PROVIDENCE – The median asking rent in the Providence metropolitan area is down 4.1% in May compared with the prior year, according to data provided by an apartment listing service called Dwellsy.
Dwellsy released a report recently documenting the fluctuations in rent in major cities across the U.S. this year, showing median monthly costs in Providence decreasing to $1,400 in May from $1,460 in May 2021.
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The report also states that median rent in Providence stayed level from April to May this year.
This comes as rent has been on the rise nationally, according to the report, with the median monthly rent for apartments and single-family rental homes in the U.S. costing $1,995 in May of 2022, compared with $1,585 during the same month a year prior, representing a 25.9% increase year over year.
Dwellsy said it generated the report with data collected from hundreds of thousands of rentals listed on its website each month.
The same report states that the median rent across the country has risen by $75 from April to May of this year, jumping 3.9% from the $1,920 median rent in April.
However, when looking just at single-family homes rented across the country, the difference in monthly costs increased more dramatically, according to the Dwellsy report. The cost to rent a single-family home in the U.S. jumped 37%, from $1,650 in May 2021 to $2,260 in May 2022, according to the report.
“Single-family rentals continue to be the hottest type of rental for renters across the U.S., pushing rents to the highest levels yet,” according to the report. “Persistently high demand and lagging supply for this asset class continue to drive prices up across the nearly 300,000 available single-family home rentals Dwellsy listed in May.”
Dwellsy said it’s confident in its sample size and the variety of rental units included in the study. In the case of the Providence metro area, which also includes New Bedford and Fall River in Massachusetts, Dwellsy looked at 802 rental listings for its May 2022 figures.
“As the largest and most inclusive rental marketplace in the country, Dwellsy has a representative sample of in-market asking rents,” the company said. “Our analysis reflects the actual experience of renters searching for a place in a given time period.”
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
