A new report shows rent prices continue to climb in the Bronx.

The average rent costs in some neighborhoods increased by nearly 3% in September, according to a report by M.N.S Real Estate.

Neighborhoods like Morris Heights and University Heights have seen rent prices increase by 8.4% for a one-bedroom apartment in September compared to one month prior.

The report found the average price of a one-bedroom apartment in Mott Haven to be the highest at an average of $2,888 in September.

Housing experts say that could be attributed to an increase of demand due to the neighborhood's proximity to Manhattan and new developments being built.

"What happens is, because we have a 1.4% vacancy rate in New York City, meaning there's effectively almost no available apartment. You have prospective tenants all battling for the same units," said Kenny Burgos, former Bronx Councilmember and now CEO of New York Apartment Association.

Burgos says it's no secret as to why rent has been on the rise for the last several years with major issue of supply and demand in the borough.

"Unfortunately, if we do not build enough housing and I mean really, really fast, we're going to see this problem continue to come down the line," said Burgos.

With the mayoral election two weeks away, affordability remains at the top of minds for voters.

Democratic candidate Zohran Mamdani has vowed to free the rent, while former Gov. Andrew Cuomo promised to build more housing across all income levels. Republican Candidate Curtis Sliwa wants to convert commercial spaces into affordable apartments.

Burgos says whoever is elected the next mayor needs to put their focus on property taxes.

"The No. 1 control the mayor has from a cost perspective is property taxes. Property taxes in New York are notoriously unfair, inequitable. You can have a condo in Manhattan that is bought for $5 million, that pays less property taxes than a homeowner in the Bronx. You can have a rent stabilized building you often do, that pays six figures in property taxes, with rents that are coming in lower than $1,000. These things are just so lopsided and is why we're seeing such a sort of mismanaged, and mis allocated housing stock in the city," said Burgos.