative affordability continues to attract a stable, long-tenancy renter base.
Popular Staten Island NYC Neighborhoods for Apartment Building Investment
For borrowers seeking New York apartment loans under $6 million, several Staten Island neighborhoods continue to stand out for smaller apartment building and mixed-use opportunities. The North Shore neighborhoods near the Staten Island Ferry provide the best Manhattan commute access, while Mid-Island and South Shore areas attract renters seeking more space and suburban amenities.
- St. George
- Great Kills
- Tottenville
- New Dorp
- West Brighton
- Port Richmond
- Rosebank
Financing a Staten Island Apartment Loan with Select Commercial
Select Commercial provides tailored financing solutions for investors seeking New York apartment loans in Staten Island under $6 million. We understand the challenges of financing apartment properties in a lower-density urban market with neighborhood-specific demand, mixed-use components, and property-specific underwriting issues. Whether you are acquiring, refinancing, or repositioning a Staten Island apartment building, we can help structure a loan that fits your investment goals.
Contact Select Commercial today to discuss your financing needs and explore competitive Staten Island apartment loan options for your next New York City investment property.
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Why New York Borrowers Choose Select Commercial
Thousands of apartment building investors trust Select Commercial for our direct, transparent approach and proven expertise in the New York apartment loan market. We're not just brokers, we provide personalized service, fast answers, and access to top institutional lenders without the bureaucracy of traditional banks.
- Over 30 years of apartment loan experience with a national platform
- No upfront fees and fast pre-approvals, often within 24 hours
- Direct access to top lenders offering aggressive terms
- Dedicated support from quote to closing
Want to see why so many clients return to us for their next deal? Start with a free quote – we'll review your scenario and respond quickly.
Our Reviews
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 featured in leading industry publications. Below are his latest contributions, offering deep analysis on the multifamily financing landscape and current market dynamics.
Inflation's Current Impact on Multifamily
In an article featured in Multi-Housing News, Sobin explains how commercial mortgage rates continue to challenge investors, with elevated inflation depressing real estate market activity. Read the full article.
Will the July Jobs Report Pressure the Fed to Act?
Sobin noted in Multi-Housing News that unemployment hit a three-year high and job creation slowed significantly, factors that could push the Fed to reconsider future rate hikes. Read the full article.
Persistent Inflation and Its Effects on CRE
In Multi-Housing News, Sobin acknowledges that while inflation remains a concern, a softening CPI is a promising signal for the industry. Read the full article.
Commercial Spotlight: Mid-Atlantic Region
Featured in Scotsman Guide, Sobin outlines how shifting investor interest is impacting New York and other Mid-Atlantic markets. Read the full article.
What the New Jobs Report Means for CRE
In Commercial Property Executive, Sobin offers perspective on economic uncertainty and buyer-seller hesitancy across the commercial real estate market. Read the full article.
Decoding "Junk Fees" in Rental Housing
In Multi-Housing News, Sobin helps clarify the difference between legitimate third-party fees and misleading “junk fees.” Read the full article.
Understanding the Impact of Federal Reserve's Decisions
In Multi-Housing News, Sobin forecasted the Fed's rate pause, citing recession concerns and recent bank instability. Read the full article.
Stay tuned for more expert insights from Stephen A. Sobin as he continues to share his expertise on multifamily finance across New York and beyond.
New York Apartment Market Snapshot (2025)
Average Rent by Borough:
- Manhattan: $5,778
- Brooklyn: $3,424
- Queens: $3,160
- Bronx: ~$2,200
- Staten Island: ~$1,950
- Citywide Average: $5,194 (up 7% from December 2023)
Vacancy Rates (2025):
- Citywide Net Rental Vacancy Rate: 1.41%
- Rent-Stabilized Units: 0.98%
- Market-Rate Units: 1.84%
- By Borough:
- Manhattan: 2.33%
- Brooklyn: 1.27%
- Queens: 0.88%
- Bronx: 0.82%
Key 2025 Trends:
- New rental inventory expected to increase by 85%, adding ~34,800 apartments
- NYC leads in office-to-residential conversions: 8,310 units (up 59%)
- Over 2,000 rent-stabilized apartments are facing foreclosure due to financial distress
Frequently Asked Questions About New York Apartment Loans
New York apartment loan rates vary depending on several factors such as loan-to-value ratio (LTV), property type, borrower experience, and market conditions. As of 2025, rates remain elevated due to ongoing inflation concerns, but borrowers with strong credit and high-quality assets can still find competitive pricing. Check our latest apartment loan rates for current updates.
Most lenders require a DSCR of at least 1.25, good borrower credit, net worth, liquidity, and experience. Loan-to-value ratios in 2025 typically range from 65% to 75%, due to elevated interest rates. Properties with strong occupancy and clean financials stand a better chance of qualifying.
Most lenders require 20% to 25% down for apartment loans in New York. For stronger properties or experienced borrowers, higher leverage might be available. Owner-occupied commercial properties may qualify for up to 90% financing through certain programs.
A qualified broker like Select Commercial can present your loan to many different capital sources, including banks, credit unions, CMBS, agency lenders, and private funds. This increases the odds of approval and helps you secure the most favorable terms available.
The process starts with gathering financials like a rent roll, trailing 12-month income and expense statement, borrower resume, and net worth statement. A mortgage broker will analyze your documents and match you with the best lending program. Start with a Free Quote today.
In 2025, many existing apartment loans are maturing with rates far below today’s market. Refinancing may require borrowers to inject cash or seek equity partners. We recommend flexible terms with low prepay penalties so you can refinance again if rates drop.
Absolutely. While this page focuses on apartment loans under $6 million, Select Commercial also arranges larger balance loans for qualified borrowers. Visit our multifamily loan page for options over $6 million.
Agency Small Balance Apartment Loan Programs
In addition to bank and private capital loans, Select Commercial helps borrowers access top agency small balance loan programs. These include:
- Fannie Mae® Small Loan Program – Designed for properties with 5+ units and loans from $1M to $6M
- Freddie Mac® Small Balance Loan (SBL) Program – Streamlined financing up to $7.5M
- Multifamily Loans Over $6 Million – Visit our dedicated New York large-balance loan page
These programs offer competitive fixed rates, non-recourse options, and simplified processing for qualified borrowers.