According to a recent report by real estate firm MNS Real Estate, the average rental price for a house/apartment in the western part of the Bronx continues to rise.
Average rents in the four Bronx neighborhoods examined in the report – Riverdale, Morris Heights/University Heights, Concourse/Highbridge and Mott Haven – rose from $2,389 in July 2023 to $2,547 in July 2024. During this period, prices for studios, one-bedrooms and two-bedrooms each increased.
Other districts were not analyzed in the report.
For studios in the four neighborhoods, the average rental price increased 2.77%, from $2,068 in 2023 to $2,126 in 2024. The July 2024 rental price was the highest for studios in a month since March 2024, when the average price was $2,169. Of the four Bronx neighborhoods examined in this report, Riverdale saw the largest year-over-year increase in rental prices, from $1,829 last year to $2,069 this year.
One-bedroom apartments saw the largest increase in average rent, with these apartments increasing 11.55%, from $2,302 in 2023 to $2,568 in 2024. This was the highest average rent price for a month in the last year. Morris Heights/University Heights saw the largest increase, rising from $1,800 last year to $2,352 this year.
For two-bedroom apartments, prices increased 5.38%, from $2,798 in 2023 to $2,949 in 2024. This was the highest average monthly rental price since November 2023, at $2,981. Riverdale also saw the largest increase in average rental price for this type of apartment, from $2,962 last year to $3,313 this year.
As of July 2024, Mott Haven had the most expensive housing units overall, with studios costing $2,466, one-bedrooms $2,873, and two-bedrooms $3,381.
Morris Heights/University Heights had the cheapest studios and two-bedrooms this month, with average rents of $1,803 and $2,550, respectively. Concourse/Highbridge had the cheapest one-bedrooms at $2,309.
