With a number of apartment tenants remain in arrears across the city since the start of the coronavirus pandemic, one might assume landlords looking to attract new renters might lower their monthly costs.
Instead, the opposite is trending as home values continue to rise — a continuation of what experts have seen occurring since this time last year, according to MNS Realty NYC.
One of the biggest September increases in the Bronx came from two-bedroom apartments, where rents ticked up nearly 4 percent over last year to $2,430. One-bedroom units became more expensive, but just slightly — rising 2 percent to $1,905. T
Studios, however, were the most popular year-over-year, jumping more than 4 percent to $1,757.
Rental prices in Riverdale are holding steady compared to other parts of the Bronx. Rents here were averaged between $1,731 for a studio and $2,891 for a two-bedroom. That’s up nearly 2 percent, compared to Morris Park and University Heights, which surged more than 5 percent.
Mott Haven had a similar jump of 5 percent, where apartments ranged from $1,931 for a studio to $2,687 for a two-bedroom.
Gov. Kathy Hochul says more federal assistance is making its way to renters and landlords, designed to help many of them get through the coronavirus pandemic.
In the month or so since Hochul took over, some $400 million have been paid out to renters, nearly doubling what had been previously distributed by the Cuomo administration. An additional $125 million has been established by the state for those who were ineligible for the assistance.
The state also approved more than $1 billion in “excluded workers” funds, designed to bring financial relief to thousands of workers who lost income during the pandemic but did not qualify for the federal-backed COVID-19 unemployment supplemental benefits.
Although vaccine and mask mandates are in place in key parts of the state, New York’s economy appears to have stabilized for the most part compared to a number of other states — particularly those in the south, which have been hit hard by massive upticks in COVID-19 infections that are filling up hospitals and making many weary of venturing out.