Rent prices in the Bronx increased by 1.53% over the course of last month, rising to an average of $2,430 in February from January’s average of $2,393, according to a monthly report by MNS Real Estate NYC.
Despite the increase, February’s $2,430 average rental price still does not surpass December’s average of $2,457.
Studio rent in the Bronx jumped down by 12.91% in February, continuing January’s trend of descending prices for studios, while rent for both one- and two-bedroom apartments rose. Studios continue to see the highest rate of fluctuation in rental price from month to month.
One-bedroom rent increased by 8.42% from the previous month, and two-bedroom rent increased by 7.64%, according to MNS.
Though rent may be decreasing as the months go on, rent has still risen on a larger scale. Bronx residents are paying an average of 4.01% more in rent this February than they were in February 2023.
Read more about how rent increased in 2023 here.
MNS collects its rental data from the four neighborhoods where the company is most involved and found most rental transactions: Mott Haven, Concourse/Highbridge, Morris-University Heights and Riverdale.
Mott Haven saw the greatest increase in average rent last month, where it rose by 6.76%, while Morris-University Heights saw the smallest amount of change with an average increase of 0.48%.
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