Multifamily rents up in Northeast, R.I.

ALBANY, N.Y. – Rents are rising in most areas of the Northeast, including in Rhode Island, where they have climbed an average of 6 percent in four years, according to a multifamily rental-market report.

The report by Albany-based Sunrise Management & Consulting found the highest annual rent increases were in the Greater Albany area, at 5.4 percent, in western New York, at 6.95 percent, and in eastern Connecticut, at 5.43 percent.

The report attributed the rising rents to increased demand for rentals from millennials, who either can’t qualify for a mortgage or don’t want one, and baby boomers who are downsizing from houses into apartments.

In Rhode Island, the average multifamily apartment rental was $1,773.75 a month, up 6 percent from 2011.

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One-bedroom, one-bath apartments are the most common type of multifamily rental in Rhode Island, according to the report. Their average rent was $1,152.76 in 2015, up 18 percent since 2011.

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