Is the Cost of Renting Finally Coming Down in RI?
Tuesday, April 11, 2023
The data is varied. But, there are indications that the cost of renting in the Providence metro area is beginning to subside.
Apartment List’s April Rent Report for Providence shows the overall median rent in the city stands at $1,414, roughly the same as the previous month.
Prices are now up 7.2% year-over-year. “The price growth this month is similar to that of March 2018 and March 2019, and apartment occupancy is also normalizing. If the typical seasonal patterns hold, prices should continue to rise for the next several months; but a healthier supply-and-demand balance should prevent the runaway rent inflation that we saw during 2021 and 2022,” said the report.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTElijah Riley of Mott & Chace Sotheby’s International tells GoLocal he sees prices beginning to decline — slightly.
“During the pandemic, we saw huge price increases. Now we are seeing prices stabilize,” said Riley.
Riley said the key for landlords is smart pricing.
“Some properties are struggling, like Station Row, which may be priced too high,” said Riley. Station Row is the new apartment complex built at the base of the State House in Providence.
But on the flip side, Riley said some rentals are moving quickly.
“In Narragansett, there was a rental that received 100 applications, and it was gone in a few hours,” said Riley.
He offers advice to both landlords and for renters. “For landlords, don’t overprice — price to rent. And for renters, be ready to jump,” added Riley.
Apartment List's Report Finds:
- Rents in Providence increased 0.3% month-over-month in March, compared to a 0.5% increase nationally.
- Year-over-year rent growth in Providence currently stands at 7.2%, compared to -3.3% at this time last year. Rents in Providence are up by 19.9% since the start of the pandemic in March 2020.
- Median rents in Providence currently stand at $1071 for a 1-bedroom apartment and $1418 for a two-bedroom.
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