Just 3 Days After Rent Control Dies, New Study Says Providence Is the Hottest Renters Market in U.S.

Just 3 Days After Rent Control Dies, New Study Says Providence Is the Hottest Renters Market in U.S.

 

 

On Friday night, Providence Mayor Brett Smiley led the successful charge to kill rent control.

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Advocates came one vote short of overriding the Smiley veto of the legislation.

 

Now, on Monday, a report for Zillow finds that Providence is the “hottest” rental market in America. Great news for landlords and bad news for renters.

 

"Providence is turning up the heat this summer. The Rhode Island capital tops Zillow’s hottest rental markets list, edging out New York and San Francisco for the No. 1 spot. For renters in these markets, competition is fierce,” writes Zillow.

 

“In Zillow’s most competitive rental markets, demand continues to exceed the number of available homes. Many renters are drawn to these areas for amenities, job opportunities or to stay close to family, which increases competition for a limited supply of housing. Although 2024 saw a surge in new construction, the highest in decades, much of that development did not reach the Northeast or coastal California, contributing to especially tight conditions in those regions,” writes the real estate company.

 

“In hot markets, rents climb fast, vacancies are low, and property managers rarely offer concessions, such as free rent or waived fees. That stands in contrast to Sun Belt markets like Austin, Tampa and Phoenix, where a wave of new rental construction has kept rent growth in check,” writes Zillow.

 

Providence — “Rents are up 5% year over year, and with just 12.9% of property managers offering concessions — the lowest share in the top 10 — renters find little room to negotiate. The typical rent is $2,154 a month, and renters need to earn about $86,000 a year to comfortably afford it.”