Rental prices dip in select Bronx neighborhoods despite surge in studio prices: report

average rental price
File photo
File photo by Sasha Maslov

The average rental prices in four Bronx neighborhoods—Concourse/Highbridge, Morris Heights/University Heights, Mott Haven and Riverdale—experienced little change in December 2024 compared to the previous year, according to a report released by the real estate firm M.N.S. Real Estate.

Across studios, one-bedroom, and two-bedroom apartments in these areas, the average rental price decreased by 0.95%, dropping from $2,458 in December 2023 to $2,434 in December 2024.

However, studios bucked the overall trend with a significant increase in average rental prices. Studio rents rose by 7.19% year-over-year, climbing from $1,931 in December 2023 to $2,070 in December 2024. Riverdale experienced the largest surge in studio costs, with prices jumping from $1,729 last year to $2,087 this year.

The average rental price for one-bedroom units also saw an increase, rising 1.64% from $2,334 in December 2023 to $2,372 in December 2024. Riverdale was the only neighborhood to experience a significant price hike in this category, driving the overall increase. In Riverdale, one-bedroom rents surged from $2,324 last year to $2,684 this year.

In contrast, the average rental price for two-bedroom units across these Bronx neighborhoods declined. The average cost dropped by 1.86%, falling from $2,914 in December 2023 to $2,860 in December 2024, marking the lowest monthly rate since May. The steepest decline occurred in Morris Heights/University Heights, where prices plummeted from $2,575 last year to $2,262 this year.

Although studios experienced significant percentage growth, their lower rental value compared to one-bedroom and two-bedroom units limited their impact on the overall average rental price. Additionally, the price increase for one-bedroom units was smaller in absolute terms compared to the decline seen in two-bedroom units. These factors combined to make the decrease in two-bedroom rental prices more influential, ultimately causing a slight overall drop in the average rental cost.

Mott Haven had the most expensive units across the board in December 2024. Studios there had an average rent of $2,919, while one-bedroom units were $2,968 and two-bedroom units $3,512.

Concourse/Highbridge had the most affordable studios in December 2024, at $1,600. The cheapest one-bedroom and two-bedroom units were in Morris Heights/University Heights, at $1,800 and $2,262 respectively.