Recently Zumper.com reached out to us with data showing how rents for 1 bedroom apartments had dropped 9.1% across NYC typically hot neighborhoods such as Williamsburg, LIC, Hell’s Kitchen, and the West Village.
But that isn’t the case for South Bronx neighborhoods of Hunts Point, Melrose, Mott Haven which saw over 11% increase in similar 1 bedroom listings with Hunts Point leading at 15%.
Of the top 5 neighborhoods in NYC where rents went up according to data provided by Zumper, 4 were in the South Bronx. (A total of 5 made the list).
As more and more people are priced out of Manhattan and Brooklyn, thanks to gentrification, The Bronx is becoming an option to those displaced seeking relief from excessive rents elsewhere.
And of course the neighborhoods where this increase is occurring are those identified by a recent report by the Regional Plan Association indicating that 71% of The Bronx is at risk of displacement particularly neighborhoods that are walkable and transit rich like Melrose with access to 3 subway stations and its own Metro North station.
Several years ago, Bronx Borough President Ruben Diaz Jr said that there was no gentrification going on in The Bronx but with each passing month, we’re seeing more and more indicators manifesting in our neighborhoods.
25 years ago I predicted that the South Bronx would eventually become a target for gentrification and developers due to its proximity to Manhattan and its employment centers and commuted roughly 15 to 20 minutes.
Sadly, it is a prediction I hoped would never come true but here we are now at the front lines.