We continue our survey of the New York apartment rental outlook. This time, were focusing on the rental market for Bronx apartments. We’ve excerpted this information from The New York Daily News. Thanks Daily News.
Underrated as a strong housing market, the Bronx has unique and some of the most diverse neighborhoods in all of New York. From the shores of City Island to the cliffs of Silver Beach to the rolling hills of Riverdale to the lofts of Mott Haven and the affordable housing hub around Melrose, there really is something for everyone.
To prove the point, sales rose 14% from last year for the first quarter of 2012. Home prices, though, are down 6%, good news for house hunters. On the Grand Concourse near Yankee Stadium, one-bedrooms can be had for less than $150,000. Houses in Throggs Neck can run around $650,000 for a single-family home on a tree-lined street. In Pelham Bay, just a bike ride or long walk to Pelham Bay Park, two-family homes on family-heavy streets where kids play outside start at around $550,000. With so much housing stock, both the sales and rental markets look for a solid year ahead.
Real value in the Bronx exists in the rental sector. Unlike rising rental prices in Brooklyn and Queens, rents in the Bronx are relatively affordable. A three-bedroom in Riverdale is listed for $2,800. A Mott Haven onebedroom loft rents for around $1,599 per month. Two-bedrooms on or near the Grand Concourse and 199th St. can be had for $900. One-bedrooms near Yankee Stadium are on the market for $1,200.