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Introduction
MNS is pleased to bring you our Bronx rental market report, covering the South and SouthWestern Bronx neighborhoods of Mott Haven, Concourse & Highbridge, Morris Heights & University Heights, and Riverdale.
A QUICK LOOK
Kicking off our rental coverage of the South and South-Western Bronx, analyzing the neighborhoods of Mott Haven, Concourse & Highbridge, Morris Heights & University Heights, and Riverdale, our first month-over-month analysis saw rents remain relatively stable from April 2019 to May 2019, with a slight decrease of 0.99%, from an average rent of $1,934.94 to $1,915.86. From a unit type perspective, studios decreased 0.99% from $1,656.59 to $1,640.26, One-Bedrooms increased by 0.52% from $1,872.11 to $1,881.78 and Two-Bedrooms decreased by 2.22% from $2,276.11 to $2,225.54.
While Riverdale saw this month’s highest priced studio, at $1,878.00, Mott Haven saw the highest priced One and Two-Bedroom units, at $2,304.68 and $2,535.93, respectively, where we have seen developments like The Bridgeline at 329 East 132nd St and The Crescendo at 25 Bruckner Blvd rise over the past couple of years.
• While Studios and 2-bedrooms saw rents decrease by just over 6%, 1-bedroom units increased by 2.63%. As new construction in the area picks up, we are bound to see some fluctuations as the ratio of older to newer product adjusts, as was largely the case in the decreases this month.
• Average rents remained relatively stable from April to May, with a slight decrease of 0.64%
• Lead by a 6.18% jump in the average 2-bedroom price, the average rent in Morris & University Heights increased by 2.84% from April to May. It should be noted that this particular area saw the least number of units on the market, which often results in higher than normal swings in the average price.
• From April to May, Riverdale saw the average price decrease across One-beds (-2.97%) and Two-beds (-3.27%), while the average Studio price increased by 2.54%. As a result, the overall average price dropped 1.5% from $2,121.67 to $2,089.81.
The Report Explained
The Bronx Rental Market Report™ compares fluctuation in the borough’s rental data on a monthly basis. It is an essential tool for potential renters seeking transparency in the Bronx apartment market and a benchmark for landlords to efficiently and fairly adjust individual property rents in Bronx.
The Bronx Rental Market Report™ is based on a cross-section of data from available listings and priced under $10,000, with ultra-luxury property omitted to obtain a true monthly rental average. Our data is aggregated from the MNS proprietary database and sampled from a specific mid-month point to record current rental rates offered by landlords during that particular month. It is then combined with information from the REBNY Real Estate Listings Source (RLS), OnLine Residential (OLR.com) and R.O.L.E.X. (Real Plus).
Author: MNS has been helping Bronx landlords and renters navigate the rental market since 1999. From large companies to individuals, MNS tailors services to meet your needs. Contact us today to see how we can help.
Contact Us Now: 718.222.0211
Note: All market data is collected and compiled by MNS’s marketing department. The information presented here is intended for instructive purposes only and has been gathered from sources deemed reliable, though it may be subject to errors, omissions, changes or withdrawal without notice.
If you would like to republish this report on the web, please be sure to source it as the “Bronx Rental Market Report” with a link back to its original location. (http://www.mns.com/bronx_rental_market_report).
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