In May, average rent in the Bronx increased 2.24 percent from $2,187 to $2,236, according to New York real estate platform MNS’s latest Rental Market Report.
Studios and one-bedroom apartment bore the brunt of the increase, rising 3.41 percent and 2.52 percent, respectively. Two-bedroom apartments ticked up a little more than 1 percent. Riverdale shirks the trend, at least when it comes to one- and two-bedroom apartments, which decreasing locally 2.8 percent and 6.1 percent, respectively.
Mott Haven takes the cake as the borough’s most expensive rental market at present. Studios there cost $2,607 on average. New Jersey beckons.
But don’t give up on this side of the Hudson just yet. Instead consider Morris/University Heights, where studios are going for $1,600.
Across the borough, studios are renting for 11.35 percent more now than they were this time in 2021. One-bedroom apartments are up 12.5 percent year-over-year and two-bedroom apartments are up 8.01 percent.
Taken together, the borough has seen average rent increase 10.38 percent in the last year. For Bronx renters, last year feels like a lifetime ago.