Rent prices in the Bronx decreased by 0.37% over the course of last month, lowering to a March average of $2,421 from February’s $2,340, according to a monthly report by MNS Real Estate NYC.
Average studio rent increased across the borough during March, while both one- and two-bedroom rent prices decreased.
The average studio apartment in the Bronx cost $2,169.31 last month — a 12.47% increase from February’s average price of $1,928.73.
Meanwhile, one-bedroom rent decreased by an average of 1.24% — going from $2,339.44 in February to $2,310.45 in — and two-bedroom rent decreased by an average of 2.81%, going from the February price of $2,876.52 to March’s average $2,795.78.
While rent in the Bronx has decreased month-over-month, MNS data reports that average rent has increased by 1.51% year-over-year from where it sat in March 2023.
Since last March, studio rent decreased by 1.48% from its average price of $2,202. Two-bedroom rent also decreased by 0.91% from its average price of $2,822.
On the other hand, one-bedroom rent saw a year-over-year increase of 6.03% from its March 2023 price of $2,179.
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. Each of these four neighborhoods saw a year-over-year price jump between March 2023 and 2024.
Read more about how rent increased in 2023 here.
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