There was very little change in the average rental price in several Bronx neighborhoods for the 12-month period ending November 2024, according to a report by the real estate firm M.N.S. Real Estate.
The average rental price in the Bronx neighborhoods studied—Riverdale, Morris Heights/University Heights, Mott Haven and Concourse/Highbridge—increased by 0.91% over the 12-month period, from $2,452 in November 2023 to $2,474 in November 2024. While studios experienced a modest increase in rent, it was mostly offset by the decreases experienced among one-bedroom and two-bedroom units.
Studios had a 3.7% jump in average rental price, from $2,112 in November 2023 to $2,190 in November 2024. Riverdale saw the biggest growth among the Bronx neighborhoods in terms of studios, with the price rising from $1,822 last year to $2,186 this year.
Hardly any change was seen among one-bedroom units, which had its average rental price dip 0.4%, from $2,357 in November 2023 to $2,348 in November 2024. Mott Haven experienced the largest decrease, from $3,088 last year to $2,915 this year.
Two-bedroom units went through a much more significant decline when compared to one-bedroom units. The average rental price for these units fell 2.5%, from $2,981 in November 2023 to $2,907 in November 2024. Mott Haven had the biggest drop in this unit size as well, from $3,755 last year to $3,397 this year.
Despite the significant drops among one-bedroom and two-bedroom units, Mott Haven had the most expensive units of those studied in November. In addition to the $2,915 one-bedroom units and $3,397 two-bedroom units, studios there had an average rent of $2,604 in November 2024.
Concourse/Highbridge had the most affordable studios in November 2024, with an average rental price of $1,781. The least expensive one-bedroom and two-bedroom units were in Morris Heights/University Heights, at $1,936 and $2,267 respectively.
