The average rental price for studio, one-bedroom and two-bedroom apartments increased 3.35% in the western section of the Bronx from August 2023 to August 2024, according to a recent report 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 $2,482 in August 2023 to $2,565 in August 2024. While the cost of two-bedroom units ended up remaining mostly the same, studios and one-bedroom units both experienced increases.
Studios across the four Bronx neighborhoods saw the average rent rise 6.5%, from $2,163 in 2023 to $2,303 in 2024. This set a new high over the last 13 months. Concourse/Highbridge had the biggest year-over-year increase in cost among the neighborhoods included in the study. The average rental price for studios there rose from $1,891 last year to $2,111 this year.
One-bedroom units across the four neighborhoods rose by 4.24%, from $2,364 in 2023 to $2,464 in 2024. Riverdale experienced the most significant boost among the Bronx neighborhoods, with the rental price going up from $2,392 last year to $2,637 this year.
There was almost no change in the price of two-bedroom units across these Bronx neighborhoods compared to last year. The rent charged was essentially the same, from $2,929 in August 2023 to $2,928 in August 2024. Mott Haven was the only neighborhood to have a decline over that period of time, with the cost of two-bedroom units there dropping from $3,740 last year to $3,451 this year.
Even with the average rental price of two-bedroom units falling in Mott Haven, it still had the most expensive units across the board among the four Bronx neighborhoods in August 2024. The studios there cost $2,674 and the one-bedroom units were $3,451.
Concourse/Highbridge had the most affordable studios and one-bedroom units in August 2024, at $2,111 and $2,129 respectively. Morris Heights/University Heights had the cheapest two-bedroom units, at $2,450.
