Sell Your Commercial Property In Hempstead, NY

Who rents in Hempstead

The village had 58,801 residents and 17,108 occupied homes in the ACS 2020–2024 estimates; 8,989 were rented. Rent pressure is high: 54.1% of renter households pay 30% or more of income on rent and utilities, and about 2,520 pay half or more. Hofstra University adds a steady population, with 6,599 undergraduates, 2,679 graduate students, 837 law students and 428 medical students in fall 2025, and 2,636 employees.

Rents against HUD benchmarks

Hempstead's median rent is far below the HUD FY2026 Fair Market Rents for the Nassau-Suffolk area, which apply to Housing Choice Vouchers (HUD):

The apartment stock

Of 18,747 housing units, 8,167 (43.6%) are in buildings of five or more units: 774 in 5–9 unit buildings, 656 in 10–19, 1,446 in 20–49 and 5,291 in 50 or more (table B25024). Single-family homes account for 8,660 units. The stock is old: the median year built is 1958. The 1950s were the largest decade, with 4,078 units, followed by 3,516 built before 1940 and 3,064 in the 1970s, while only 1,027 date from 2010 or later (table B25034). Most mid-size and large rental buildings therefore fall in the age range ETPA was written for. Uniondale, West Hempstead and Roosevelt are separate Census places, so the figures here cover the village only.

Rent rules and taxes

HCR's Office of Rent Administration lists the Village of Hempstead as an ETPA municipality. Covered units must be registered with the state each year, with increases set by a local rent guidelines board rather than the market (HCR). Hempstead was not among the localities outside New York City that had opted into Good Cause Eviction as of May 4, 2026 (HCR). Nassau County's Department of Assessment values more than 423,000 properties; the next tentative roll comes January 4, 2027, with appeals to the Assessment Review Commission due by March 1, 2027. A sale carries the state's 0.4% transfer tax, paid by the seller (NYS Tax Department), and deposits are capped at one month's rent, with an itemized statement and refund due within 14 days of move-out (GOL § 7-108). Before a nonpayment case, a landlord must serve a written rent demand with at least 14 days' notice (RPAPL § 711).

What this means if you own a building here

In a 1950s or 1960s building, buyers will separate stabilized from free-market units and underwrite each on its legal path, so registration history matters. The gap between local rents and FMRs can help buildings with voucher tenants, and buyers will check how many leases depend on that program. Our cap rate calculator shows how small changes in net income move value. Skyline Capital Investments buys 5+ unit buildings in Hempstead; try our value calculator or request an offer.