Sell Your Commercial Property In New Rochelle, NY

Who rents in New Rochelle

New Rochelle had 82,769 residents and 31,684 occupied homes in the ACS 2020–2024 estimates. Renters occupied 14,660, or 46.3%, and owners 17,024. The median household income was $109,167, and the median gross rent was $1,917, above Yonkers ($1,784) and Mount Vernon ($1,629) (same release). It is also the only one of the three where owners outnumber renters: Yonkers is 53.8% renter and Mount Vernon 57.1%.

High incomes do not mean low rent burden. Of renter households, 49.0% spend 30% or more of income on rent, and 25.6%, about 3,760 households, spend half or more (table B25070). Another 3,422 households pay between 30% and 50%, while 2,947, about 20%, pay less than 20% of income, a tenant base that is more mixed than the median income suggests.

Iona University, on North Avenue, enrolls 3,389 undergraduates and 652 graduate students and reports new-student enrollment up 32% over the past two years, adding student and staff demand near the campus.

Downtown growth and new supply

New Rochelle adopted its Downtown Overlay Zone in December 2015, opening about 12 million square feet to development with approvals streamlined to 60 to 90 days and 10% of residential square footage required to be permanently affordable at 80% of area median income, according to Smart Growth America. By September 2019, 31 projects had been approved and more than 650 affordable units approved or under construction.

That wave now shows in the Census. The city's housing stock by year built (table B25034):

New Rochelle's 1,021 units from 2020 or later compare with 479 in Yonkers, a city two and a half times its size, and 140 in Mount Vernon (ACS 2020–2024). Still, 75.9% of the city's housing predates 1980 and the median year built is 1955. For owners of those older buildings, the new towers set a ceiling on what top-of-market renters will pay rather than a direct comparison.

The apartment stock

Of 32,792 housing units, 15,060 (45.9%) are in buildings with five or more units (table B25024). Large buildings dominate that group: 8,579 units are in buildings of 50 or more and 3,905 in buildings of 20 to 49, against 1,420 in 10 to 19 and 1,156 in 5 to 9. Single-family homes make up 13,883 units, and two- to four-unit buildings only 3,627, a far smaller small-multifamily segment than in Yonkers or Mount Vernon.

Rent stabilization and Good Cause

Westchester County lists New Rochelle among the municipalities that adopted the Emergency Tenant Protection Act, with a six-unit minimum in most adopting municipalities, and the Village of Ossining's ETPA guide says the vast majority of Westchester's ETPA units are in Yonkers, Mount Vernon and New Rochelle. For covered apartments, the Westchester County Rent Guidelines Board sets allowed increases on renewal and vacancy leases.

New Rochelle is also one of the municipalities outside New York City that opted into Good Cause Eviction, according to HCR's August 2026 notice, which lists a 345% of FMR threshold for municipalities without a different figure. For covered units, an increase above the lower of 10% or 5% plus CPI is presumptively unreasonable (HCR). The notice lists regional CPI of 3.15% to 3.38%, so the reference point for a covered renewal this year is a little over 8%. In practice, older buildings can carry stabilized units under the county board and unregulated units under Good Cause in the same rent roll.

Taxes and closing costs

New York assessments can be set at a fraction of market value, and the city assessor sets the value used for city, school and county taxes (NYS Tax Department). We could not verify a current New Rochelle tax rate from an official source for this profile, so use your latest bill when pricing a sale. The state transfer tax is 0.4% of the price, paid by the seller (NYS Tax Department). Deposits are capped at one month's rent and must be returned with an itemized statement within 14 days (GOL § 7-108).

What this means if you own a building here

A New Rochelle buyer will separate your rent roll into stabilized units, Good Cause units and any exempt units, then price each on its legal path forward. Clean DHCR registrations and documented capital work on a 1950s or 1960s building matter more than the downtown headlines. Our cap rate calculator helps test value on in-place net operating income. Skyline Capital Investments buys 5+ unit buildings in New Rochelle, from the West End to Wykagyl, and in Pelham; our seller page explains how we underwrite.