Melrose, Mott Haven, and Hunts Point in the South Bronx have seen a rise of 10%-15% during 2016 for rents for 1 bedroom units according to Zumper, a real estate listing site, as overall rents of similar units in NYC have dropped 9.1%
Hunts Point saw the biggest jump in NYC during 2016 with a 14% increase to $1,260 a month which shouldn’t come as a surprise as the gentrification vultures continue descend upon us.
Over in Mott Haven, average 1 bedroom units are up by 13% to $1,480.
But all of this data doesn’t necessarily show the entire picture as these are based on listings in a database and may miss out on units that are much higher AND much lower than Zumper is reporting.
As more new developments complete construction in the area, rents are surely to continue an upwards trend unless the housing market crashes again. Villa Maria Academy Open House! Click for more details!