Within the past year, average Bronx rent prices jumped up by 7.91%, with an average price of $2,391, according to a report by MNS Real Estate NYC. The borough had the second highest average rent increase in 2023, following Queens, which had a 9.06% increase.
Brooklyn saw a 5.76% increase and Manhattan’s non-doorman rentals saw a 3.8% increase, according to the MNS report. No data was offered for Staten Island.
Andrew Barrocas, the CEO of MNS, attributes the increase in Bronx rent prices to the influx of new housing by large developers, referencing Brookfield Properties and RXR Realty.
“We had a lot of large developers go into (the Bronx) looking to build luxury products,” Barrocas said. “There’s a combination of new housing brought to the area by certain developers that are larger, more experienced and have good reputations, and you’re seeing it reflected in the pricing.”
Rent for studio apartments in the Bronx rose by 9.67% — a greater price jump than either one-bedroom or two-bedroom apartments — with a mean price of $2,086.
In 2023, one-bedroom apartments in the Bronx cost $2,272 on average, a 8.41% increase from 2022. Two-bedroom apartments sat at an average rental price of $2,815, rising by 6.24% from the year before.
Barrocas says that studio apartments typically have the highest price per square foot in new developments, which is why the average percent price increase is higher than a one- or two-bedroom apartment. According to Barrocas, as an area matures — bringing in more retail, schools, young professionals and families — that can switch, raising the price per square foot of the multi-bedroom rentals.
As for the future, Barrocas anticipates continued price jumps across the city due to a lack of rental housing supply as new developments slow after 2026 with a lack of 421a tax abatement, which reduces property taxes.
MNS rental data in the Bronx was pulled largely from Mott Haven, Concourse/Highbridge, Morris-University Heights and Riverdale, where MNS is most involved and found most transactions. The data was compiled from online leasing sources and listing sites.
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