Rent prices in the Bronx decreased 2.61% in the past month, falling to an average of $2,393 in January from December’s average of $2,457, according to a monthly report by MNS Real Estate NYC.
Studio apartments saw an average decrease of 2.76%, from $1,930 in the prior month to $1,877 in January — a larger decrease than one-bedroom or two-bedroom units.
Average rent for one-bedroom apartments in January was $2,305, a 1.22% decrease from $2,334 in December, according to MNS, while average rent for two-bedroom apartments was $2,840, a 2.5% decrease from $2,913 in December.
“Seasonality, expensive product leased or if inexpensive product comes to that market can all affect rental prices and push them down,” MNS CEO Andrew Barrocas said.
While each unit type has seen a decrease in average rent price in the month’s span from December 2023 to January 2024, rent in the Bronx has seen some prices increase compared to last January. The average rent for a one-bedroom apartment jumped up 9.06% compared to January 2023, and two-bedroom apartment rent jumped an average of 6.38%, according to MNS.
Studios, on the other hand, decreased by an average 6.13% compared to January 2023.
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.
Of those neighborhoods, the most expensive units were all found in Mott Haven and the most affordable units were all found in Morris-University Heights.
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