Report: Average one-bedroom rent in R.I. up 32% since June 2020

ONE-BEDROOM APARTMENT rents in the state have gone up 8% since Jan. 2022 and 32% since June 2020, according to a report by QuoteWizard published on June 29. / PBN FILE PHOTO

PROVIDENCE – One-bedroom apartment rents in the state have gone up 8% since Jan. 2022 and 32% since June 2020, according to a report by QuoteWizard published on June 29.

QuoteWizard, an insurance comparison website, analyzed rental rates across the country using rent costs sourced from California-based Apartment List estimates. Researchers found that the average price of a one-bedroom apartment in the U.S. has gone up 6% since the beginning of 2022 and 23% since 2020.

The average rent for one-bedroom apartments in Rhode Island currently is $1,192, an increase of $228 from June 2020, according to the report.

Idaho and Maine are the two states where rent has risen the fastest, data showed. Rental prices in Maine have increased by 15% since the beginning of the year. An average one-bedroom apartment in Maine now costs $943 per month.

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Rent has risen 44% in Idaho since 2020. A one-bedroom apartment in that state now costs $945 per month, compared to $657 in 2020.

North Dakota and Minnesota were the only two states where rent has risen less than 10% since 2020.

Rent for a one-bedroom apartment in Massachusetts has gone up 9% since January 2022 and 19% since June 2020. Average rent in the Bay State is now $1,423.

As for the rest of New England:

Rent for a one-bedroom apartment Connecticut increased 7% since January 2022 and 24% since June 2020, with average rent in that state being $1,303.

Rent for a one-bedroom apartment in New Hampshire increased 4% since January 2022 and 33% since June 2020, with average rent in that state being $1,303.

Data from Vermont was not available.

The full report can be found here.

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