The average rental price for studio, one-bedroom and two-bedroom apartments across a number of western Bronx neighborhoods increased 7.51% from September 2023 to September 2024, according to a recent report released by the real estate firm M.N.S. Real Estate.
The overall average rental price in the Bronx neighborhoods collectively examined in the report—Riverdale, Morris Heights/University Heights, Concourse/Highbridge and Mott Haven—rose from $2,403 in September 2023 to $2,583 for the same month this year.
Studios experienced by far the most significant increase over this 12-month time frame, both in terms of percentage and price. The average rental price for these units went up 17.44%, from $1,967 in 2023 to $2,310 in 2024. Riverdale had the biggest jump in cost year-over-year among the neighborhoods studied for this report. The average rental price for studios in Riverdale increased from $1,779 last year to $2,131 this year.
One-bedroom units experienced a 3.57% jump in average rental price across the neighborhoods studied, from $2,353 in 2023 to $2,437 in 2024. The Concourse/Highbridge neighborhood had the biggest year-over-year increase in the price for one-bedroom units, from $1,895 last year to $2,219 this year.
Two-bedroom units had a 3.89% increase in average rental price, from $2,889 in 2023 to $3,001 in 2024. This marked the first time that the average rent eclipsed $3,000 during any month over the last year. Concourse/Highbridge also had the sharpest rise in the cost of two-bedroom units over this period of time, from $2,364 last year to $2,663 this year.
Mott Haven retained its title for having the most expensive units across the board. In September 2024, the average rental price in Mott Haven was $2,688 for studios, $2,903 for one-bedroom units and $3,460 for two-bedroom units.
Concourse/Highbridge had the most affordable studios, with an average rent of $2,109. Morris Heights/University Heights had the cheapest one-bedroom and two-bedroom apartments, at $2,070 and $2,566 respectively.
