Housing Block

Rents continue to rise across the Bronx

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The average rental price over the past month in the Bronx has increased by nearly 1.5 percent from $2,144 to $2,175. That’s according to a report from MNS Real Estate New York City.

The average studio rental price had the highest increase of the different types of apartments available for rent, jumping nearly 2 percent in the borough from $1,817 to $1,851, according to recent numbers.

The average rental price for a two-bedroom unit had the second largest increase, rising from $2,558 to $2,602. Meanwhile, the average rental price for a one-bedroom unit had the smallest increase — inching by less than 1 percent from $2,056 to $2,071.

Compared to this time last year, studio apartment pricing jumped nearly 11 percent. In that same span, one- and two-bedroom rental prices both increased by more than 7 percent.

Overall, the average rental price tracked by MNS increased more than 8 percent, year-over-year.

Mott Haven won the title of the most expensive studio, one- and two-bedroom units this past month, While Morris-University Heights was tops when it came to prices for the most affordable units.

Despite missing the top slot, the greater Riverdale has seen a higher increase in the average rental price than the rest of the Bronx.

While the average rental price locally rose by more than 2 percent over the past month.

Studio rental prices aren’t exactly the driving factors to average rental prices, but if someone wanted to rent one of those units, the prices would now be upward of $1,925, up from $1,881 in February. The price compared to this time last year means it’ll cost renters $200 more for a studio.

Additionally, both one- and two-bedroom apartments have both increased nearly 3 percent.

A one-bedroom unit now costs and average of $2,233, up from February’s price of $2,176. Rental prices compared to this time last year means those looking to find a new landlord now must cough up more than $100 extra if they hope to rent a one-bedroom unit in the area.

Two-bedroom units now go for $2,815, up from $2,743.

But that price is still lower than the average rental price this time last year, which came in at about $2,894.

In all, the greater Riverdale has experienced a year-over-year increase of more than 4 percent in the average rental price for apartment units overall.

Hochul includes $25B for housing in budget

Gov. Kathy Hochul has launched an all-inclusive, $25 billion housing plan as part of the 2023 state budget offered to lawmakers over recent weeks.

The housing plan Hochul has proposed is intended to create or preserve 100,000 affordable homes across the state, including 10,000 with supportive services for vulnerable populations over the course of five years.

The enacted budget also is intended to continue adding major investments to build new supportive housing, preserve existing multi-family developments, construct new homes for senior citizens, create new opportunities for first-time homeowners, and improve energy-efficiency across the state’s current housing stock — a market that remains hot.

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