4Q Providence rents remain about same

PROVIDENCE – Average prices for an apartment in the Providence area were virtually unchanged during the fourth quarter of 2010 compared with the same quarter in 2009, Rent Jungle said this month.
Rent Jungle said the average rent across all apartments in Providence stood at $961 during the fourth quarter, down $2 from the same three-month period last year.
“That rents in Providence are flat is discouraging and does not reflect the broader national trend of increases above 5 percent,” Rent Jungle CEO Jon Pastor said.
Average rents last quarter were $776 for a one-bedroom apartment, up from $760. The average rent for a two-bedroom apartment was $936, up from $931. Meanwhile the average for a three-bedroom apartment dipped to $1,117 from $1,125.
Rent Jungle surveys apartments within a 10-mile radius of the geographic center of Providence.
Rent Jungle, which operates www.rentjungle.com, analyzes rental rates using automated software to track apartment rentals on the Internet. The proprietary software filters out duplicates and then calculates average rents automatically. &#8226