Rents Continue to Explode in Providence, Far Outpacing the Nation

Rents Continue to Explode in Providence, Far Outpacing the Nation

Providence rents are exploding — rising dramatically faster than rent increases across the country.

 

Providence rents jumped 9.3% year-over-year for a one-bedroom and 7.3% for a two-bedroom apartment, according to the Zumper National Rent Index.

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Zumper began tracking rent trends in 2017.

 

Nationally, Zumper reported that the median one-bedroom rent rose 0.5% month-over-month to $1,526, while the median two-bedroom rent increased 0.1% to $1,905. On an annual basis, one-bedroom rent is now up 0.4%, its first positive year-over-year reading since May 2025, while two-bedroom rent sits 0.3% below where it was a year ago.

 

In tracking one-bedroom apartments, Providence saw the fourth-highest rent increase in the country over the past year.

 

How to control rents has been a major political debate in Providence this past year. The Providence City Council passed a rent control ordinance, and then Mayor Brett Smiley vetoed the proposed law. The Council was unable to override Smiley's veto.

 

In May, a report for Zillow found that Providence is the “hottest” rental market in America. Great news for landlords and bad news for renters. READ MORE HERE

 

"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.

 

Top Gainers Nationally

 

 

Top Gainers - One-Bedrooms

San Francisco +21.9%

St. Louis +11%

Chicago +10%

Providence +9.3%

 

 

There was little relief when it came to two-bedroom apartments.

 

Top Gainers Two-Bedrooms 

San Francisco +22.6%

Norfolk, VA +9.2%

Providence +7.3%

 

And, there was more bad news for renters in Providence — the median price of a one-bedroom apartment is $1,880, and the median for a two-bedroom is $2,200.

 

Providence has the 19th-highest rents in the United States, according to Zumper.

 

Across New England

 

While Boston has more expensive rents — its rate of increase was just a third of Providence’s over the past year, according to the study.

 

New Haven saw rents drop by 8.3% and 4.9% for one and two-bedroom units, respectively.

 

Only Boston, Providence, and New Haven made the top 100 market list tracked by Zumper.