Providence Rents Continue to Skyrocket Upward - Smiley Unveils Plan
GoLocalProv News Team
Providence Rents Continue to Skyrocket Upward - Smiley Unveils Plan
Providence Mayor Brett Smiely PHOTO: GoLocal's Richard McCaffrey
The biggest political fight in Providence is a battle over a proposed rent control ordinance, which is being pushed by the majority of the Providence City Council and is strongly opposed by Mayor Brett Smiley.
Landlords may not like the threat of rent control legislation, but they are not holding the line on rent increases either.
According to new data released by the national real estate research firm Zumper, in new data reports that the average rent for a one-bedroom apartment has jumped 13% in the past year.
The research finds that a two-bedroom is up 5%, a three-bedroom is up 4%, and four-bedrooms are up 18%. The only good news is that the rent on a studio is down 9%.
On Tuesday, Smiley announced a new housing initiative and claimed that his previous housing programs have been successful in addressing rental costs.
When questioned about his initiative, Smiley’s spokesperson Josh Estrella wrote in an email, “The housing shortage is a national challenge decades in the making, and Providence has only recently started building enough new housing to meet demand. The Smiley Administration is working aggressively to support the development of housing options at every price point, while also investing in and incentivizing permanent affordable housing options because evidence from other municipalities shows that this is the right approach.”
“We know that this approach will take time to tangibly lower rent prices for neighbors, which is exactly why Mayor Smiley announced a housing stabilization package today to meet the immediate, short-term housing needs of neighbors,” said Estrella.
But while Smiley struggles to address the issue. A number of cities have been successful in not only holding rent costs but also lowering them.
According to a report by Realtor.com, there are 10 cities that recorded some of the steepest year-over-year drops in median asking rent in November, using data for the 50 largest U.S. metro areas.
Austin–Round Rock–San Marcos, Texas: −6.6%
Denver–Aurora–Centennial, Colorado: −4.8%
Birmingham, Alabama: −4.6%
Jacksonville, Florida: −4.2%
Phoenix–Mesa–Chandler, Arizona: −4.0%
San Diego–Chula Vista–Carlsbad, California: −3.5%
Las Vegas–Henderson–North Las Vegas, Nevada: −3.0%
Houston–Pasadena–The Woodlands, Texas: −2.7%
Miami–Fort Lauderdale–West Palm Beach, Florida: −2.7%
San Antonio–New Braunfels, Texas: −2.7%
Smiley's new initiative has three strategies:
1. Production: Build more housing at every income level by updating zoning, making approvals faster and easier, and investing in affordable housing construction.
2. Preservation: Protect affordability and quality in our existing homes, upgrade older housing, and turn old, unused buildings into useful spaces for housing.
3. Protection: Support housing stability for residents through help with rent, legal services, eviction defense, more shelter access and placement support, and outreach that tackles the underlying causes of housing insecurity.
One of the components of Smiley's new plan is his, so-called Rental & Essential Needs Transition (RENT) Fund, designed with support from Councilman Goncalves to help Providence renters facing temporary financial hardship remain in their homes. The program will be introduced by members of the City Council on Thursday, March 19.
"The RENT Fund would provide emergency assistance grants of up to $3,000 per household to prevent eviction, foreclosure and other housing loss caused by unexpected financial challenges. The initiative will support households in crisis and bridge temporary affordability gaps to help residents regain financial footing," said the Smiley administration.
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