Report: Multifamily housing rents rising in R.I.

IN RHODE Island, the average multi-family apartment rental was $1,773.75 a month in June, according to a rental market report from Sunrise Management & Consulting. / COURTESY SUNRISE MANAGEMENT & CONSULTING
IN RHODE Island, the average multi-family apartment rental was $1,773.75 a month in June, according to a rental market report from Sunrise Management & Consulting. / COURTESY SUNRISE MANAGEMENT & CONSULTING

ALBANY, N.Y. – A multifamily rental market report indicates 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.

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 multi-family apartment rental was $1,773.75 a month, up 6 percent from 2011.
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.
Two-bedroom, one-bath apartments had an average rent of 1,228.48 this year in the Ocean State, a 15 percent decline in price since 2011. The two-bedroom apartments, however, posted a 2 percent increase from the 2014 rates.
The largest apartments commonly found in Rhode Island, two-bedroom, two-bath units, had an average rental rate of $1,625.91 a month this year, up 13 percent in four years.

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