Providence Rents Climb in May, Up 23% Since 2020, According to Report

Providence Rents Climb in May, Up 23% Since 2020, According to Report

Despite this being the peak season for the rental market, rent growth remained sluggish in May across America. Prices inched up another 0.5% month-over-month, similar to April and slightly lower than March.

 

But the Providence market was an outlier jumping 1.7% in May alone, according to data provided by Apartmentlist.com.

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Nationally, rents are up just 1.9% so far in 2023, and in nearly half of all big cities, prices today are lower than they were one year ago.

 

- Year-over-year rent growth in Providence now stands at +4.2%, down from +12.6% one year ago.

- Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 23%.

- Today the median rent in Providence is $1,083 for a one-bedroom apartment and $1,434 for a two-bedroom apartment.

 

At the same time, the median price of a single-family home in Rhode Island is now $425,000.