Providence Rents Continue to Spike, According to New Report - Up 15% in One Year

Providence Rents Continue to Spike, According to New Report - Up 15% in One Year

The cost of renting an apartment continues to rise in Providence. According to Zumper -- a real estate rental platform -- the cost of renting a one-bedroom apartment in the Providence metro area is now $1,600 and has increased 15% year-over-year.

Providence now has the 23rd highest rent in the United States.

In contrast, the Providence-metro area ranks 85 in the county for income according to census data.

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And Providence is not alone in the region.

Boston rents are also rocketing — up 31.7% according to the report. Boston rents are now the third highest in the U.S. behind only New York City and San Francisco. The cost of a Boston one-bedroom is now $2,700.

 

Many Providence Apartments Top $2,000 a Month

As an example, some of the newest rental properties to come on the market are charging premium pricing.

The new apartments located at 580 South Water are asking $2,235 – $2,500 for a 1 bed, 1 bath. Those apartments are adjacent to 195.

A one-bed, one-bath apartment in the Nightingale costs between $2,698 – $2,956 a month.