The average rental price across a number of Bronx neighborhoods remained mostly static in October 2024, compared to the previous year, according to a report by the real estate firm M.N.S. Real Estate.
The average price to rent an apartment in a number of select Bronx neighborhoods—Riverdale, Morris Heights/University Heights, Concourse/Highbridge and Mott Haven—went down 0.37% year-over-year, from $2,489 in October 2023 to $2,479 in October 2024.
Studios in these neighborhoods experienced a 5.62% decrease over this period of time, from $2,185 in 2023 to $2,062 in 2024. This marked the lowest average rental price for studios since April. Mott Haven had the deepest drop among the neighborhoods included in the study, from $2,696 last year to $2,650 this year.
One-bedroom units, meanwhile, ended up having a 3.69% increase in average rental price over the last year, from $2,332 in October 2023 to $2,418 in October 2024. However, this new price also marks its lowest since the month of April. This year-over-year increase came despite the fact that only one neighborhood in the study, Riverhead, saw its rental price rise. While the other neighborhoods experienced modest declines, Riverhead’s rental price rose significantly, from $2,288 last year to $2,768 this year.
Two-bedroom units had very little change in average rental price year-over-year, rising just 0.26%, from $2,950 in 2023 to $2,957 in 2024. Morris Heights/University Heights had the biggest boost over this period of time, from $2,363 last year to $2,540 this year.
Mott Haven had the most expensive average rental prices across the board, even after having the most significant decrease when it came to studios. Units there had average rental prices of $2,650 for studios, $2,912 for one-bedroom and $3,420 for two-bedroom in October 2024.
Morris Heights/University Heights had the most affordable rental prices across the board among the Bronx neighborhoods in the report. Studios there were $1,600, one-bedroom units were $1,983 and two-bedroom units were $2,540.
