The average rental price for a home/apartment in the western portion of the Bronx continues to rise, according to a recent report released by the real estate firm M.N.S. Real Estate.
The overall average rental price in the four Bronx neighborhoods collectively examined in the report—Riverdale, Morris Heights/University Heights, Concourse/Highbridge and Mott Haven—went up from $2,389 in July 2023 to $2,547 in July 2024. Over this period of time, studios, one-bedroom and two-bedroom units each underwent hikes.
The report did not analyze other sections of the borough.
Studios across the four neighborhoods saw the average rental price rise 2.77%, from $2,068 in 2023 to $2,126 in 2024. The July 2024 rental price was the highest seen for studios in a month since March 2024, which had an average price of $2,169. Out of the four Bronx neighborhoods examined in this report, Riverdale had the biggest jump in rental price year-over-year, from $1,829 last year to $2,069 this year.
One-bedroom units experienced the most significant growth in the average rental price. These units increased 11.55%, from $2,302 in 2023 to $2,568 in 2024. It was the highest average rental price for a month over the last year. Morris Heights/University Heights experienced the biggest boost, climbing from $1,800 last year to $2,352 this year.
Two-bedroom units saw prices rise 5.38%, from $2,798 in 2023 to $2,949 in 2024. This was the highest average rental price for a month since November 2023, at $2,981. Riverdale also saw the most growth in the average rental price for these types of units, from $2,962 last year to $3,313 this year.
In July 2024, Mott Haven had the most expensive units overall. Studios there were $2,466, one-bedroom units were $2,873, and two-bedroom units were $3,381.
Morris Heights/University Heights had the most affordable studios and two-bedroom units this month, with average rental prices of $1,803 and $2,550, respectively. Concourse/Highbridge, meanwhile, had the cheapest one-bedroom units at $2,309.
