Providence Area Renters Are Paying More For An Apartment Than A Year Ago: Report

RHODE ISLAND — Median apartment rent costs in the Providence metro area increased over the past year, according to a new report from Rent Research.

The report, released Monday, shows the median price of an apartment was $2,618 in the Providence metro area in March, an increase of 13.24 percent from the year prior. That's the second-highest increase among cities in the United States.

March rent costs were down 3.32 percent from February.

Among metropolitan areas, the 10 cities with the highest rent increases are Oklahoma City; Providence; St. Louis; Kansas City, Missouri; San Jose, California; Jacksonville, Florida; Minneapolis; Seattle; Orlando, Florida; and Cincinnati, Ohio. The increases ranged from 20.37 percent to 6.5 percent.

The 10 states that saw the greatest decreases in year-over-year rental costs were Florida, Oregon, Idaho, North Carolina, Nevada, Colorado, Tennessee, Washington, Kentucky and Pennsylvania, respectively. Decreases ranged from -8.80 percent to -1.38 percent.

The 10 states that saw the highest increases during the past year were Minnesota, Michigan, Kansas, Missouri, New York, New Hampshire, Indiana, Iowa, Wisconsin and Connecticut, respectively. The increases ranged from 13.34 percent to 66.2 percent.

Nationally, rent costs have increased moderately over the past three months, signaling a return of the rental market’s high-season demand heading into the spring and summer months, according to the report. The median price of an apartment was $1,987 in March. Rent costs have increased by 0.77 percent over the past year, by 0.30 percent in the past month and by 1.17 percent since January.

“While there were moderate gains in March, more substantial rent growth continues to be hindered by high housing costs, which are retaining potential homebuyers in the rental market,” the report said. “At the same time, oversupply in rental markets has also tempered more robust rent growth despite increased demand heading into peak leasing season.”

In the final quarter of 2023, nearly 7 percent of the U.S. apartment stock was vacant, which compares with pre-pandemic levels, according to the report.

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