HOUSING BLOCK

Bronx rental prices drop slightly

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Rents are down in the Bronx, but not by a whole lot.

In fact, according to MNS Real Estate NYC, overall rent in the borough in August is down less than 1 percent to $2,023, compared to the month before.

Studios were flat at $1,747, while one-bedroom units slipped slightly to $1,923. Two-bedrooms were down 1 percent to $2,392.

When compared to August 2020, the average rental price jumped nearly 1.5 percent, despites studio pricing dipping about 0.2 percent compared to last year.

Two-bedroom rentals had, by the far, the biggest jump upward — 3.5 percent.

The most expensive two-bedroom rental in the Bronx remains in Riverdale, pricing at $2,782, despite the price dipping nearly 1 percent from July.

Aside from having the most expensive two-bedroom rental, Riverdale has also seen the highest increase in rent for one-bedroom rentals in the Bronx — up nearly 2 percent to $2,057.

Overall, the rental price of studios and two-bedrooms increased annually in Riverdale, while the price of one-bedrooms dropped.

 

City, state to launch green energy program

The city’s housing preservation and development department last week to invest $24 million in a pilot program that aims to decarbonize affordable housing units.

“The climate crisis is a global problem that demands a global response, and that’s why it’s so important that New York state and New York City pool their resources and work together to reduce carbon emissions,” Gov. Kathy Hochul said, in a release. 

The program would help New York meet its nation-leading and ambitious goal of reducing greenhouse gas emissions by 85 percent no later than 2050.

The investments from the program are expected to support environmental upgrades to approximately 1,200 affordable units, benefitting up to 3,000 low- to moderate-income residents already living there.

The pilot program also establishes a streamlined funding process intended to allow affordable housing owners to access incentives through the state’s Energy Research & Development Authority without being stuck with additional paperwork.

Mayor Bill de Blasio hopes the new initiative between the city and state will help improve  climate conditions globally.

“Our recovery must be a green recovery, because climate change isn’t some far-off crisis,” de Blasio said, in a statement.

“It’s already here.”

The program is expected to disburse nearly $22 million in incentives directly to project developers. The amount of funding will vary by project, depending on the needs of each development and the scope of work to be implemented.

The application process will be available on a first-come basis, and is expected to finish by the end of 2024, or when money runs out.

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