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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.
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.
SERIOUS question. Do you think this is a good thing? I don't.
It would be best for the Bronx to be gentrified and become a net contributor to NYC instead of a burden to the rest of NYC boroughs (from a limited resource allocation standpoint).
Everyone I know who currently lives in the Bronx works and pays taxes. All MIDDLE income people. I refuse to use the outdated term "middle class", that doesn't exist anymore, especially in a city like this. Again, I ask, where are people of limited means supposed to live within the five boroughs? There's a real hatred toward people who don't make 6 figures in this city.. and it's often from people who barely make 6 figures themselves. Be careful what you wish for is all i'm going to say. You might find yourself displaced from your swanky ass abode along the Gowanus one day by billionaires.
The Bronx–especially South Bronx neighborhoods like Mott Haven and Port Morris–are geographically close to Manhattan, and are flush with developable buildings and sites that can easily be converted to attractive new developments. Much of the borough’s investment activity is concentrated in these areas, each of which is experiencing a dramatic upsurge in development, from condos and rentals to office, hotel, and retail properties.
Of course, the strongest indicator that The Bronx is finally getting on the map may be the fact that many of the same investors who developed in Brooklyn when it was on the rise are now seeking out Bronx properties to push this borough to the next level.
With location, developable product, and prominent investors backing new construction, all indicators point to the complete revitalization of the south Bronx. While they may not have reached the levels of Williamsburg just yet, the trajectory of Mott Haven and Port Morris is clearly on the rise.
But WHY would any rational human being WANT the Bronx be turned into another Williamsburg? Your words, not mine. It's not just rents that become astronomically unaffordable. What happens when you can't leave your apartment to get a cup of coffee that doesn't cost 4+ dollars? That is the case in MANY neighborhoods. It's sad, lame, grim, and pathetic. Who exactly are we pandering to? Wealthy transients... That is sad.
But WHY would any rational human being WANT the Bronx be turned into another Williamsburg? Your words, not mine. It's not just rents that become astronomically unaffordable. What happens when you can't leave your apartment to get a cup of coffee that doesn't cost 4+ dollars? That is the case in MANY neighborhoods. It's sad, lame, grim, and pathetic. Who exactly are we pandering to? Wealthy transients... That is sad.
London, Paris, Berlin, Frankfurt, Tokyo residents moving in also especially Brooklyn and Manhattan
If you are afraid of being displaced, buy instead of rent.
If you are renting, don't expect to live in a specific neighborhood permanently.
I understand that, so I want to buy property in The Bronx as soon as I can, which unfortunately could be years for me and it might be too late by the time I have a real job.
I'm just saying it'd be a shame if all the working class people were displaced from NYC, or squeezed by their landlords to the point of just barely getting by.
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