The Bronx may no longer be burning, but its real estate prices are starting to heat up.
Rising rents in some Bronx neighborhoods are outpacing boroughwide increases in Manhattan and Brooklyn, despite the borough being home to some of the nation’s most impoverished communities.
Median rents for one-bedroom apartments in Mott Haven, the Grand Concourse and Hunts Point have all risen by at least a third since 2013, according to data provided by NeighborhoodX, a real estate analytics startup.
Topping the list is Mott Haven, at the southern tip of the Bronx, where upscale development and renovations rocketed rents 47 percent from $1,200 to $1,700 in a neighborhood that is largely tenements and city housing projects, with three historic districts.
In contrast over the same period, median rents for a one-bedroom in Brooklyn increased by 11 percent from $2,473 to $2,746, while in Manhattan they rose 5 percent from $3,250 to $3,412, according to data provided by Miller Samuel, a real estate appraisal and consulting firm which does work for Douglas Elliman Real Estate.
The Bronx is affected by the same factors that have pushed rents up in Brooklyn and Queens, proximity to Manhattan, said Constantine Valhouli, co-founder of NeighborhoodX. But the Bronx still has relative bargains compared to neighborhoods in those other boroughs, he said.
For instance, median one-bedroom rents in Morris Heights average $1,250; in Melrose, $1,300; and in University Heights, $1,500. A look at rents in Brooklyn and Queens shows the median rent in Greenpoint at $2,700, while more distant Bay Ridge and Flushing come in at $1,800, according to NeighborhoodX.